- Stellar lumen price traded as low as $0.0761 and recently corrected higher against the US Dollar.
- XLM price broke the $0.0880 and $0.0900 resistance levels to start the recent recovery.
- There was a break above a key bearish trend line with resistance near $0.0915 on the 4-hours chart (data feed via Kraken).
- The pair could rise towards $0.1000 and $0.1100 as long as it stays above the $0.0850 support.
Stellar lumen price is currently recovering, but struggling near $0.1000 against the US Dollar. XLM price might soon surpass $0.1000 unless it breaks the $0.0850 support area.
Stellar Lumen Price Analysis (XLM to USD)
This past week, stellar lumen price remained in a bearish zone below the $0.1000 support level against the US Dollar. The XLM/USD pair traded below the $0.0900 support level and settled well below the 55 simple moving average (4-hours). Finally, there was a break below the $0.0800 support and the price traded to a new multi-week low at $0.0761. Later, the price started an upside correction and broke the $0.0800 resistance.
Moreover, there was a break above the $0.0900 resistance and the 55 simple moving average (4-hours). There was even a break above a key bearish trend line with resistance near $0.0915 on the 4-hours chart. The pair climbed above $0.0950 and traded close to the $0.1000 resistance level. A swing high was formed near $0.0983 and the price corrected below the 23.6% Fibonacci retracement level of the last wave from the $0.0761 low to $0.0983 high.
However, the broken trend and the 55 simple moving average (4-hours) is currently acting as a support near $0.0910. The next key support is near the $0.0880 level. Moreover, the 50% Fibonacci retracement level of the last wave from the $0.0761 low to $0.0983 high is near the $0.0872 level to provide support in the coming sessions. However, the main support is at $0.0850, below which the price may move back into a bearish zone.
On the upside, the main resistances are near $0.0980 and $0.1000. If there is a successful close above $0.1000, the price might continue to accelerate towards the $0.1065 and $0.1100 levels.
The chart indicates that XLM price is trading above the key $0.0900 and $0.0850 support levels. As long as the price is above the $0.0850 support level, there are chances of more gains. If the bulls fail to gain momentum, the price could drop back towards the $0.0750 level.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is slowly losing pace in the bullish zone.
4 hours RSI – The RSI for XLM/USD is currently just above the 50 level, with a positive angle.
Key Support Levels – $0.0900 and $0.0850.
Key Resistance Levels – $0.0980, $0.1000 and $0.1065.
