- Stellar lumen price started a downside correction from the $0.1200 zone against the US Dollar.
- XLM price is now trading below $0.1120 and the 55 simple moving average (4-hours).
- There was a break below a key bullish trend line with support near $0.1120 on the 4-hours chart (data feed via Kraken).
- The pair could continue to decline heavily if there is a move below the $0.1080 support zone.
Stellar lumen price is trading above $0.1080 against the US Dollar, similar to bitcoin. XLM price must stay above the $0.1080 support to rise further.
Stellar Lumen Price Analysis (XLM to USD)
After forming a base above the $0.1000 level, stellar lumen price started a fresh increase against the US Dollar. The XLM/USD pair broke the $0.1050 resistance zone to move into a positive zone.
The price even broke the $0.1120 resistance and the 55 simple moving average (4-hours). However, the price failed to surpass the $0.1200 resistance zone. A high was formed near $0.1208 and the price is now correcting lower.
There was a move below the $0.1150 support zone. The price declined below the 23.6% Fib retracement level of the recent increase from the $0.0987 swing low to $0.1208 high.
The price is now trading below $0.1120 and the 55 simple moving average (4-hours). Besides, there was a break below a key bullish trend line with support near $0.1120 on the 4-hours chart. XLM is now testing the $0.1100 support zone.
The price is holding the 50% Fib retracement level of the recent increase from the $0.0987 swing low to $0.1208 high. An initial support on the downside is near the $0.1100 level. The main support is near the $0.1080 zone. Any more losses could lead the price towards the $0.1000 level in the near term, below which the price might even retest $0.0950.
On the upside, the price is facing resistance near the $0.1130 zone. The next major resistance is near the $0.1160 level. A clear move above the $0.1160 level might send the price towards the $0.1200 level. Any more gains could lead the price towards the $0.1320 level.
The chart indicates that XLM price is now trading below $0.1150 and the 55 simple moving average (4-hours). Overall, the price could continue to decline heavily if there is a move below the $0.1080 support zone.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is losing momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is now below the 50 level.
Key Support Levels – $0.1100 and $0.1080.
Key Resistance Levels – $0.1135, $0.1200 and $0.1300.
