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Stellar Lumen (XLM) Price Signaling Fresh Rally Above $0.10


www.livebitcoinnews.com 2020-07-14 05:00
Reading time: ~3 m

  • Stellar lumen price started a strong increase above the $0.0880 and $0.0950 resistance levels against the US Dollar.
  • XLM price traded to a new monthly high at $0.1008 and it is currently consolidating gains.
  • There is a major breakout pattern forming with resistance near $0.0950 on the 4-hours chart (data feed via Kraken).
  • The pair could start a fresh rally if it breaks the $0.0950 and $0.1000 resistance levels.

Stellar lumen price is trading in a nice uptrend against the US Dollar and bitcoin. XLM price is likely to continue higher above $0.1000 as long as it is above $0.0900.

Stellar Lumen Price Analysis (XLM to USD)

In the past few days, there was a steady rise in stellar lumen price above the $0.0800 resistance against the US Dollar. The XLM/USD pair gained bullish momentum and broke the $0.0880 and $0.0950 resistance levels.

It even spiked above the $0.1000 barrier and settled well above the 55 simple moving average (4-hours). A new monthly high was formed near $0.1008 and the price recently corrected lower.

There was a break below the $0.0980 and $0.0950 levels. It even spiked below the 50% Fibonacci retracement level of the upward move from the $0.0826 low to $0.1008 high. However, the price found support near the $0.0900 level.

It seems like the 61.8% Fibonacci retracement level of the upward move from the $0.0826 low to $0.1008 high acted as a strong support. The price is currently recovering and trading in a range above $0.0920.

More importantly, there is a major breakout pattern forming with resistance near $0.0950 on the 4-hours chart. If there is an upside break above the triangle resistance, the price could accelerate higher above the $0.1000 resistance in the near term.

In the mentioned case, the bulls are likely to aim a test of $0.1100 or even $0.1140. Conversely, the price could break the triangle support at $0.0910 to start a fresh decline. The main support is near the $0.0900 level, below which the price could dive toward the 55 SMA in the coming days.

Stellar Lumen Price

Stellar Lumen Price

The chart indicates that XLM price is clearly trading in a nice uptrend above the $0.0900 support. Therefore, it could start a fresh rally if it breaks the $0.0950 and $0.1000 resistance levels.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is slowly losing pace in the bearish zone.

4 hours RSI – The RSI for XLM/USD is still well above the 50 level.

Key Support Levels – $0.0910 and $0.0900.

Key Resistance Levels – $0.0950, $0.1000 and $0.1100.


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