- Stellar lumen price declined below the $0.2000 support zone against the US Dollar.
- XLM price is now trading below $0.2200 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $0.2150 on the 4-hours chart (data feed via Kraken).
- The pair could start a steady upward move if there is a clear break above $0.2200.
Stellar lumen price is trading in a bearish zone below $0.2200 against the US Dollar, similar to bitcoin. XLM price must settle above $0.2200 to start a fresh increase.
Stellar Lumen Price Analysis (XLM to USD)
After struggling to clear the $0.2800 resistance, stellar lumen price started a fresh decline against the US Dollar. The XLM/USD pair traded below the $0.2500 support level to move into a bearish zone.
There was a break below the $0.2200 support level and the 55 simple moving average (4-hours). The decline was such that the price even broke the $0.2000 support level. A low was formed near $0.1678, and the price is now correcting higher.
There was a move above the 23.6% Fibonacci retracement level of the downward move from the $0.2523 swing high to $0.1678 low. An immediate resistance on the upside is near the $0.2000 level.
The next major resistance is now near $0.2120. There is also a key bearish trend line forming with resistance near $0.2150 on the 4-hours chart. It is near the 50% Fibonacci retracement level of the downward move from the $0.2523 swing high to $0.1678 low.
If there is a clear break above the $0.2200 resistance zone, the price could start another steady increase. The next key resistance is near the $0.2500 level, above which the price could rise towards the $0.2800 level in the near term.
An immediate support is near the $0.1880 level. The main support is near $0.1800. A downside break below the $0.1800 support might call for more losses. The next major support is near the $0.1650 zone. Any more losses might send the price towards the $0.1500 level.
Stellar Lumen (XLM) Price
The chart indicates that XLM price is now trading below $0.2200 and the 55 simple moving average (4-hours). Overall, the price could start a steady upward move if there is a clear break above $0.2220.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is slowly losing momentum in the bearish zone.
4 hours RSI – The RSI for XLM/USD is now below the 50 level.
Key Support Levels – $0.1880 and $0.1650.
Key Resistance Levels – $0.2000, $0.2120 and $0.2200.
Source: https://www.livebitcoinnews.com/stellar-lumen-xlm-price-could-recover-if-it-clears-0-2200/