- Stellar lumen price topped near $0.2080 and started a fresh decline against the US Dollar.
- XLM price is now testing the $0.1750 support and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $0.1750 on the 4-hours chart (data feed via Kraken).
- The pair could either rally above $0.1800 or it might dive further below $0.1750.
Stellar lumen price is correcting gains from well above $0.2000 against the US Dollar, while bitcoin holding gains. XLM price must stay above $0.1750 to start a fresh increase in the near term.
Stellar Lumen Price Analysis (XLM to USD)
This past week, there was a strong upward move above $0.1800 in stellar lumen price against the US Dollar. The XLM/USD pair even surged above the $0.1950 resistance level.
There was also a spike above the $0.2000 resistance and the price settled above the 55 simple moving average (4-hours). A high was formed near $0.2087 before the price started a downside correction. There was a decline below the $0.1920 and $0.1900 levels.
The price even broke the $0.1800 level, and moved below the 50% Fibonacci retracement level of the upward move from the $0.1508 swing low to $0.2087 high.
XLM is now testing a major support zone near the $0.1750 level and the 55 simple moving average (4-hours). There is also a major bullish trend line forming with support near $0.1750 on the 4-hours chart. The 61.8% Fibonacci retracement level of the upward move from the $0.1508 swing low to $0.2087 high is also near the trend line support.
If there is a downside break below the trend line support, there is a risk of a sharp decline towards the $0.1650 and $0.1620 levels. The next major support is near the $0.1500 level.
Conversely, there are chances of a fresh increase above the $0.1800 resistance level. A close above the $0.1800 level could set the pace for a push towards the $0.2000 resistance zone.
The chart indicates that XLM price is clearly trading near a major support at $0.1750 level and the 55 simple moving average (4-hours). Overall, the price could either rally above $0.1800 or it might dive further below $0.1750.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is losing momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is currently just below the 50 level.
Key Support Levels – $0.1750 and $0.1500.
Key Resistance Levels – $0.1800, $0.1900 and $0.2000.
