- Stellar lumen price is attempting a fresh increase from the $0.1132 zone against the US Dollar.
- XLM price is now trading near $0.1200 and the 55 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance near $0.1195 on the 4-hour chart (data feed via Kraken).
- The pair could start a decent increase if there is a clear move above the $0.1240 resistance zone.
Stellar lumen price is trading above $0.1195 against the US Dollar, like Bitcoin. XLM price must clear $0.1240 to gain bullish momentum.
Stellar Lumen Price Analysis (XLM to USD)
After a steady increase, Stellar lumen price saw a rejection pattern near the $0.135 zone against the US Dollar. The XLM/USD pair traded below the $0.1250 support and tested the $0.1132 zone.
A low is formed near $0.1132 and the price is now attempting a recovery wave. There was a break above the $0.1150 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.1348 swing high to the $0.1132 low.
Besides, there was a break above a key bearish trend line with resistance near $0.1195 on the 4-hour chart. XLM is now trading near $0.1200 and the 55 simple moving average (4 hours).
On the upside, the price is facing resistance near the $0.1240 zone or the 50% Fib retracement level of the downward move from the $0.1348 swing high to the $0.1132 low. The next major resistance is near the $0.1265 level.
A clear move above the $0.1265 level might send the price toward the $0.1350 level. Any more gains could lead the price toward the $0.1400 level or even $0.1420.
Initial support on the downside is near the $0.1195 level. The main support is near the $0.1165 zone. Any more losses could lead the price toward the $0.1132 level in the near term, below which the price might even retest $0.1100.
The chart indicates that XLM price is now trading near $0.120 and the 55 simple moving average (4 hours). Overall, the price could start a major increase if there is a clear move above the $0.1240 resistance zone.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is gaining momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is now above the 50 level.
Key Support Levels – $0.1195 and $0.1165.
Key Resistance Levels – $0.1240, $0.1265, and $0.1350.