- Stellar lumen price found support near $0.0600 and started a fresh increase against the US Dollar.
- XLM price is now trading nicely above the $0.0650 resistance and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance at $0.0682 on the 4-hours chart (data feed via Kraken).
- The pair is likely to continue higher towards the $0.0760 and $0.0800 resistance levels.
Stellar lumen price is currently gaining bullish momentum against the US Dollar, similar to bitcoin. XLM price could continue to move higher and it might even trade to a new monthly high above $0.0760.
Stellar Lumen Price Analysis (XLM to USD)
This past week, stellar lumen price found a strong buying interest near the $0.0600 and $0.0620 levels against the US Dollar. As a result, the XLM/USD pair started a fresh increase and traded above the $0.0650 resistance zone.
The recent rise was positive as the price surpassed the $0.0680 resistance and the 55 simple moving average (4-hours). The price even surpassed the 50% Fibonacci retracement level of the key decline from the $0.0769 high to $0.0600 low.
More importantly, there was a break above a key bearish trend line with resistance at $0.0682 on the 4-hours chart. The pair is now trading nicely above the $0.0700 level, with a positive angle.
On the upside, an initial hurdle is near the $0.0730 level. It is close to the 76.4% Fibonacci retracement level of the key decline from the $0.0769 high to $0.0600 low. If there is an upside break above the $0.0730 level, the price could revisit the $0.0750 and $0.0760 resistance levels.
If the bulls remain in action, there are high chances of a sustained upward move towards the $0.0800 resistance zone in the coming sessions. Conversely, stellar price could face a major hurdle near $0.0750 and it might start another decline.
An initial support is near the $0.0680 level and the 55 simple moving average (4-hours). The main support is near the $0.0600 level, below which the price might start a substantial decline in the near term.
The chart indicates that XLM price is clearing gaining bullish momentum above the $0.0680 and $0.0700 levels. If the bulls remain in action, there are high chances of a new monthly high above $0.0760.
4 hours MACD – The MACD for XLM/USD is currently gaining pace in the bullish zone.
4 hours RSI – The RSI for XLM/USD is currently well above the 50 level.
Key Support Levels – $0.0680 and $0.0650.
Key Resistance Levels – $0.0730, $0.0760 and $0.0800.