HomeAltcoin NewsStellar Lumen (XLM) Price Surging and Primed To Test $0.06

Stellar Lumen (XLM) Price Surging and Primed To Test $0.06

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  • Stellar lumen price is currently gaining bullish momentum above the $0.0500 resistance area against the US Dollar.
  • XLM price is likely to accelerate gains above the $0.0520 and $0.0550 resistance levels.
  • There was a break above a major bearish trend line with resistance near $0.0490 on the 4-hours chart (data feed via Kraken).
  • The pair is showing a lot of bullish signs above the $0.0500 support and the 55 simple moving average (4-hours).

Stellar lumen price is trading in a strong uptrend against the US Dollar and bitcoin. XLM price could continue to rise steadily towards the $0.0550 and $0.0600 resistance levels.

Stellar Lumen Price Analysis (XLM to USD)

This past week, stellar lumen price retested the main $0.0450 support zone against the US Dollar. The XLM/USD pair traded as low as $0.0449 and later started a fresh increase.

There was clear break above the $0.0480 resistance to start a convincing upward move. The bulls pushed the price above the $0.0500 resistance area and the 55 simple moving average (4-hours).

Besides, there was a break above a major bearish trend line with resistance near $0.0490 on the 4-hours chart. The price is now trading well above the 76.4% Fibonacci retracement level of the last key decline from the $0.0514 high to $0.0449 low.

It is testing the $0.0514 and approaching the main $0.0520 resistance area. If there is an upside break above the $0.0520 resistance, the price might continue to rise towards the $0.0550 resistance area.

An intermediate resistance could be the $0.0530 level or the 1.236 Fib extension level of the last key decline from the $0.0514 high to $0.0449 low. Any further gains could open the doors for a sharp rise towards the $0.0600 resistance area in the near term.

On the downside, an initial support is near the $0.0500 level. The first key support is near the $0.0488 level and the 55 simple moving average (4-hours). Any further losses may perhaps lead the price towards the $0.0450 support area.

Stellar Lumen Price
Stellar Lumen Price

The chart indicates that XLM price is clearly trading in a strong uptrend above the $0.0500 level. If the bulls remain in action and pushes the price above the $0.0520 resistance, there could be a solid rally towards the $0.0550 level or even $0.0600 in the coming sessions.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is currently gaining pace in the bullish zone.

4 hours RSI – The RSI for XLM/USD is now well above the 55 level.

Key Support Levels – $0.0488 and $0.0450.

Key Resistance Levels – $0.0520, $0.0550 and $0.0600.

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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