- Stellar lumen price is likely forming a base above the $0.3800 support zone against the US Dollar.
- XLM price is now consolidating near $0.4100 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $0.4120 on the 4-hours chart (data feed via Kraken).
- The pair could start a strong increase as long as it is above the $0.3800 support zone.
Stellar lumen price is showing a few positive signs above $0.3800 against the US Dollar, while bitcoin is rising. XLM price could start a fresh increase towards the $0.4800 and $0.5000 levels.
Stellar Lumen Price Analysis (XLM to USD)
After struggling to clear the $0.4720 resistance, stellar lumen price started a strong decline against the US Dollar. The XLM/USD pair broke the $0.4500 support level and the 55 simple moving average (4-hours).
It even spiked below the $0.4000 support level and tested the $0.3800. The recent swing low was formed near $0.3875 before the price corrected higher. There was a break above the $0.3950 and $0.4000 resistance levels.
There was also a break above a major bearish trend line with resistance near $0.4120 on the 4-hours chart. The pair climbed above the 50% Fibonacci retracement level of the downward move from the $0.4394 swing high to $0.3875 low.
It is now consolidating near $0.4100 and the 55 simple moving average (4-hours). An immediate resistance is near the $0.4200 level. The 61.8% Fibonacci retracement level of the downward move from the $0.4394 swing high to $0.3875 low is also near $0.4200.
A clear break above the $0.4200 resistance will most likely open the doors for a fresh increase. In the stated case, the price is likely to rise steadily towards the $0.4500 resistance. The main resistance is still near the $0.4700 and $0.4800 levels.
If there is no upside break, the price could move down below $0.4000. The first key support is near the broken trend line and $0.3920. The main support sits at $0.3800, below which the price could dive towards the $0.3500 level.
The chart indicates that XLM price is clearly consolidating near $0.4000 and the 55 simple moving average (4-hours). Overall, the price could start a strong increase as long as it is above the $0.3800 support zone.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is struggling to gain momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is currently near the 50 level.
Key Support Levels – $0.3920 and $0.3800.
Key Resistance Levels – $0.4200, $0.4500 and $0.4700.
