- Stellar lumen price started a fresh decline from the $0.1165 resistance zone against the US Dollar.
- XLM price is now trading below $0.1120 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $0.1100 on the 4-hours chart (data feed via Kraken).
- The pair could continue to move down if it breaks the $0.1080 and $0.1065 support levels.
Stellar lumen price is trading below $0.1200 against the US Dollar, similar to bitcoin. XLM price must stay above the $0.1080 support to avoid more losses.
Stellar Lumen Price Analysis (XLM to USD)
After a decent increase, stellar lumen price faced sellers near the $0.1165 zone against the US Dollar. The XLM/USD pair formed a high near $0.1165 before it started a fresh decline.
There was a move below the $0.1150 and $0.1120 support levels. The pair even declined below the $0.1100 level and the 55 simple moving average (4-hours). Finally, it traded as low as $0.1071 before there was an upside correction.
The price corrected higher above the $0.1088 level. XLM climbed above the 23.6% Fib retracement level of the downward move from the $0.1165 swing high to $0.1071 low.
On the upside, the price is facing resistance near the $0.1118 zone and the 55 simple moving average (4-hours). There is also a key bearish trend line forming with resistance near $0.1100 on the 4-hours chart. It is near the 50% Fib retracement level of the downward move from the $0.1165 swing high to $0.1071 low.
The next major resistance is near the $0.1120 level. A clear move above the $0.1120 level might send the price towards the $0.1165 level. Any more gains could lead the price towards the $0.1200 level or even $0.1220.
An initial support on the downside is near the $0.1080 level. The main support is near the $0.1065 zone. Any more losses could lead the price towards the $0.1020 level in the near term, below which the price might even retest $0.1000.
Stellar Lumen (XLM) Price
The chart indicates that XLM price is now trading below $0.1200 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $0.1080 and $0.1065 support 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 – $0.1080 and $0.1065.
Key Resistance Levels – $0.1118, $0.1120 and $0.1165.
Source: https://www.livebitcoinnews.com/stellar-lumen-xlm-price-resume-decline-risk-of-more-losses/