- Stellar lumen price started a fresh decline from the $0.1300 resistance zone against the US Dollar.
- XLM price is now trading below $0.1200 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $0.1140 on the 4-hours chart (data feed via Kraken).
- The pair could continue to move down if it breaks the $0.1100 and $0.1065 support levels.
Stellar lumen price is trading below $0.1200 against the US Dollar, similar to bitcoin. XLM price must stay above the $0.1065 support to avoid more losses.
Stellar Lumen Price Analysis (XLM to USD)
After a decent increase, stellar lumen price faced sellers near the $0.1300 zone against the US Dollar. The XLM/USD pair formed a high near $0.1295 before it started a fresh decline.
There was a move below the $0.1220 and $0.1200 support levels. The pair even declined below the $0.1150 level and the 55 simple moving average (4-hours). Finally, it traded as low as $0.1068 before there was an upside correction.
The price corrected higher above the $0.1100 level. XLM climbed above the 23.6% Fib retracement level of the downward move from the $0.1295 swing high to $0.1068 low.
On the upside, the price is facing resistance near the $0.1140 zone. There is also a key bearish trend line forming with resistance near $0.1140 on the 4-hours chart. The next major resistance is near the $0.1185 level. It is near the 50% Fib retracement level of the downward move from the $0.1295 swing high to $0.1068 low.
A clear move above the $0.1185 level might send the price towards the $0.1220 level. Any more gains could lead the price towards the $0.1300 level or even $0.1320.
An initial support on the downside is near the $0.1100 level. The main support is near the $0.1065 zone. Any more losses could lead the price towards the $0.1020 level in the near term, below which the price might even retest $0.1000.
The chart indicates that XLM price is now trading below $0.1200 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $0.1100 and $0.1065 support levels.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is gaining momentum in the bearish zone.
4 hours RSI – The RSI for XLM/USD is now below the 50 level.
Key Support Levels – $0.1100 and $0.1065.
Key Resistance Levels – $0.1140, $0.1185 and $0.1220.
