Stellar lumen price started a fresh increase above $0.1650 against the US Dollar, similar to bitcoin. XLM price must break $0.1800 to continue higher in the near term.
Stellar Lumen Price Analysis (XLM to USD)
After a couple of swing move, stellar lumen price formed a support base near the $0.1500 zone against the US Dollar. The XLM/USD pair traded as low as $0.1492 before starting a fresh increase.
There was a clear break above the $0.1650 resistance to start the current increase. There was also a break above a crucial bearish trend line with resistance near $0.1640 on the 4-hours chart. The price even spiked above $0.1750 and settled above the 55 simple moving average (4-hours).
However, the price is still struggling to clear the main $0.1800 resistance zone. A high is formed near $0.1792 and the price is currently consolidating gains. It is trading near the 23.6% Fibonacci retracement level of the recent increase from the $0.1492 swing low to $0.1792 high.
The first major support is near the $0.1650 level and the broken trend line. The 55 simple moving average (4-hours) is also near the $0.1650 level. Moreover, the 50% Fibonacci retracement level of the recent increase from the $0.1492 swing low to $0.1792 high is at $0.1650.
If there is a downside break below the $0.1650 support zone and a close below the 55 simple moving average (4-hours), the price could continue to move down.
The next major support is near the $0.1500 support. Conversely, the price could clear the $0.1800 hurdle and continue higher. The next major resistance is near the $0.1900 level, followed by $0.2050.
Stellar Lumen (XLM) Price
The chart indicates that XLM price is clearly facing hurdles near $0.1800, but it is above the 55 simple moving average (4-hours). Overall, the price could continue to rise if there is a clear break above the $0.1800 resistance zone.
4 hours MACD – The MACD for XLM/USD is showing positive signs in the bullish zone.
4 hours RSI – The RSI for XLM/USD is correcting lower towards the 50 level.
Key Support Levels – $0.1650 and $0.1500.
Key Resistance Levels – $0.1800, $0.1900 and $0.2050.
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