Stellar Lumen (XLM) Price Could Start Fresh Rally Above $0.32

Stellar lumen price is trading well above $0.2800 against the US Dollar, similar to bitcoin. XLM price must settle above $0.3200 to continue higher.

Stellar Lumen Price Analysis (XLM to USD)

After a downside break below $0.2750, stellar lumen price found support near $0.2550 against the US Dollar. The XLM/USD pair traded as low as $0.2551 before it started a fresh increase.

There was a break above the $0.2650 and $0.2700 resistance levels. There was also a break above a major bearish trend line with resistance near $0.2980 on the 4-hours chart. The pair even climbed above the $0.3000 resistance level.

A high was formed near $0.3264 before there was a downside correction. The price is now trading below the $0.3120 level. However, it is still trading above $0.2800 and the 55 simple moving average (4-hours).

There was a break below the 23.6% Fibonacci retracement level of the recent increase from the $0.2551 swing low to $0.3264 high. An immediate support is near the $0.3000 level. The next major support is near the $0.2900 level.

The 50% Fibonacci retracement level of the recent increase from the $0.2551 swing low to $0.3264 high is also near $0.2900. The main support is near $0.2800 and the 55 simple moving average (4-hours). A downside break below the $0.2800 support might call for more losses. The next major support is near the $0.2550 zone.

An immediate hurdle on the upside for the bulls could be $0.3120. The first major resistance is now near $0.3200. If there is a clear break above the $0.3200 resistance zone, the price could start another steady increase. The next key resistance is near the $0.3420 level, above which the price could visit $0.3650.

Stellar Lumen (XLM) Price

The chart indicates that XLM price is now trading above $0.3000 and the 55 simple moving average (4-hours). Overall, the price could correct lower, but dips are likely to remain supported near $0.2800.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is slowly losing momentum in the bullish zone.

4 hours RSI – The RSI for XLM/USD is now near the 50 level.

Key Support Levels – $0.2900 and $0.2800.

Key Resistance Levels – $0.3120, $0.3200 and $0.3420.

Source: Read Full Article