- Stellar lumen price failed to stay above the $0.0750 support and declined recently against the US Dollar.
- XLM price is currently declining and trading well below the $0.0700 pivot level.
- There is a key bearish trend line forming with resistance near $0.0720 on the 4-hours chart (data feed via Kraken).
- The pair remains at a risk of more losses below the $0.0620 and $0.0600 support levels.
Stellar lumen price is now back in a bearish zone below $0.0700 against the US Dollar, similar to bitcoin. XLM price is likely to accelerate lower below $0.0620.
Stellar Lumen Price Analysis (XLM to USD)
In the past few days, stellar lumen price started a steady decline from the $0.0850 resistance against the US Dollar. The XLM/USD pair broke many key supports near the $0.0750 level to move into a bearish zone.
Besides, the price broke the $0.0700 support and settled below the 55 simple moving average (4-hours). During the decline, there was a break below a couple of bearish continuation pattern near $0.0755 and $0.0715 on the 4-hours chart.
The decline was such that the price traded as low as $0.0669. It is currently consolidating losses and it might correct high above $0.0680. An initial resistance is seen near the $0.0700 level.
The 50% Fibonacci retracement level of the recent decline from the $0.0748 high to $0.0669 low is also near the $0.0700 level. The next key resistance is near the $0.0720 level. There is also a key bearish trend line forming with resistance near $0.0720 on the same chart.
The trend line coincides with the 61.8% Fibonacci retracement level of the recent decline from the $0.0748 high to $0.0669 low. Therefore, the price might struggle to clear the $0.0700 and $0.0720 resistance levels.
A clear break above the $0.0720 resistance might lead the price towards the $0.0750 resistance. Conversely, the price could fail to correct above $0.0720 and it might continue to decline. The main supports are near the $0.0620 level, below which the price could even trade below the $0.0600 support.
The chart indicates that XLM price is clearly gaining bearish momentum below the $0.0700 level. It seems like the bears are aiming more losses towards the $0.0600 level or even $0.0580.
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 currently well below the 50 level.
Key Support Levels – $0.0620 and $0.0600.
Key Resistance Levels – $0.0700, $0.0720 and $0.0750.