Stellar Lumen (XLM) Price Could Rally Significantly if it Clears $0.10

Stellar lumen price is showing a few positive signs against the US Dollar, similar to bitcoin. XLM price must clear the $0.1000 resistance to start a strong upward move.

Stellar Lumen Price Analysis (XLM to USD)

This past week, stellar lumen price remained in a bearish zone and broke the $0.1050 support against the US Dollar. The XLM/USD pair even traded below the $0.1000 support level.

A new swing low was formed near $0.0902 and the price settled below the 55 simple moving average (4-hours). Recently, it started a decent recovery wave above the $0.0940 and $0.0950 levels. The bulls pushed the price above the 23.6% Fibonacci retracement level of the downward move from the $0.1064 high to $0.0902 low.

Moreover, there was a break above a major bearish trend line with resistance near $0.0970 on the 4-hours chart. Stellar price is now slowly rising above $0.0950, but it facing hurdles near the 55 simple moving average (4-hours).

The 50% Fibonacci retracement level of the downward move from the $0.1064 high to $0.0902 low is also acting as a resistance near the $0.0984 level. It seems like the price is facing a couple of major hurdles near $0.0980 and the 55 simple moving average (4-hours).

If there is a clear break above the $0.0980 and $0.1000 resistance levels, there are chances of a strong increase. The next major resistance is near the $0.1080 level.

Conversely, the price might fail to continue higher above $0.0980 or $0.1000. In the stated case, it could decline towards the $0.0944 support. The main support is near the $0.0902 level, below which the price might continue to decline towards $0.0880 support.

Stellar Lumen (XLM) Price

The chart indicates that XLM price is clearly attempting an upside break above $0.1000. Overall, the price could move into a bullish zone if it clears the $0.0988 and $0.1000 resistance levels.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is struggling to gain pace in the bullish zone.

4 hours RSI – The RSI for XLM/USD is currently declining and it is just below the 50 level.

Key Support Levels – $0.0904 and $0.0902.

Key Resistance Levels – $0.0980, $0.1000 and $0.1080.

Source: Read Full Article