- Stellar lumen price is currently consolidating above the $0.0580 support against the US Dollar.
- XLM price is facing a strong resistance near the $0.0620 and $0.0626 levels.
- There was a break above a short term bearish trend line at $0.0590 on the 4-hours chart (data feed via Kraken).
- The pair is currently trading in a range and it could attempt to surpass $0.0620 and $0.0650.
Stellar lumen price is consolidating below key resistances against the US Dollar. XLM price must surpass $0.0620 and $0.0650 to continue higher in the near term.
Stellar Lumen Price Analysis (XLM to USD)
In the past few days, there were mostly range moves in stellar lumen price above the $0.0550 support against the US Dollar. The XLM/USD pair remained well bid above the $0.0550 level, but it also struggled to continue higher. Recently, there was a break above the $0.0600 resistance area. Moreover, the price climbed above $0.0605 and the 55 simple moving average (4-hours).
During the rise, there was a break above a short term bearish trend line at $0.0590 on the 4-hours chart. However, there are a few key resistances forming near the $0.0620 and $0.0626 levels. Additionally, the 23.6% Fibonacci retracement level of the crucial drop from the $0.0963 high to $0.0522 low is also near $0.0626. If there is an upside break above the $0.0626 resistance, the price could rise towards the $0.0700 and $0.0750 resistances.
An intermediate resistance is near the $0.0650 level. The main resistance is near the $0.0750 level since it coincides with the 50% Fibonacci retracement level of the crucial drop from the $0.0963 high to $0.0522 low. If there are more upsides, the price could test the $0.0840 resistance area.
Conversely, if the price fails to break the $0.0620 and $0.0626 resistances, it could start a fresh decline. The main support on the downside is near the $0.0550 level. If there is a break below $0.0550, the price may perhaps break the $0.0522 low and extend its decline. The next key support is near the $0.0500 level.
The chart indicates that XLM price is clearly consolidating below the key $0.0626 resistance level. If there is an upside break above $0.0626, the price is likely to start a solid increase towards $0.0650 and $0.0700. Conversely, there is a risk of a downside break below $0.0550. Moreover, a clear break below the $0.0500 support might spark sharp bearish moves.
4 hours MACD – The MACD for XLM/USD is slowly moving into the bullish zone.
4 hours RSI – The RSI for XLM/USD is now well above the 50 level.
Key Support Levels – $0.0550 and $0.0500.
Key Resistance Levels – $0.0626, $0.0650 and $0.0750.