- Stellar lumen price declined heavily below the $0.2800 support zone against the US Dollar.
- XLM price is now trading below $0.2800 and the 55 simple moving average (4-hours).
- There was a break above a declining channel with resistance near $0.2588 on the 4-hours chart (data feed via Kraken).
- The pair could start a steady upward move if there is a clear break above $0.2800.
Stellar lumen price is trading in a positive zone above $0.2800 against the US Dollar, similar to bitcoin. XLM price must settle above $0.2950 to continue higher.
Stellar Lumen Price Analysis (XLM to USD)
After struggling to clear the $0.3000 resistance, stellar lumen price started a fresh decline against the US Dollar. The XLM/USD pair traded below the $0.2800 support level to move into a bearish zone.
There was a sharp decline below the $0.2720 support level. A low was formed near $0.2469 and the price is now correcting higher. There was a break above the $0.2550 level. The price climbed above the 50% Fibonacci retracement level of the downward move from the $0.2972 swing high to $0.2469 low.
Besides, there was a break above a declining channel with resistance near $0.2588 on the 4-hours chart. The pair is now trading below $0.2800 and the 55 simple moving average (4-hours).
An immediate resistance on the upside is near the $0.2720 level. It is near the 50% Fibonacci retracement level of the downward move from the $0.2972 swing high to $0.2469 low. The next major resistance is now near $0.2750. If there is a clear break above the $0.2750 resistance zone, the price could start another steady increase.
The next key resistance is near the $0.3000 level, above which the price could rise towards the $0.3200 level in the near term. An immediate support is near the $0.2550 level.
The main support is near $0.2400. A downside break below the $0.2400 support might call for more losses. The next major support is near the $0.2200 zone. Any more losses might send the price towards the $0.2000 level.
The chart indicates that XLM price is now trading below $0.2800 and the 55 simple moving average (4-hours). Overall, the price could start a steady upward move if there is a clear break above $0.2800.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is slowly gaining momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is now above the 50 level.
Key Support Levels – $0.2550 and $0.2400.
Key Resistance Levels – $0.2720, $0.2750 and $0.3000.
