- Stellar lumen price is showing bearish signs below the $0.090 resistance zone against the US Dollar.
- XLM price is now trading below $0.0900 and the 55 simple moving average (4-hours).
- There is a key contracting triangle forming with resistance near $0.090 on the 4-hours chart (data feed via Kraken).
- The pair could start a decent increase if it clears the $0.090 and $0.092 resistance levels.
Stellar lumen price is trading below $0.0920 against the US Dollar, similar to bitcoin. XLM price must stay above the $0.0865 support to avoid more losses.
Stellar Lumen Price Analysis (XLM to USD)
After a minor upside correction, stellar lumen price faced sellers near the $0.0920 zone against the US Dollar. The XLM/USD pair formed a high near $0.0918 before it started a fresh decline.
There was a move below the $0.0900 and $0.0880 levels. The price even settled below the $0.090 level and the 55 simple moving average (4-hours). A low was formed near $0.0860 and the price is now slowly moving higher. There was a break above the $0.0872 level.
The price is now trading near $0.0885 and the 55 simple moving average (4-hours). On the upside, the price is facing resistance near the $0.0885 level. It is near the 50% Fib retracement level of the downward move from the $0.0911 swing high to $0.0860 low.
The next hurdle could be near the $0.0900 zone. There is also a key contracting triangle forming with resistance near $0.090 on the 4-hours chart.
The triangle is near the 76.4% Fib retracement level of the downward move from the $0.0911 swing high to $0.0860 low. A clear move above the $0.0900 level might send the price towards the $0.0920 level. Any more gains could lead the price towards the $0.1000 level or even $0.1050.
An initial support on the downside is near the $0.0870 level. The main support is near the $0.0865 zone. Any more losses could lead the price towards the $0.0832 level in the near term, below which the price might even retest $0.0780.
The chart indicates that XLM price is now trading below $0.0900 and the 55 simple moving average (4-hours). Overall, the price could start a decent increase if it clears the $0.090 and $0.092 resistance 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 – $0.0900 and $0.0920.
Key Resistance Levels – $0.0872, $0.0865and $0.0832.
