- Stellar lumen price started a strong increase above the $0.0880 and $0.0950 resistance levels against the US Dollar.
- XLM price traded to a new monthly high at $0.1008 and it is currently consolidating gains.
- There is a major breakout pattern forming with resistance near $0.0950 on the 4-hours chart (data feed via Kraken).
- The pair could start a fresh rally if it breaks the $0.0950 and $0.1000 resistance levels.
Stellar lumen price is trading in a nice uptrend against the US Dollar and bitcoin. XLM price is likely to continue higher above $0.1000 as long as it is above $0.0900.
Stellar Lumen Price Analysis (XLM to USD)
In the past few days, there was a steady rise in stellar lumen price above the $0.0800 resistance against the US Dollar. The XLM/USD pair gained bullish momentum and broke the $0.0880 and $0.0950 resistance levels.
It even spiked above the $0.1000 barrier and settled well above the 55 simple moving average (4-hours). A new monthly high was formed near $0.1008 and the price recently corrected lower.
There was a break below the $0.0980 and $0.0950 levels. It even spiked below the 50% Fibonacci retracement level of the upward move from the $0.0826 low to $0.1008 high. However, the price found support near the $0.0900 level.
It seems like the 61.8% Fibonacci retracement level of the upward move from the $0.0826 low to $0.1008 high acted as a strong support. The price is currently recovering and trading in a range above $0.0920.
More importantly, there is a major breakout pattern forming with resistance near $0.0950 on the 4-hours chart. If there is an upside break above the triangle resistance, the price could accelerate higher above the $0.1000 resistance in the near term.
In the mentioned case, the bulls are likely to aim a test of $0.1100 or even $0.1140. Conversely, the price could break the triangle support at $0.0910 to start a fresh decline. The main support is near the $0.0900 level, below which the price could dive toward the 55 SMA in the coming days.
The chart indicates that XLM price is clearly trading in a nice uptrend above the $0.0900 support. Therefore, it could start a fresh rally if it breaks the $0.0950 and $0.1000 resistance levels.
4 hours MACD – The MACD for XLM/USD is slowly losing pace in the bearish zone.
4 hours RSI – The RSI for XLM/USD is still well above the 50 level.
Key Support Levels – $0.0910 and $0.0900.
Key Resistance Levels – $0.0950, $0.1000 and $0.1100.