- Stellar lumen price started a fresh decline from the $0.1180 resistance against the US Dollar.
- XLM price is now trading below $0.1120 and the 55 simple moving average (4-hours).
- There is a key bearish trend line with resistance near $0.1100 on the 4-hours chart (data feed via Kraken).
- The pair could decline sharply if there is a clear break below the $0.1020 support zone.
Stellar lumen price is trading below $0.1120 against the US Dollar, similar to bitcoin. XLM price must stay above the $0.1020 support to avoid a downside break.
Stellar Lumen Price Analysis (XLM to USD)
After forming a base above the $0.1020 level, stellar lumen price started an upside correction against the US Dollar. The XLM/USD pair broke the $0.1100 resistance zone.
The price even broke the $0.1150 resistance and the 55 simple moving average (4-hours). However, the bears remained active near the $0.1180 zone. A high was formed near the $0.1181 level and the price started a fresh decline.
There was a clear move below the $0.1120 support. The price traded as low as $0.1041 and is currently consolidating losses. On the upside, the price is facing resistance near the $0.1070 zone. It is near the 23.6% Fib retracement level of the recent decline from the $0.1181 swing high to $0.1041 low.
There is also a key bearish trend line with resistance near $0.1100 on the 4-hours chart. The next major resistance is near the $0.1120 level. It is close to the 50% Fib retracement level of the recent decline from the $0.1181 swing high to $0.1041 low.
A clear move above the $0.1120 level might send the price towards the $0.1180 level. Any more gains could lead the price towards the $0.1250 level.
An initial support on the downside is near the $0.1040 level. The main support is near the $0.1020 zone. Any more losses could lead the price towards the $0.0920 level in the near term, below which the price might even test $0.0880.
The chart indicates that XLM price is now trading below $0.1120 and the 55 simple moving average (4-hours). Overall, the price could decline sharply if there is a clear break below the $0.1020 support zone.
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 – $0.1040 and $0.1020.
Key Resistance Levels – $0.1100, $0.1120 and $0.1180.
