- Stellar lumen price started a fresh increase above the $0.1200 resistance zone against the US Dollar.
- XLM price is now trading above $0.1200 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $0.1240 on the 4-hours chart (data feed via Kraken).
- The pair could continue to rise if it stays above the $0.1240 and $0.1200 support levels.
Stellar lumen price is trading above $0.1200 against the US Dollar, similar to bitcoin. XLM price must stay above the $0.1200 support to rise further.
Stellar Lumen Price Analysis (XLM to USD)
After forming a base above the $0.1100 level, stellar lumen price started a fresh increase against the US Dollar. The XLM/USD pair broke the $0.1150 resistance zone to move into a positive zone.
The price even broke the $0.1200 resistance and the 55 simple moving average (4-hours). However, the bears were active near the $0.1300 resistance zone. A high was formed near $0.1295 and the price is now consolidating gains.
An initial support on the downside is near the $0.1265 level. It is near the 23.6% Fib retracement level of the upward move from the $0.1168 swing low to $0.1295 high.
The next major support sits near the $0.1240 level. There is also a key bullish trend line forming with support near $0.1240 on the 4-hours chart. The trend line is close to the 50% Fib retracement level of the upward move from the $0.1168 swing low to $0.1295 high.
The main support is near the $0.1200 zone. Any more losses could lead the price towards the $0.1150 level in the near term, below which the price might even retest $0.1120.
On the upside, the price is facing resistance near the $0.1300 zone. The next major resistance is near the $0.1320 level. A clear move above the $0.1320 level might send the price towards the $0.1400 level. Any more gains could lead the price towards the $0.1480 level or even $0.1500 in the coming days.
The chart indicates that XLM price is now trading above $0.1200 and the 55 simple moving average (4-hours). Overall, the price could continue to rise if it stays above the $0.1240 and $0.1200 support levels.
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 – $0.1240 and $0.1200.
Key Resistance Levels – $0.1300, $0.1320 and $0.1400.
