HomeAltcoin NewsStellar Lumen (XLM) Price Turns Red Below $0.30

Stellar Lumen (XLM) Price Turns Red Below $0.30

Date:

Related stories

It’s Not Just Degens, Institutions Love Memecoins Too

In a report released by Bybit on June 4,...

Bitpanda and Deutsche Bank Take their Relationship to the Next Level

Bitpanda, one of the leading European crypto trading and...

Solana (SOL) Price Analysis: Dips Attractive Near $135

Solana price started a downside correction from the...
spot_imgspot_img
  • Stellar lumen price started a strong decline from the $0.3400 resistance against the US Dollar.
  • XLM price is now trading below $0.3000 and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $0.3300 on the 4-hours chart (data feed via Kraken).
  • The pair could continue to decline if there is a break below the $0.2800 and $0.2720 support levels.

Stellar lumen price is gaining bearish momentum below $0.3000 against the US Dollar, similar to bitcoin. XLM price could extend losses if it breaks the $0.2800 support.

Stellar Lumen Price Analysis (XLM to USD)

After a strong decline, stellar lumen price started an upside correction above $0.3000 against the US Dollar. However, the XLM/USD pair failed to clear the $0.3500 resistance zone.

As a result, there was a fresh decline below the $0.3200 support zone. The price broke the 50% Fibonacci retracement level of the upward move from the $0.2734 swing low to $0.3610 high. The price is now trading below $0.3000 and the 55 simple moving average (4-hours).

There is also a key bearish trend line forming with resistance near $0.3300 on the 4-hours chart. The pair is now trading near the $0.2940 support.

It is also testing the 76.4% Fibonacci retracement level of the upward move from the $0.2734 swing low to $0.3610 high.  An immediate support is near the $0.2800 level. The next major support is near the $0.2720 level. A downside break below the $0.2720 support might call for more losses.

The next major support is near the $0.2650 zone. An immediate hurdle on the upside for the bulls could be $0.3020. The first major resistance is now near $0.3200.

If there is a clear break above the $0.3200 resistance zone, the price could start another steady increase. The next key resistance is near the $0.3500 level, above which the price could revisit $0.4000.

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

The chart indicates that XLM price is now trading below $0.3000 and the 55 simple moving average (4-hours). Overall, the price could continue to decline if there is a break below the $0.2800 and $0.2720 support levels.

Technical Indicators

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

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

Key Support Levels – $0.2800 and $0.2720.

Key Resistance Levels – $0.3050, $0.3200 and $0.3500.

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.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img