- Stellar lumen price started a fresh decline from the $0.1880 resistance zone against the US Dollar.
- XLM price is now trading below $0.1700 and the 55 simple moving average (4-hours).
- There is a crucial bearish trend line forming with resistance near $0.1610 on the 4-hours chart (data feed via Kraken).
- The pair could continue to decline if there is a move below the $0.1500 support.
Stellar lumen price is trading in a bearish zone below $0.1700 against the US Dollar, similar to bitcoin. XLM price must stay above $0.1500 to avoid more downsides.
Stellar Lumen Price Analysis (XLM to USD)
In the past few days, stellar lumen price saw a fresh decline from the $0.1880 resistance against the US Dollar. The XLM/USD pair traded below the $0.1800 support level to enter a bearish zone.
There was a clear move below the $0.1700 level and the 55 simple moving average (4-hours). The bears were able to push the price below the $0.1620 support zone. A low is formed near $0.1584 and the price is now consolidating losses.
On the upside, the price is facing resistance near the $0.1600 zone. There is also a crucial bearish trend line forming with resistance near $0.1610 on the 4-hours chart.
The next major resistance is near the $0.1650 level. It is near the 23.6% Fib retracement level of the recent decline from the $0.1874 swing high to $0.1584 low. The main resistance is near the $0.1720 level and the 55 simple moving average (4-hours).
The 50% Fib retracement level of the recent decline from the $0.1874 swing high to $0.1584 low is also near the $0.1720 level. A clear move above the $0.1720 level might send the price towards the $0.1880 level. Any more gains could lead the price towards the $0.2000 level.
An initial support on the downside is near the $0.1580 level. The main support is near the $0.1500 zone. Any more losses could lead the price towards the $0.1350 level in the near term, below which the price might even test $0.1200.
Stellar Lumen (XLM) Price
The chart indicates that XLM price is now trading below $0.1700 and the 55 simple moving average (4-hours). Overall, the price could continue to decline if there is a move below the $0.1500 support.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is gaining momentum in the bearish zone.
4 hours RSI – The RSI for XLM/USD is now below the 40 level.
Key Support Levels – $0.1580 and $0.1500.
Key Resistance Levels – $0.1610, $0.1720 and $0.1880.
Source: https://www.livebitcoinnews.com/stellar-lumen-xlm-price-at-risk-of-more-downsides-below-0-15/