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- Stellar lumen price is struggling below the $0.0920 resistance zone against the US Dollar.
- XLM price is now trading below $0.0900 and the 55 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance near $0.0900 on the 4-hour chart (data feed via Kraken).
- The pair could start a recovery wave if it clears the $0.090 resistance.
Stellar lumen price is trading below $0.0900 against the US Dollar, similar to Bitcoin. XLM price could extend losses if it trades below the $0.0870 support.
Stellar Lumen Price Analysis (XLM to USD)
After a sharp decline below $0.090, Stellar Lumen price struggled to gain bullish momentum against the US Dollar. The XLM/USD pair traded below the $0.0880 level to move further into a bearish zone.
A low was formed near $0.0827 before the price started an upside correction. There was a move above the $0.0865 and $0.0870 levels. The price climbed above the 50% Fib retracement level of the key drop from the $0.0948 swing high to the $0.0827 low.
The price is now facing resistance near the $0.090 level. There is also a major bearish trend line forming with resistance near $0.0900 on the 4-hour chart.
XLM is now trading below $0.0890 and the 55 simple moving average (4 hours). Initial support on the downside is near the $0.0870 level. The next major support is near the $0.0855 zone. Any more losses could lead the price toward the $0.0820 level in the near term, below which the price might even retest $0.0800.
On the upside, the price is facing resistance near the $0.0885 level and the 55 simple moving average (4 hours). The next major resistance is near the $0.0900 zone and the trend line.
A clear upside break above the $0.090 zone might send the price toward $0.0920. Any more gains could lead the price toward the $0.0955 level or even $0.100.
The chart indicates that XLM price is now trading below $0.0900 and the 55 simple moving average (4 hours). Overall, the price could start a recovery wave if it clears the $0.090 resistance.
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 – $0.0870 and $0.0855.
Key Resistance Levels – $0.090, $0.0920, and $0.0950.
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