- Stellar lumen price started a fresh increase above the $0.20 zone against the US Dollar.
- XLM price is now trading above $0.2200 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $0.2065 on the 4-hours chart (data feed via Kraken).
- The pair could continue to rise if there is a clear break above $0.2300.
Stellar lumen price is trading in a positive zone above $0.2000 against the US Dollar, similar to bitcoin. XLM price must settle above $0.2300 to continue higher.
Stellar Lumen Price Analysis (XLM to USD)
After a major decline, stellar lumen price found support near the $0.1680 zone against the US Dollar. The XLM/USD pair started a decent increase above the $0.1700 and $0.1750 resistance levels.
The pair gained pace after it cleared the $0.2000 and $0.2020 levels. Besides, there was a break above a major bearish trend line with resistance near $0.2065 on the 4-hours chart. The pair even broke the 38.2% Fib retracement level of the downward move from the $0.2915 swing high to $0.1678 low.
It is now trading above $0.2000 and the 55 simple moving average (4-hours). An immediate resistance is near the $0.3000 level. It is near the 50% Fib retracement level of the downward move from the $0.2915 swing high to $0.1678 low.
The next key resistance is near the $0.2450 level. Any more gains could lead the price towards the $0.2800 level. If there is no upside break above $0.2450, the price could correct lower.
An immediate support on the downside is near the $0.2120 level. The next major support is near the $0.2065 level and the 55 simple moving average (4-hours). Any more losses could lead the price towards the $0.2000 level, where the bulls might take a stand. If they fail, the price may perhaps revisit the $0.1680 support zone.
The chart indicates that XLM price is now trading above $0.2000 and the 55 simple moving average (4-hours). Overall, the price could continue to rise if there is a clear break above $0.2300 in the near term.
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 60 level.
Key Support Levels – $0.2065 and $0.2000.
Key Resistance Levels – $0.2300, $0.2450 and $0.2800.
