- Stellar lumen price is slowly rising and trading above the $0.0450 resistance against the US Dollar.
- XLM price might continue to rise if it surpasses the $0.0475 and $0.0500 resistance levels.
- There is a major bearish trend line forming with resistance near $0.0464 on the 4-hours chart (data feed via Kraken).
- The pair might decline again if it struggles to surpass the $0.0465 and $0.0475 resistance levels.
Stellar lumen price is approaching a few key hurdles against the US Dollar, while bitcoin is rising. XLM is likely to start a strong rally if it clears the $0.0475 resistance.
Stellar Lumen Price Analysis (XLM to USD)
In the past few days, stellar lumen price managed to stay above the $0.0432 and $0.0430 support levels against the US Dollar. The XLM/USD pair is currently rising and it is trading above the $0.0450 resistance.
Furthermore, there was a close above $0.0450 and the 55 simple moving average (4-hours). At the moment, the bulls are attempting an upside break above the $0.0465 resistance area.
More importantly, there is a major bearish trend line forming with resistance near $0.0464 on the 4-hours chart. If there is a clear break above the $0.0465 resistance area, there are chances of more upsides.
The next major resistance is near the $0.0475 level, above which stellar price might surge towards the $0.0500 resistance. Any further gains could lead the price towards the $0.0525 level.
Conversely, the price might fail to rise above the $0.0475 resistance area. In the mentioned case, the price could correct lower towards the 23.6% Fibonacci retracement level of the recent rise from the $0.0432 low to $0.0464 high.
The first key support is near the $0.0450 level and the 55 simple moving average (4-hours). Besides, the 50% Fibonacci retracement level of the recent rise from the $0.0432 low to $0.0464 high is also near $0.0450.
If there is a clear break below the $0.0450 support area, the price might revisit the key $0.0430 support area. Any further losses might start a substantial decline towards the $0.0400 support area.
The chart indicates that XLM price is clearly approaching a couple of key hurdles near the $0.0465 and $0.0475 levels. A clear break above $0.0475 is needed for upside acceleration. If not, the price might retreat and revisit the $0.0430 support.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is currently losing momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is currently well above the 50 level.
Key Support Levels – $0.0450 and $0.0430.
Key Resistance Levels – $0.0465, $0.0475 and $0.0500.
