HomeAltcoin NewsStellar Lumen (XLM) Price Signals Downturn, Upsides Could Be Limited

Stellar Lumen (XLM) Price Signals Downturn, Upsides Could Be Limited

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  • Stellar lumen price is showing bearish signs below the $0.080 resistance zone against the US Dollar.
  • XLM price is now trading below $0.080 and the 55 simple moving average (4-hours).
  • There is a crucial bearish trend line forming with resistance near $0.0800 on the 4-hours chart (data feed via Kraken).
  • The pair could accelerate lower unless there is a clear move above $0.080 and $0.082.

Stellar lumen price is trading below $0.0800 against the US Dollar, similar to bitcoin. XLM price must stay above the $0.0725 support to avoid more losses.

Stellar Lumen Price Analysis (XLM to USD)

After forming a top near the $0.0920 zone, stellar lumen price started a steady decline against the US Dollar. The XLM/USD pair formed a high near $0.0911 before it started a fresh decline.

There was a move below the $0.0820 and $0.0800 levels. The price even settled below the $0.080 level and the 55 simple moving average (4-hours). A low was formed near $0.0725 and the price is now consolidating losses. There was a minor move above the $0.0750 level.

It is testing the 23.6% Fib retracement level of the main drop from the $0.0911 swing high to $0.0725 low. On the upside, the price is facing resistance near the $0.0775 level.

There is also a crucial bearish trend line forming with resistance near $0.0800 on the 4-hours chart. The next major resistance is near the $0.0820 zone. It is close to the 50% Fib retracement level of the main drop from the $0.0911 swing high to $0.0725 low.

A clear move above the $0.082 level might send the price towards the $0.0880 level. Any more gains could lead the price towards the $0.0920 level or even $0.0950.

An initial support on the downside is near the $0.0735 level. The main support is near the $0.0725 zone. Any more losses could lead the price towards the $0.0700 level in the near term, below which the price might even retest $0.0650.

Stellar Lumen (XLM) Price
Stellar Lumen (XLM) Price

The chart indicates that XLM price is now trading below $0.080 and the 55 simple moving average (4-hours). Overall, the price could accelerate lower unless there is a clear move above $0.080 and $0.082.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is gaining momentum in the bearish zone.

4 hours RSI – The RSI for XLM/USD is now below the 50 level.

Key Support Levels – $0.0735 and $0.0725.

Key Resistance Levels – $0.0775, $0.0800 and $0.0820.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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