HomeAltcoin NewsStellar Lumen (XLM) Price Turns Bearish Below $0.07 But $0.06 Holds Key

Stellar Lumen (XLM) Price Turns Bearish Below $0.07 But $0.06 Holds Key

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  • Stellar lumen price failed to gain momentum above $0.0750 and declined sharply against the US Dollar.
  • XLM price tested the $0.0600 support zone and it is currently consolidating losses.
  • There was a break below a crucial bullish trend line with support at $0.0710 on the 4-hours chart (data feed via Kraken).
  • The pair could correct above $0.0650, but the bears are likely to protect $0.0700 and $0.0710.

Stellar lumen price is currently trading above key supports against the US Dollar, similar to bitcoin. XLM price could continue to move down if it fails to recover above $0.0700.

Stellar Lumen Price Analysis (XLM to USD)

This past week, stellar lumen price failed to gain bullish momentum above the $0.0750 and $0.0760 levels against the US Dollar. As a result, the XLM/USD pair started a fresh decline below the $0.0720 support.

The bears took control and pushed the price below the $0.0700 support zone. Besides, there was a close below the $0.0700 level and the 55 simple moving average (4-hours).

During the decline, there was a break below a crucial bullish trend line with support at $0.0710 on the 4-hours chart. The price traded as low as $0.0600 and it is currently consolidating losses.

It seems like the price is finding a strong buying interest above $0.0600. It is trading above the 23.6% Fibonacci retracement level of the recent decline from the $0.0745 high to $0.0600 low.

If there is an upside correction, an initial hurdle for the bulls could be near the $0.0670 level. It is close to the 50% Fibonacci retracement level of the recent decline from the $0.0745 high to $0.0600 low. The first major resistance is near the $0.07000 level.

To move into a positive zone, stellar price must move above $0.0710 and the 55 simple moving average (4-hours). Conversely, the price might continue to move down.

The main support is near the $0.0600 level. If the bulls fail to protect the $0.0600 support, there is a risk of a larger decline in the coming sessions. The next major support is seen near the $0.0525 level.

Stellar Lumen Price
Stellar Lumen Price

The chart indicates that XLM price is clearing consolidating above the key $0.0600 support. As long as the price is above $0.0600, it could rise towards the $0.0700 and $0.0710 resistance levels.

Technical Indicators

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

4 hours RSI – The RSI for XLM/USD is currently flat and well below the 40 level.

Key Support Levels – $0.0600 and $0.0525.

Key Resistance Levels – $0.0670, $0.0700 and $0.0710.

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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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