Stellar lumen price is struggling to follow bitcoin’s rally against the US Dollar. XLM price must settle above $0.1000 and $0.1050 to start a fresh rally in the near term.
Stellar Lumen Price Analysis (XLM to USD)
This past week, stellar lumen price extended its rise above the $0.1000 resistance against the US Dollar. The XLM/USD pair even spiked above the $0.1050 level and settled above the 55 simple moving average (4-hours).
However, it failed to continue higher and topped near the $0.1070 level. There were two attempts by the bulls to gain strength above $0.1050, but they failed. The recent swing high was near $0.1058 before the price started declining.
It broke the $0.1000 support level, plus the 50% Fibonacci retracement level of the upward wave from the $0.0943 low to $0.1058 high. The price is now trading below the $0.1000 level and the 55 simple moving average (4-hours).
It is currently struggling to stay above $0.0970. There is also a key bullish trend line forming with support near $0.0970 on the 4-hours chart. The trend line is close to the 76.4% Fibonacci retracement level of the upward wave from the $0.0943 low to $0.1058 high.
If stellar price fails to stay above the $0.0970 and $0.0950 support levels, it is likely to extend its decline. The next major support is near the $0.0900 level, below which it could revisit the $0.0870 support zone. It coincides with the 1.618 Fib extension level of the upward wave from the $0.0943 low to $0.1058 high.
On the upside, the $0.1000 level is an initial hurdle for the bulls. If there is a clear break above the $0.1000 resistance, the price could easily surpass the $0.1050 level. In the mentioned case, there are high chances of a break above $0.1080 and $0.1100.
Stellar Lumen (XLM) Price
The chart indicates that XLM price is clearly trading near an inflection point at $0.0970. Therefore, the pair could extend its decline towards the $0.0870 support if it settles below $0.0950.
4 hours MACD – The MACD for XLM/USD is slowly gaining pace in the bearish zone.
4 hours RSI – The RSI for XLM/USD is well below the 50 level, but with a bullish angle.
Key Support Levels – $0.0970 and $0.0870.
Key Resistance Levels – $0.1000, $0.1050 and $0.1080.
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