- Stellar lumen price is currently rising and trading nicely above the $0.0432 resistance against the US Dollar.
- XLM price is likely to continue higher above the $0.0450 and $0.0475 resistance levels.
- There is a key bullish trend line forming with support near $0.0418 on the 4-hours chart (data feed via Kraken).
- The pair could surge towards $0.0550 if it clears the main $0.0500 resistance area.
Stellar lumen price is gaining bullish momentum above $0.0420 against the US Dollar, similar to bitcoin. XLM price remains in a decent uptrend and it could grind towards $0.0500 or $0.0550.
Stellar Lumen Price Analysis (XLM to USD)
Recently, stellar lumen price started a fresh increase from the $0.0376 low against the US Dollar. The XLM/USD pair gained bullish momentum and broke the key $0.0400 resistance area.
Besides, there was a close above the $0.0420 level and the 55 simple moving average (4-hours). The bulls were able to push the price above the $0.0432 resistance, plus the 76.4% Fibonacci retracement level of the main decline from the $0.0434 high to $0.0376 low.
As a result, there was a break above the $0.0434 swing high and the price traded above the $0.0450 resistance. It is now trading above the 1.236 Fib extension level of the main decline from the $0.0434 high to $0.0376 low.
An initial resistance on the upside is near the $0.0470 level since it is close to the 1.618 Fib extension level of the main decline from the $0.0434 high to $0.0376 low.
A clear break above $0.0470 could open the doors for a push towards the $0.0500 level. Any further gains might lead the price towards the $0.0550 level in the near term.
On the downside, an initial support is near the $0.0432 level (the recent breakout zone). There is also a key bullish trend line forming with support near $0.0418 on the 4-hours chart.
If the bulls fail to keep the price above the trend line support and the $0.0415 level, there are chances of a fresh decline towards the $0.0365 and $0.0350 levels in the near term.
The chart indicates that XLM price is clearly gaining bullish momentum above $0.0432 and $0.0450. if the bulls remain in action, the price could continue to rise towards the $0.0500 and $0.0550 resistance levels.
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 60 level.
Key Support Levels – $0.0432 and $0.0415.
Key Resistance Levels – $0.0470, $0.0500 and $0.0550.