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.
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.
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.
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