- Stellar lumen price is trading in an uptrend above the $0.0720 support area against the US Dollar.
- XLM price is currently correcting lower, but it remains well supported near $0.0740.
- There is a major bullish trend line forming with support near $0.0715 on the 4-hours chart (data feed via Kraken).
- The pair remains well supported on the downside near the $0.0660 and $0.0650 levels.
Stellar lumen price is showing many positive signs against the US Dollar and bitcoin. XLM price could continue to rise towards the $0.0850 resistance area.
Stellar Lumen Price Analysis (XLM to USD)
This past week, there was a sharp increase in stellar lumen price above the $0.0700 resistance against the US Dollar. Moreover, the XLM/USD pair climbed nicely above the $0.0750 resistance and the 55 simple moving average (4-hours).
Finally, the price surged above the $0.0800 and $0.0850 levels. A new monthly high was formed near the $0.0880 before the price corrected lower. It declined below the $0.0800 level, but the $0.0680 support area prevented additional losses.
The recent low was near $0.0684 before the climbed higher. Besides, there was a successful break above the $0.0750 resistance and the 55 simple moving average (4-hours). The recent high was near $0.0813 and stellar price is currently correcting lower.
It is now trading below the 23.6% Fibonacci retracement level of the recent leg from the $0.0684 low to $0.0813 high. However, there are many supports on the downside near the $0.0750 and $0.0740 levels.
Additionally, the 50% Fibonacci retracement level of the recent leg from the $0.0684 low to $0.0813 high is near the $0.0749 to provide support. More importantly, there is a major bullish trend line forming with support near $0.0715 on the 4-hours chart.
Therefore, the $0.0740 and $0.0720 levels are likely to act as strong supports. Any further losses may perhaps push the price back towards the $0.0680 support area.
On the upside, an immediate resistance is near the $0.0800 level. A successful break above the $0.0800 resistance may even push the price towards $0.0820. The next key resistance area is near the $0.0850 level.
The chart indicates that XLM price is clearly trading in a solid uptrend above the $0.0740 and $0.0720 support levels. Thus, there are chances of more gains above the $0.0800 level unless the bears succeed in pushing the price below $0.0720 and $0.0680.
4 hours MACD - The MACD for XLM/USD is slowly moving into the bearish zone.
4 hours RSI - The RSI for XLM/USD is currently correcting lower and it might soon test the 50 level.
Key Support Levels - $0.0740 and $0.0720.
Key Resistance Levels - $0.0800, $0.0820 and $0.0850.
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