- Stellar lumen price is facing a major resistance near the $0.090 zone against the US Dollar.
- XLM price is now trading above $0.082 and the 55 simple moving average (4-hours).
- There is a key contracting triangle forming with resistance near $0.0890 on the 4-hours chart (data feed via Kraken).
- The pair could start a decent increase if it clears the $0.0890 and $0.090 resistance levels.
Stellar lumen price is trading above $0.0820 against the US Dollar, similar to bitcoin. XLM price must stay above the $0.084 support to rise further.
Stellar Lumen Price Analysis (XLM to USD)
After forming a base above the $0.0745 level, stellar lumen price started a fresh increase against the US Dollar. The XLM/USD pair broke the $0.080 resistance zone to move into a positive zone.
The price even cleared the $0.0820 resistance and the 55 simple moving average (4-hours). The bulls pushed the price above the 50% Fib retracement level of the main decline from the $0.0978 swing high to $0.0746 low. The price is now trading above the $0.082 level and the 55 simple moving average (4-hours).
On the upside, the price is facing resistance near the $0.0890 zone. It is near the 61.8% Fib retracement level of the main decline from the $0.0978 swing high to $0.0746 low.
There is also a key contracting triangle forming with resistance near $0.0890 on the 4-hours chart. The next major resistance is near the $0.0900 level. A clear move above the $0.0900 level might send the price towards the $0.0932 level. Any more gains could lead the price towards the $0.1000 level or even $0.1020 in the coming days.
An initial support on the downside is near the $0.0865 level. The next major support sits near the $0.0840 level. The main support is near the $0.0800 zone.
Any more losses could lead the price towards the $0.0745 level in the near term, below which the price might even retest $0.0720 in the coming days.
Stellar Lumen (XLM) Price
The chart indicates that XLM price is now trading above $0.0820 and the 55 simple moving average (4-hours). Overall, the price could start a decent increase if it clears the $0.0890 and $0.090 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 – $0.0840 and $0.0800.
Key Resistance Levels – $0.0890, $0.0900 and $0.100.
Source: https://www.livebitcoinnews.com/stellar-lumen-xlm-price-could-rally-if-it-clears-this-resistance/