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HomeAltcoin NewsStellar Lumen (XLM) Price Turned Sell On Rallies Below $0.1000

Stellar Lumen (XLM) Price Turned Sell On Rallies Below $0.1000

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  • Stellar lumen price declined heavily after it broke the key $0.1000 support area against the US Dollar.
  • XLM price even broke the $0.0900 support and traded to a new monthly low at $0.0805.
  • There is a major bearish trend line forming with resistance near $0.0900 on the 4-hours chart (data feed via Kraken).
  • The pair might correct higher, but upsides are likely to remain capped near $0.0900 or $0.0935.

Stellar lumen price declined heavily below $0.10000 against the US Dollar. XLM price is currently trading in a downtrend and any recovery might face a lot of selling interest.

Stellar Lumen Price Analysis (XLM to USD)

This past week, stellar lumen price extended its decline below the $0.1000 support level against the US Dollar. The XLM/USD pair even broke the key $0.0920 support level and settled well below the 55 simple moving average (4-hours). Moreover, the price traded below the $0.9000 and $0.0850 support levels in the past few sessions. Finally, the price traded close to the $0.0800 level and a new swing low was formed near $0.0805.

At the moment, the price is correcting above the $0.0820 level. However, the $0.0860 level is acting as a resistance along with the 23.6% Fibonacci retracement level of the latest slide from the $0.1058 high to $0.0805 low. Moreover, there is a major bearish trend line forming with resistance near $0.0900 on the 4-hours chart. If there is an upside break, the price is likely to struggle near $0.0930 or $0.0950.

The 50% Fibonacci retracement level of the latest slide from the $0.1058 high to $0.0805 low is also near the $0.0932 level. The main hurdles for the bulls is near the $0.0980 and $0.1000 levels. Moreover, the 55 simple moving average (4-hours) is also near the $0.0980 level to act as significant resistance. Therefore, the price is likely to face a lot of hurdles on the upside near $0.0932, $0.0980 and $0.1000.

Conversely, if the price fails to recover above $0.0900 or $0.0930, there could be another drop. An immediate support is near the $0.0820 level, below which the price may revisit the $0.0805 swing low. If there are more losses, the price may even break the $0.0800 support.

Stellar Lumen Price Analysis (XLM to USD)

The chart indicates that XLM price is currently facing a lot of hurdles on the upside near $0.0930. Therefore, recoveries are likely to be capped and the price could revisit $0.0805.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is slowly reducing its bearish slope.

4 hours RSI – The RSI for XLM/USD is currently well below the 40 level, with a bearish structure.

Key Support Levels – $0.0820 and $0.0800.

Key Resistance Levels – $0.0900, $0.0930 and $0.0980.

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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