- Stellar lumen price started a fresh increase above the $0.1100 resistance zone against the US Dollar.
- XLM price is now trading above $0.1140 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $0.1080 on the 4-hours chart (data feed via Kraken).
- The pair could continue to rise if it stays above the $0.1160 and $0.1140 support levels.
Stellar lumen price is trading above $0.1140 against the US Dollar, similar to bitcoin. XLM price must stay above the $0.1140 support to rise further.
Stellar Lumen Price Analysis (XLM to USD)
After forming a base above the $0.1065 level, stellar lumen price started a fresh increase against the US Dollar. The XLM/USD pair broke the $0.1100 resistance zone to move into a positive zone.
There was a steady increase above the 50% Fib retracement level of the downward move from the $0.1382 swing high to $0.1067 low. There was also a break above a major bearish trend line with resistance near $0.1080 on the 4-hours chart.
The price even broke the $0.1140 resistance and the 55 simple moving average (4-hours). However, the bears were active near the $0.1220 resistance zone.
It seems like the 61.8% Fib retracement level of the downward move from the $0.1382 swing high to $0.1067 low is acting as a strong resistance. On the upside, the price is facing resistance near the $0.1200 zone. The next major resistance is near the $0.1220 level.
A clear move above the $0.1220 level might send the price towards the $0.1320 level. Any more gains could lead the price towards the $0.1450 level or even $0.1500 in the coming days.
An initial support on the downside is near the $0.1160 level. The main support is near the $0.1140 zone. Any more losses could lead the price towards the $0.1100 level in the near term, below which the price might even retest $0.1065.
The chart indicates that XLM price is now trading above $0.1140 and the 55 simple moving average (4-hours). Overall, the price could continue to rise if it stays above the $0.1160 and $0.1140 support levels.
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 above the 50 level.
Key Support Levels – $0.1160 and $0.1140.
Key Resistance Levels – $0.1200, $0.1220 and $0.1320.
