Stellar Lumen (XLM) Price Gaining Bullish Momentum, Bulls Aim $0.12

Stellar lumen price is trading in a bullish zone above $0.1000 against the US Dollar, similar to bitcoin above $18K. XLM price is likely to continue higher above $0.1120 and $0.1150.

Stellar Lumen Price Analysis (XLM to USD)

In the past few days, stellar lumen price gained pace above the $0.0880 and $0.0900 against the US Dollar. The XLM/USD pair even surged above the $0.1000 resistance and settled well above the 55 simple moving average (4-hours).

Finally, there was a break above $0.1100 before the price faced hurdles near $0.1150. There was a downside correction below the $0.1050 level, but the bulls were able to protect the $0.1000 level. A swing low was formed near $0.0965 and the price is currently rising.

The recent swing high was near $0.1098. An initial support is forming near the $0.1030 level since it is close to the 50% Fibonacci retracement level of the recent wave from the $0.0965 low to $0.1098 high.

There is also a major contracting triangle forming with resistance near $0.1090 on the 4-hours chart. The triangle support is close to the 61.8% Fibonacci retracement level of the recent wave from the $0.0965 low to $0.1098 high.

If there is upside break above the $0.1080 and $0.1100 resistance levels, the price could continue to grind higher. The next major resistance is near $0.1120, above which the price might rally towards the $0.1200 level.

Conversely, there is a risk of a fresh decline below the triangle support and $0.1020. An initial support is near the $0.1000 level, below which the price could dive towards the $0.0850 support.

Stellar Lumen (XLM) Price

The chart indicates that XLM price is clearly showing positive signs above $0.1000 and the 55 simple moving average (4-hours). Overall, the price could correct a few points, but dips are likely to be limited below $0.1000 and $0.0980.

Technical Indicators

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 now well above the 50 level.

Key Support Levels – $0.1000 and $0.0880.

Key Resistance Levels – $0.1080, $0.1120 and $0.1200.

Source: Read Full Article