Stellar lumen price is trading in a bearish zone below $0.2800 against the US Dollar, similar to bitcoin. XLM price must settle above $0.2800 to start a fresh increase.
Stellar Lumen Price Analysis (XLM to USD)
After forming a base above the $0.2450 level, stellar lumen price started a recovery wave against the US Dollar. The XLM/USD pair traded above the $0.2550 level to move into a positive zone.
The pair traded above the 23.6% Fibonacci retracement level of the downward move from the $0.3070 swing high to $0.2465 low. Besides, there was a break above a key bearish trend line with resistance near $0.2600 on the 4-hours chart.
It is now trading above $0.2650 and the 55 simple moving average (4-hours). However, the price is now facing resistance near the $0.2765 level. It is near the 50% Fibonacci retracement level of the downward move from the $0.3070 swing high to $0.2465 low.
The next major resistance is now near $0.2800. If there is a clear break above the $0.2800 resistance zone, the price could start another steady increase. The next key resistance is near the $0.3000 level, above which the price could rise towards the $0.3320 level in the near term.
An immediate support is near the $0.2620 level. The main support is near $0.2500. A downside break below the $0.2500 support might call for more losses. The next major support is near the $0.2320 zone. Any more losses might send the price towards the $0.2200 level.
Stellar Lumen (XLM) Price
The chart indicates that XLM price is now trading above $0.2800 and the 55 simple moving average (4-hours). Overall, the price could start a steady upward move if there is a clear break above $0.2800.
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 – $0.2600 and $0.2500.
Key Resistance Levels – $0.2750, $0.2800 and $0.3000.
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