- Stellar lumen price is trading nicely above the $0.3500 and $0.3600 support levels against the US Dollar.
- XLM price is holding gains above the $0.3600 support and the 55 simple moving average (4-hours).
- There is a key rising channel forming with support near $0.3590 on the 4-hours chart (data feed via Kraken).
- The pair could start a strong upward move as long as there is no downside break below $0.3590.
Stellar lumen price is showing positive signs above $0.30000 against the US Dollar, similar to bitcoin. XLM price could clear the $0.3400 resistance unless it settles below $0.2800.
Stellar Lumen Price Analysis (XLM to USD)
After forming a base above $0.2600, stellar lumen price started a strong increase against the US Dollar. The XLM/USD pair cleared the $0.3500 resistance level and settled above the 55 simple moving average (4-hours).
The price even cleared the $0.4000 resistance. A high was formed near $0.4220 before the price started a fresh decline. It traded below the $0.4000 support level. There was a break below the 23.6% Fibonacci retracement level of the upward move from the $0.3140 swing low to $0.4220 high.
The price is holding gains above the $0.3600 support and the 55 simple moving average (4-hours). There is also a key rising channel forming with support near $0.3590 on the 4-hours chart.
The channel support is close to the 50% Fibonacci retracement level of the upward move from the $0.3140 swing low to $0.4220 high. If there is a downside break below the $0.3590 and $0.3580 support levels, there is a risk of more downsides.
The next major support is near the $0.3390 and the 55 simple moving average (4-hours). Any more losses could lead the price towards the $0.3000 support.
On the upside, the price is facing resistance near the $0.4000 level. A clear break above $0.4000 may possibly open the doors for a larger increase towards the $0.4200 level.
Stellar Lumen (XLM) Price
The chart indicates that XLM price is clearly holding gains above the $0.3500 support and the 55 simple moving average (4-hours). Overall, the price could start a strong upward move if there is a clear break above the $0.4000 and $0.4050 resistance levels.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is slowly losing momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is currently well above the 50 level.
Key Support Levels – $0.3590 and $0.3580.
Key Resistance Levels – $0.4000, $0.4050 and $0.4200.
