- Stellar lumen price started a fresh increase from the $0.120 support against the US Dollar.
- XLM price is now trading above $0.1300 and the 55 simple moving average (4-hours).
- There was a break above a crucial bearish trend line with resistance near $0.1250 on the 4-hours chart (data feed via Kraken).
- The pair could continue to rise if it clears the $0.1500 resistance zone in the near term.
Stellar lumen price is slowly gaining pace above $0.1350 against the US Dollar, similar to bitcoin. XLM price must clear $0.1500 to continue higher.
Stellar Lumen Price Analysis (XLM to USD)
In the past few days, stellar lumen price saw a fresh decline from the $0.1650 resistance against the US Dollar. The XLM/USD pair traded below the $0.1500 support level to enter a bearish zone.
There was a clear move below the $0.1200 level and the 55 simple moving average (4-hours). The bears were able to push the price below the $0.1120 support zone. A low is formed near $0.1027 and the price is now correcting losses.
There was a move above the $0.1200 and $0.1320 resistance levels. The price cleared the 23.6% Fib retracement level of the key decline from the $0.1875 swing high to $0.1027 low.
Besides, there was a break above a crucial bearish trend line with resistance near $0.1250 on the 4-hours chart. On the upside, the price is facing resistance near the $0.1450 zone. It is near the 50% Fib retracement level of the key decline from the $0.1875 swing high to $0.1027 low.
The next major resistance is near the $0.1500 level. A clear move above the $0.1500 level might send the price towards the $0.1620 level. Any more gains could lead the price towards the $0.1800 level.
An initial support on the downside is near the $0.1300 level and the 55 simple moving average (4-hours). The main support is near the $0.1200 zone. Any more losses could lead the price towards the $0.1025 level in the near term, below which the price might even test $0.1000.
The chart indicates that XLM price is now trading above $0.1300 and the 55 simple moving average (4-hours). Overall, the price could continue to rise if it clears the $0.1500 resistance zone in the near term.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is gaining momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is now above the 50 level.
Key Support Levels – $0.1300 and $0.1200.
Key Resistance Levels – $0.1450, $0.1500 and $0.1800.
