- Stellar lumen price is trading nicely in an uptrend above $0.0700 against the US Dollar.
- XLM price traded as high as $0.0738 and it is currently correcting lower.
- There is a key bullish trend line forming with support near $0.0704 on the 4-hours chart (data feed via Kraken).
- The pair remains in an uptrend and it could continue to rise above the $0.0750 level.
Stellar lumen price is showing positive signs above $0.0700 against the US Dollar, similar to bitcoin. XLM is likely to surpass $0.0750 for a run towards $0.0800 and $0.0900.
Stellar Lumen Price Analysis (XLM to USD)
After a successful close above the $0.0600 level, stellar lumen price started a strong increase against the US Dollar. The XLM/USD pair broke a couple of important resistances near $0.0650 and $0.0658 to move into a positive zone.
Later, there was a close above the $0.0700 level and the 55 simple moving average (4-hours). Finally, the price climbed above the $0.0720 resistance and traded to a new yearly high at $0.0738.
It is currently correcting lower below the $0.0720 support level. It broke the 23.6% Fibonacci retracement level of the upward move from the $0.0676 low to $0.0738 high.
However, there are key supports near the $0.0700 and $0.0705 levels. More importantly, there is a key bullish trend line forming with support near $0.0704 on the 4-hours chart. The 50% Fibonacci retracement level of the upward move from the $0.0676 low to $0.0738 high is also near $0.0707.
If there is a downside break below the trend line support, stellar price could correct lower towards the $0.0688 and $0.0685 support levels.
The 55 simple moving average (4-hours) is also near the $0.0680 level to provide support. Any further losses may perhaps lead the price towards the main $0.0650 support area in the near term.
On the upside, an initial hurdle is near the $0.0730 and $0.0735 levels. A successful close above the $0.0735 resistance could open the doors for more gains in the near term. The next major target for the bulls may perhaps be near the $0.0800 level.
The chart indicates that XLM price is trading nicely in an uptrend above the $0.0700 support level. In the short term, there could be a tiny downside correction, but dips remain well supported on the downside near $0.0700 and $0.0650.
4 hours MACD – The MACD for XLM/USD is currently losing momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is declining towards the 50 level.
Key Support Levels – $0.0700 and $0.0680.
Key Resistance Levels – $0.0720, $0.0735 and $0.0800.