- Stellar lumen price is attempting a fresh increase from the $0.085 zone against the US Dollar.
- XLM price is now trading above $0.0880 and the 55 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance near $0.0888 on the 4-hour chart (data feed via Kraken).
- The pair could start a major increase if there is a clear move above the $0.0900 resistance zone.
Stellar lumen price is trading above $0.0850 against the US Dollar, similar to Bitcoin. XLM price must clear $0.090 to start a major increase.
Stellar Lumen Price Analysis (XLM to USD)
This past week, Stellar lumen price saw a bearish reaction from the $0.0900 zone against the US Dollar. The XLM/USD pair traded below the $0.0850 support and the 55 simple moving average (4 hours).
The bears were able to push the price below the $0.0832 level. A low was formed near $0.0827 and the price is now attempting a fresh increase. It was able to rise back above the $0.0850 resistance. The price is now testing the 50% Fib retracement level of the downward move from the $0.0948 swing high to the $0.0827 low.
XLM is now trading above $0.0850 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.0888 zone.
There is also a major bearish trend line forming with resistance near $0.0888 on the 4-hour chart. The next major resistance is near the $0.0900 level. It is near the 61.8% Fib retracement level of the downward move from the $0.0948 swing high to the $0.0827 low.
A clear move above the $0.090 level might send the price toward the $0.0950 level. Any more gains could lead the price toward the $0.1000 level or even $0.1050.
Initial support on the downside is near the $0.0880 level. The main support is near the $0.0850 zone. Any more losses could lead the price towards the $0.0825 level in the near term, below which the price might even retest $0.080.
The chart indicates that XLM price is now trading above $0.0850 and the 55 simple moving average (4 hours). Overall, the price could start a major increase if there is a clear move above the $0.0900 resistance zone.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is gaining momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is now above the 50 level.
Key Support Levels – $0.0880 and $0.0850.
Key Resistance Levels – $0.0888, $0.090, and $0.1000.
