- Stellar lumen price started a downside correction from the $0.095 resistance zone against the US Dollar.
- XLM price is now trading below $0.092 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $0.0930 on the 4-hours chart (data feed via Kraken).
- The pair could start a decent increase if it clears the $0.093 and $0.095 resistance levels.
Stellar lumen price is trading above $0.0880 against the US Dollar, similar to bitcoin. XLM price must stay above the $0.0875 support to rise further.
Stellar Lumen Price Analysis (XLM to USD)
After forming a base above the $0.0875 level, stellar lumen price started a fresh increase against the US Dollar. The XLM/USD pair broke the $0.090 resistance zone to move into a positive zone.
The price even cleared the $0.0920 resistance and the 55 simple moving average (4-hours). A high was formed near $0.0945 before there was a minor downside correction. The price declined below the $0.0920 level. It even traded below the 50% Fib retracement level of the upward move from the $0.0874 swing low to $0.0945 high.
The price is now trading below the $0.092 level and the 55 simple moving average (4-hours). On the upside, the price is facing resistance near the $0.0920 level.
The next major resistance is near the $0.0930 level. There is also a key bearish trend line forming with resistance near $0.0930 on the 4-hours chart. A clear move above the $0.0930 level might send the price towards the $0.0950 level.
Any more gains could lead the price towards the $0.1000 level or even $0.1050 in the coming days. An initial support on the downside is near the $0.0900 level. It is near the 61.8% Fib retracement level of the upward move from the $0.0874 swing low to $0.0945 high.
The next major support sits near the $0.0880 level. The main support is near the $0.0875 zone. Any more losses could lead the price towards the $0.085 level in the near term, below which the price might even retest $0.082.
Stellar Lumen (XLM) Price
The chart indicates that XLM price is now trading below $0.0920 and the 55 simple moving average (4-hours). Overall, the price could start a decent increase if it clears the $0.093 and $0.095 resistance levels.
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 50 level.
Key Support Levels – $0.0900 and $0.0875.
Key Resistance Levels – $0.0920, $0.0930 and $0.0950.
Source: https://www.livebitcoinnews.com/stellar-lumen-xlm-price-faces-uphill-task-near-0-095/