- Stellar lumen price gained bullish momentum above the $0.0950 and $0.1000 resistance levels against the US Dollar.
- XLM price traded to a new monthly high at $0.1074 before correcting lower.
- There is a crucial bullish trend line forming with support near $0.0950 on the 4-hours chart (data feed via Kraken).
- The pair remains well supported on the downside near $0.0950 and it might continue higher above $0.1050.
Stellar lumen price is trading in a bullish zone against the US Dollar and bitcoin. XLM price is likely to continue higher above $0.1050 and $0.1080 unless it drops below $0.0880.
Stellar Lumen Price Analysis (XLM to USD)
In the past few days, there was a steady increase in stellar lumen price above the $0.0900 resistance against the US Dollar. The XLM/USD pair remained well bid and broke the $0.1000 barrier.
A new monthly high was formed near $0.1074 and the price settled well above the 55 simple moving average (4-hours). Recently, there was a downside correction below the $0.1050 level. The price traded below the 23.6% Fibonacci retracement level of the upward wave from the $0.0880 low to $0.1074 high.
However, there is a strong support forming near the $0.0980 level. The 50% Fibonacci retracement level of the upward wave from the $0.0880 low to $0.1074 high is also providing support.
More importantly, there is a crucial bullish trend line forming with support near $0.0950 on the 4-hours chart. The trend line is close to the 55 simple moving average (4-hours). If there is a downside break below the trend line and $0.0950, the price could extend its correction towards the $0.0900 and $0.0880 support levels.
On the upside, the $0.1050 level is an initial hurdle for the bulls. If there is a clear break above the $0.1050 resistance, the price could easily surpass the $0.1074 high. In the mentioned case, the bulls are likely to aim a larger upward move towards the $0.1150 and $0.1200 levels in the coming days.
The chart indicates that XLM price is clearly trading in a nice uptrend above the $0.0950 support. Therefore, the pair remains well supported on the downside near $0.0950 and it might continue higher above $0.1050.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is slowly gaining pace in the bullish zone.
4 hours RSI – The RSI for XLM/USD is well above the 50 level, with a bullish angle.
Key Support Levels – $0.0950 and $0.0900.
Key Resistance Levels – $0.1050, $0.1150 and $0.1200.
