Stellar Lumen (XLM) Price Could Trim Gains If It Breaks $0.08

  • Stellar lumen price traded as high as $0.0861 before correcting lower against the US Dollar.
  • XLM price is holding the key $0.0800 support and it is above the 55 simple moving average (4-hours).
  • There is a major contracting triangle forming with resistance near $0.0815 on the 4-hours chart (data feed via Kraken).
  • The pair is likely to resume its upward move if it clears the $0.0815 and $0.0820 resistance levels.

Stellar lumen price is correcting gains below $0.0820 against the US Dollar, similar to bitcoin. XLM price must stay above $0.0800 to resume its upward move in the near term.

Stellar Lumen Price Analysis (XLM to USD)

This past week, stellar lumen price started a fresh increase from $0.0725 support zone against the US Dollar. The XLM/USD pair broke the $0.0800 resistance level to move into a positive zone.

Read Also:   Dutch Bitcoin Exchange Reverses Course on New Identity Verification Measures

It even surged above the $0.0820 resistance and settled above the 55 simple moving average (4-hours). The price traded as high as $0.0861 before correcting lower. There was a break below the $0.0820 support level, plus the price traded below the 23.6% Fibonacci retracement level of the upward move from the $0.0727 low to $0.0861 high.

However, the bulls were able to defend the $0.0800 support zone. The price is now holding the key $0.0800 support and it is above the 55 simple moving average (4-hours).

The 50% Fibonacci retracement level of the upward move from the $0.0727 low to $0.0861 high is also acting as a decent support. Moreover, there is a major contracting triangle forming with resistance near $0.0815 on the 4-hours chart.

Read Also:   Bitcoin’s Retrace Could Inject Fuel into the Altcoin Market, Igniting a Rally

If there is an upside break above the triangle resistance and $0.0820, the price could resume its upward move. The next major resistance is near $0.0860, above which the price might aim a fresh monthly high above $0.0880.

Conversely, there is a risk of a fresh decline below the triangle support and $0.0800. An initial support is near the $0.0785 level and the 55 simple moving average (4-hours), below which the price could revisit the $0.0725 support zone.

Stellar Lumen (XLM) Price

Stellar Lumen (XLM) Price

The chart indicates that XLM price is clearly consolidating above $0.0800 and the 55 simple moving average (4-hours). Overall, the price is likely to resume its upward move if it clears the $0.0815 and $0.0820 resistance levels.

Read Also:   Bitcoin At Crossroads With Its Biggest Bearish Fundamental: US Treasury

Technical Indicators

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

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

Key Support Levels – $0.0800 and $0.0785.

Key Resistance Levels – $0.0815, $0.0820 and $0.0860.

Tags: stellar, Stellar Lumens, XLM

Source link

What do you think?

Comments

Leave a Reply

Loading…

0

MimbleWimble Privacy Coin, GRIN, Becomes Latest Network to Be Hit With A 51% Attack

Bitcoin Drops amid Pfizer’s Vaccine Announcement