livebitcoinnews.com
- Stellar lumen price started a steady increase above $0.3500 against the US Dollar.
- XLM price is now trading just below $0.3650 and the 55 simple moving average (4-hours).
- There was a break below a key bullish trend line with support near $0.3650 on the 4-hours chart (data feed via Kraken).
- The pair could continue to move down if it breaks the $0.3500 support zone in the near term.
Stellar lumen price is trading just above $0.3500 against the US Dollar, similar to bitcoin. XLM price must settle above $0.3800 to continue higher.
Stellar Lumen Price Analysis (XLM to USD)
After forming a base above the $0.3200 level, stellar lumen price started a fresh increase against the US Dollar. The XLM/USD pair broke the $0.3500 barrier to move into a positive zone.
There was also a break above the $0.3650 and $0.3800 resistance levels. However, the price failed to clear the $0.4000 resistance zone. A high was formed near $0.3899 before there was a downside correction. The price corrected lower below the $0.3800 level.
There was a break below the 23.6% Fibonacci retracement level of the upward move from the $0.3122 swing low to $0.3899 high. It is now trading just below $0.3650 and the 55 simple moving average (4-hours).
There was also a break below a key bullish trend line with support near $0.3650 on the 4-hours chart. An immediate support is near the $0.3500 level. The main support is near $0.3500. It is close to the 50% Fibonacci retracement level of the upward move from the $0.3122 swing low to $0.3899 high.
A downside break below the $0.3500 support might call for more losses. The next major support is near the $0.3200 zone. An immediate hurdle on the upside for the bulls could be $0.3720.
The first major resistance is now near $0.3880. If there is a clear break above the $0.3880 resistance zone, the price could start another steady increase. The next key resistance is near the $0.4200 level.
Stellar Lumen (XLM) Price
The chart indicates that XLM price is now trading below $0.3650 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $0.3500 support zone in the near term.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is slowly gaining momentum in the bearish zone.
4 hours RSI – The RSI for XLM/USD is now near the 50 level.
Key Support Levels – $0.3550 and $0.3500.
Key Resistance Levels – $0.3650, $0.3880 and $0.4000.