- Stellar lumen price traded as low as $0.0745 and it is currently recovering against the US Dollar.
- XLM price is facing hurdles near $0.0800 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $0.0782 on the 4-hours chart (data feed via Kraken).
- The pair could start a strong increase if there is a clear break above the $0.0800 resistance zone.
Stellar lumen price is showing signs of a fresh increase above $0.0750 against the US Dollar, similar to bitcoin. XLM price could surge once it clears $0.0800.
Stellar Lumen Price Analysis (XLM to USD)
This past week, stellar lumen price started a fresh decline from well above the $0.0850 level against the US Dollar. The XLM/USD pair broke the $0.0800 support level and settled below the 55 simple moving average (4-hours).
The pair even spiked below the $0.0750 support and traded as low as $0.0745. It is currently correcting higher and trading above the $0.0750 level. There was a break above the 23.6% Fibonacci retracement level of the downward move from the $0.0877 high to $0.0745 low.
There was also a break above a major bearish trend line with resistance near $0.0782 on the 4-hours chart. The pair is now trading above $0.0780 and it is facing hurdles near $0.0800.
The 55 simple moving average (4-hours) is also near the $0.0800 zone to act as a hurdle. The next resistance is near the $0.0810 level or the 50% Fibonacci retracement level of the downward move from the $0.0877 high to $0.0745 low.
To start a strong increase, the bulls need to gain momentum above the $0.0800 resistance zone. If they succeed, the price could easily rally towards the $0.0850 level.
Conversely, there is a risk of a fresh decline from the $0.0800 resistance. An initial support is near the $0.0765 level, below which the price could revisit the $0.0745 swing low.
The chart indicates that XLM price is clearly facing hurdles near $0.0800 and the 55 simple moving average (4-hours). Overall, the price start a strong increase if there is a clear break above the $0.0800 resistance zone.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is currently showing a few positive signs in the bullish zone.
4 hours RSI – The RSI for XLM/USD is rising and it is above the 50 level.
Key Support Levels – $0.0765 and $0.0750.
Key Resistance Levels – $0.0800, $0.0810 and $0.0850.
