- Stellar lumen price started a fresh decline from the $0.2120 resistance zone against the US Dollar.
- XLM price is now trading below $0.2000 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $0.2000 on the 4-hours chart (data feed via Kraken).
- The pair could continue to decline if there is a move below the $0.1850 support.
Stellar lumen price is trading in a bearish zone below $0.2000 against the US Dollar, similar to bitcoin. XLM price must stay above $0.1850 to avoid more downsides.
Stellar Lumen Price Analysis (XLM to USD)
In the past few days, stellar lumen price saw a fresh decline from the $0.2120 resistance against the US Dollar. The XLM/USD pair traded below the $0.2000 support level to enter a bearish zone.
There was a clear move below the $0.1980 level and the 55 simple moving average (4-hours). The bears were able to push the price below the 50% Fib retracement level of the upward wave from the $0.1860 swing low to $0.2117 high.
Finally, there was a move below the $0.1950 level. The price is currently gaining bearish momentum below $0.1920 and the 76.4% Fib retracement level of the upward wave from the $0.1860 swing low to $0.2117 high. On the upside, the price is facing resistance near the $0.1950 zone.
The next major resistance is near the $0.1980 level and the 55 simple moving average (4-hours). There is a also major bearish trend line forming with resistance near $0.2000 on the 4-hours chart. The main resistance is near the $0.2000 level.
A clear move above the $0.2000 level might send the price towards the $0.2120 level. Any more gains could lead the price towards the $0.2500 level.
An initial support on the downside is near the $0.1900 level. The main support is near the $0.1850 zone. Any more losses could lead the price towards the $0.1800 level in the near term, below which the price might even test $0.1750.
The chart indicates that XLM price is now trading below $0.2000 and the 55 simple moving average (4-hours). Overall, the price could continue to decline if there is a move below the $0.1850 support.
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 – $0.1900 and $0.1850.
Key Resistance Levels – $0.1980, $0.2000 and $0.2120.
