HomeAltcoin NewsStellar Lumen (XLM) Price Trading Near Inflection Zone Near $0.10

Stellar Lumen (XLM) Price Trading Near Inflection Zone Near $0.10

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  • Stellar lumen price climbed above the $0.1000 resistance level against the US Dollar.
  • XLM price struggled to extend gains above $0.1100 and started trading in a broad range.
  • There is a key bullish trend line forming with support near $0.0970 on the 4-hours chart (data feed via Kraken).
  • The pair could extend its decline towards the $0.0870 support if it settles below $0.0950.

Stellar lumen price is struggling to follow bitcoin’s rally against the US Dollar. XLM price must settle above $0.1000 and $0.1050 to start a fresh rally in the near term.

Stellar Lumen Price Analysis (XLM to USD)

This past week, stellar lumen price extended its rise above the $0.1000 resistance against the US Dollar. The XLM/USD pair even spiked above the $0.1050 level and settled above the 55 simple moving average (4-hours).

However, it failed to continue higher and topped near the $0.1070 level. There were two attempts by the bulls to gain strength above $0.1050, but they failed. The recent swing high was near $0.1058 before the price started declining.

It broke the $0.1000 support level, plus the 50% Fibonacci retracement level of the upward wave from the $0.0943 low to $0.1058 high. The price is now trading below the $0.1000 level and the 55 simple moving average (4-hours).

It is currently struggling to stay above $0.0970. There is also a key bullish trend line forming with support near $0.0970 on the 4-hours chart. The trend line is close to the 76.4% Fibonacci retracement level of the upward wave from the $0.0943 low to $0.1058 high.

If stellar price fails to stay above the $0.0970 and $0.0950 support levels, it is likely to extend its decline. The next major support is near the $0.0900 level, below which it could revisit the $0.0870 support zone. It coincides with the 1.618 Fib extension level of the upward wave from the $0.0943 low to $0.1058 high.

On the upside, the $0.1000 level is an initial hurdle for the bulls. If there is a clear break above the $0.1000 resistance, the price could easily surpass the $0.1050 level. In the mentioned case, there are high chances of a break above $0.1080 and $0.1100.

Stellar Lumen (XLM) Price
Stellar Lumen (XLM) Price

The chart indicates that XLM price is clearly trading near an inflection point at $0.0970. Therefore, the pair could extend its decline towards the $0.0870 support if it settles below $0.0950.

Technical Indicators

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

4 hours RSI – The RSI for XLM/USD is well below the 50 level, but with a bullish angle.

Key Support Levels – $0.0970 and $0.0870.

Key Resistance Levels – $0.1000, $0.1050 and $0.1080.

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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