HomeAltcoin NewsStellar Lumen (XLM) Price Sighting Crucial Bullish Break Above $0.060

Stellar Lumen (XLM) Price Sighting Crucial Bullish Break Above $0.060

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  • Stellar lumen price is gaining bullish momentum above the $0.0550 resistance against the US Dollar.
  • XLM price is likely sighting an important bullish above the $0.0600 resistance area.
  • There is a key bearish trend line forming with resistance near $0.0592 on the 4-hours chart (data feed via Kraken).
  • The pair start a strong rise once it settles above the $0.0595 and $0.0600 resistance levels.

Stellar lumen price is showing many bullish signs against the US Dollar, similar to bitcoin. XLM is likely rally above $0.0600 as long as it is above the $0.0520 level.

Stellar Lumen Price Analysis (XLM to USD)

After a decent rise above the $0.0620 level, stellar lumen price found resistance near the $0.0660 level against the US Dollar. As a result there was a downside correction in the XLM/USD pair below the $0.0620 level.

The price even broke the $0.0600 level and the 55 simple moving average (4-hours). Finally, there was a spike below the $0.0550 level. A low is formed near $0.0547 and the price is currently climbing higher.

It broke the 23.6% Fibonacci retracement level of the downward move from the $0.0662 high to $0.0547 low. However, the price is now facing a strong resistance near the $0.0600 area.

Besides, there is a key bearish trend line forming with resistance near $0.0592 on the 4-hours chart. The 55 simple moving average (4-hours) is also around the trend line resistance.

More importantly, the 50% Fibonacci retracement level of the downward move from the $0.0662 high to $0.0547 low is near the $0.0605 level. Therefore, the price must break the $0.0600 and $0.0605 resistance levels to continue higher.

The next major resistance is near the $0.0620 level, above which stellar price is likely to accelerate towards the $0.0650 level in the near term.

On the downside, an initial support is near the $0.0575 level. The main support is near the $0.0550 level, below which the bears are likely to take control in the coming sessions.

Stellar Lumen Price
Stellar Lumen Price

The chart indicates that XLM price is approaching a crucial resistance area near $0.0600. A successful close above the $0.0600 level could start a strong rise. If not, the price might decline back towards the $0.0550 support.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is currently gaining momentum in the bullish zone.

4 hours RSI – The RSI for XLM/USD is currently well above the 50 level.

Key Support Levels – $0.0575 and $0.0550.

Key Resistance Levels – $0.0600, $0.0620 and $0.0650.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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