Stellar Lumen (XLM) Price Could Gain Momentum Above $0.40
Stellar lumen price is trading well above $0.3500 against the US Dollar, similar to bitcoin. XLM price must settle above $0.4000 to start a fresh increase.
Stellar Lumen Price Analysis (XLM to USD)
After a failure near $0.4400, stellar lumen price started a fresh decline against the US Dollar. The XLM/USD pair declined sharply below the $0.4000 support level.
There was a break below the $0.3850 support level and the 55 simple moving average (4-hours). However, downsides were limited below $0.3600. The price traded as low as $0.3650, and it is now slowly rising.
There was a break above the $0.3700 and $0.3800 resistance levels. The price climbed above the 23.6% Fibonacci retracement level of the downward move from the $0.4406 swing high to $0.3650 low. It is now trading above $0.3600 and the 55 simple moving average (4-hours).
An immediate hurdle on the upside for the bulls could be $0.3900. The first key resistance is near the $0.4000 level. It is near the 50% Fibonacci retracement level of the downward move from the $0.4406 swing high to $0.3650 low.
The next major resistance is now near $0.4020. If there is a clear break above the $0.4020 resistance zone, the price could start another steady increase. The next key resistance is near the $0.4400 level, above which the price could visit $0.4600.
On the downside, there is a decent support forming near the $0.3700 level. There is also a key bullish trend line forming with support near $0.3700 on the 4-hours chart. The main support is near $0.3650. A downside break below the $0.3650 support might call for more losses. The next major support is near the $0.3000 zone.
Stellar Lumen Price
The chart indicates that XLM price is now trading above $0.3600 and the 55 simple moving average (4-hours). Overall, the price could start a fresh increase if there is a clear break above the $0.4000 resistance.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is slowly gaining momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is now above the 50 level.
Key Support Levels – $0.3700 and $0.3650.
Key Resistance Levels – $0.3900, $0.4000 and $0.4200.
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