- Stellar lumen price started a fresh decline from well above the $0.25 zone against the US Dollar.
- XLM price is now trading below $0.2200 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $0.2200 on the 4-hours chart (data feed via Kraken).
- The pair could continue to decline if there is a clear move below $0.2050.
Stellar lumen price is trading in a bearish zone below $0.2200 against the US Dollar, similar to bitcoin. XLM price must stay above $0.2000 to avoid more losses.
Stellar Lumen Price Analysis (XLM to USD)
After a major increase, stellar lumen price failed to gain strength above the $0.2500 level against the US Dollar. The XLM/USD pair formed a high near $0.2570 and started a fresh decline.
There was a move below the $0.2500 and $0.2420 support levels. The pair gained pace below the 50% Fib retracement level of the key upward move from the $0.1890 swing low to $0.2570 high. It is now trading below $0.2200 and the 55 simple moving average (4-hours).
An immediate support on the downside is near the $0.2050 level. It is near the 76.4% Fib retracement level of the key upward move from the $0.1890 swing low to $0.2570 high.
The next major support is near the $0.2000 level. Any more losses could lead the price towards the $0.1880 level, where the bulls might take a stand. If they fail, the price may perhaps revisit the $0.1650 support zone.
An immediate resistance is near the $0.2150 level. The next key resistance is near the $0.2200 level. There is also a major bearish trend line forming with resistance near $0.2200 on the 4-hours chart. Any more gains could lead the price towards the $0.2500 level. An intermediate resistance could be near the $0.2250 level and the 55 simple moving average (4-hours).
The chart indicates that XLM price is now trading below $0.2200 and the 55 simple moving average (4-hours). Overall, the price could continue to decline if there is a clear move below $0.2050 in the near term.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is slowly gaining momentum in the bearish zone.
4 hours RSI – The RSI for XLM/USD is now well below the 50 level.
Key Support Levels – $0.2050 and $0.2000.
Key Resistance Levels – $0.2200, $0.2250 and $0.2500.
