- Stellar lumen price started a downside correction from the $0.120 zone against the US Dollar.
- XLM price is now trading below $0.1150 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance at $0.1150 on the 4-hour chart (data feed via Kraken).
- The pair could start another increase if it clears the $0.1150 and $0.120 resistance levels.
Stellar lumen price is trading in a positive zone above $0.1080 against the US Dollar, like Bitcoin. XLM’s price must stay above the $0.1050 support to rise again.
Stellar Lumen Price Analysis (XLM to USD)
After forming a base above the $0.0920 level, Stellar lumen price started a fresh increase against the US Dollar. The XLM/USD pair broke the $0.1050 resistance zone to move into a positive zone.
The price even cleared the $0.1150 resistance and the 55 simple moving average (4 hours). The upward move was such that the price spiked to $0.120 before it corrected lower. There was a drop below the $0.1150 support level.
The price is now trading below the 23.6% Fib retracement level of the upward move from the $0.0915 swing low to the $0.1203 high. XLM is now trading below $0.1150 and the 55 simple moving average (4 hours). There is also a key bearish trend line forming with resistance at $0.1150 on the 4-hour chart.
On the upside, the price is facing resistance near the $0.1150 zone. The next major resistance is near the $0.1200 level. A clear move above the $0.120 level might send the price toward the $0.1280 level.
Any more gains could lead the price toward the $0.1320 level or even $0.1450. Initial support on the downside is near the $0.1100 level. The next major support sits near the $0.1025 level or the 61.8% Fib retracement level of the upward move from the $0.0915 swing low to the $0.1203 high. Any more losses could lead the price toward the $0.0950 level in the near term.
The chart indicates that XLM’s price is now trading below $0.1150 and the 55 simple moving average (4 hours). Overall, the price could start another increase if it clears the $0.1150 and $0.120 resistance 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 below the 50 level.
Key Support Levels – $0.1050 and $0.1025.
Key Resistance Levels – $0.1150, $0.1200, and $0.1280.