- Stellar lumen price is trading nicely above the $0.4000 pivot level against the US Dollar.
- XLM price is now trading well above $0.4200 and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $0.4400 on the 4-hours chart (data feed via Kraken).
- The pair is likely to continue higher if there is a clear break above the $0.4700 and $0.4800 resistance levels.
Stellar lumen price is showing positive signs above $0.4200 against the US Dollar, similar to bitcoin. XLM price could start another increase once it clears the $0.4750 resistance.
Stellar Lumen Price Analysis (XLM to USD)
After retested the $0.3800 support zone, stellar lumen price started a fresh increase against the US Dollar. The XLM/USD pair broke the key $0.4000 and $0.4120 resistance levels to move into a positive zone.
The pair rallied sharply above the $0.4500 resistance. It traded as high as $0.4688 before correcting lower. It declined below $0.4500, but the bulls were active near $0.4000 and the 55 simple moving average (4-hours).
The price is now trading well above $0.4200 and the 55 simple moving average (4-hours). It surpassed the 50% Fibonacci retracement level of the downward move from the $0.4688 swing high to $0.4017 low. There was also a break above a key bearish trend line with resistance near $0.4400 on the 4-hours chart.
The pair gained strength above the $0.4500 resistance. It is now trading above the 61.8% Fibonacci retracement level of the downward move from the $0.4688 swing high to $0.4017 low. An immediate resistance is near the $0.4600 level.
The first major resistance is near the $0.4800 level. A clear break above the $0.4800 level may possibly pump the price above the $0.5000 resistance zone in the coming sessions.
The next key resistance is near the $0.5550 level. If there is no upside break above $0.4800, the price could move down. The first key support is near the $0.4350 level. The main support is now forming near $0.4120 and the 55 simple moving average (4-hours).
The chart indicates that XLM price is clearly trading well above $0.4200 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher if there is a clear break above the $0.4700 and $0.4800 resistance levels.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is now gaining momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is currently well above the 55 level.
Key Support Levels – $0.4350 and $0.4120.
Key Resistance Levels – $0.4800, $0.5000 and $0.5500.
