- Stellar lumen price corrected lower from the $0.8000 resistance zone against the US Dollar.
- XLM price is now trading just below $0.6800 and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $0.6200 on the 4-hours chart (data feed via Kraken).
- The pair is likely to accelerate higher above the $0.6850 and $0.7100 resistance levels.
Stellar lumen price is holding ground above $0.6000 against the US Dollar, similar to bitcoin. XLM price could start a fresh rally once there is a close above $0.7100.
Stellar Lumen Price Analysis (XLM to USD)
After forming a base above the $0.5500 support zone, stellar lumen price started a fresh increase against the US Dollar. The XLM/USD pair broke the $0.6500 and $0.7000 resistance levels to move into a positive zone.
The price surged above the $0.7500 level and the 55 simple moving average (4-hours). The price traded as high as $0.8000 before starting a downside correction. It traded below the $0.7000 level, but the bulls were active above the $0.6000 zone.
A low is formed near $0.6204 and the price is now consolidating. It is trading just below $0.6800 and the 55 simple moving average (4-hours). An immediate resistance is near the $0.6620 level.
The 23.6% Fibonacci retracement level of the downward move from the $0.8000 swing high to $0.6204 low is also near the $0.6620 zone. The next key resistance is near the $0.6750 level and the 55 simple moving average (4-hours).
The main resistance is near the $0.7100 level. It is near the 50% Fibonacci retracement level of the downward move from the $0.8000 swing high to $0.6204 low. A successful close above the $0.7000 and $0.7100 levels could set the pace for a larger increase.
The next major resistance is near the $0.8000 level. On the downside, an initial support is near the $0.6250 level. There is also a major bullish trend line forming with support near $0.6200 on the 4-hours chart. Any more losses might call for a drop towards the $0.5650 support zone.
The chart indicates that XLM price is clearly trading just below $0.6800 and the 55 simple moving average (4-hours). Overall, the price is likely to accelerate higher above the $0.6850 and $0.7100 resistance levels.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is slowly gaining momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is currently close to the 50 level.
Key Support Levels – $0.6200 and $0.5650.
Key Resistance Levels – $0.6750, $0.7100 and $0.8000.
