- Stellar lumen price started a fresh decline from the $0.1950 resistance zone against the US Dollar.
- XLM price is now trading below $0.1800 and the 55 simple moving average (4-hours).
- There is a crucial bearish trend line forming with resistance near $0.1800 on the 4-hours chart (data feed via Kraken).
- The pair could continue to decline if there is a move below the $0.1700 support.
Stellar lumen price is trading in a bearish zone below $0.1800 against the US Dollar, similar to bitcoin. XLM price must stay above $0.1700 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 $0.1950 resistance against the US Dollar. The XLM/USD pair traded below the $0.1900 support level to enter a bearish zone.
There was a clear move below the $0.1800 level and the 55 simple moving average (4-hours). The bears were able to push the price below the $0.1750 support zone. A low is formed near $0.1669 and the price is now consolidating losses.
There was a move above the 23.6% Fib retracement level of the recent decline from the $0.1934 swing high to $0.1669 low. On the upside, the price is facing resistance near the $0.1780 zone.
The next major resistance is near the $0.1800 level. There is also a crucial bearish trend line forming with resistance near $0.1800 on the 4-hours chart. The trend line is near the 50% Fib retracement level of the recent decline from the $0.1934 swing high to $0.1669 low.
The main resistance is near the $0.1850 level and the 55 simple moving average (4-hours). A clear move above the $0.1850 level might send the price towards the $0.1950 level. Any more gains could lead the price towards the $0.2050 level.
An initial support on the downside is near the $0.1720 level. The main support is near the $0.1700 zone. Any more losses could lead the price towards the $0.1650 level in the near term, below which the price might even test $0.1600.
Stellar Lumen (XLM) Price
The chart indicates that XLM price is now trading below $0.1800 and the 55 simple moving average (4-hours). Overall, the price could continue to decline if there is a move below the $0.1700 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 50 level.
Key Support Levels – $0.1720 and $0.1700.
Key Resistance Levels – $0.1780, $0.1800 and $0.1850.
Source: https://www.livebitcoinnews.com/stellar-lumen-xlm-price-faces-uphill-task-near-0-18/