Home Exchangers Stellar Lumen (XLM) Price Trading Near Inflection Zone Near $0.10

Stellar Lumen (XLM) Price Trading Near Inflection Zone Near $0.10

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  • Stellar lumen price climbed above the $0.1000 resistance level against the US Dollar.
  • XLM price struggled to extend gains above $0.1100 and started trading in a broad range.
  • There is a key bullish trend line forming with support near $0.0970 on the 4-hours chart (data feed via Kraken).
  • The pair could extend its decline towards the $0.0870 support if it settles below $0.0950.

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

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.

Technical Indicators

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.

Tags: stellar, Stellar Lumens, XLM



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