- Stellar lumen price is gaining pace below the $0.124 resistance zone against the US Dollar.
- XLM price is now trading below $0.120 and the 55 simple moving average (4 hours).
- There was a break below a key bullish trend line forming with support near $0.1205 on the 4-hour chart (data feed via Kraken).
- The pair could extend its decline below the $0.1165 support zone in the near term.
Stellar lumen price is trading below $0.1250 against the US Dollar, like Bitcoin. XLM price could extend losses if it trades below the $0.1165 support.
Stellar Lumen Price Analysis (XLM to USD)
In the past few days, Stellar Lumen price struggled to recover above the $0.1250 resistance against the US Dollar. The XLM/USD pair failed to continue higher and started a fresh decline.
A high was formed near $0.1234 before there was a fresh decline. There was a move below the $0.122 and $0.120 levels. Besides, there was a break below a key bullish trend line forming with support near $0.1205 on the 4-hour chart.
The pair is now approaching the 50% Fib retracement level of the upward move from the $0.1123 swing low to the $0.1234 high. XLM is now trading below $0.120 and the 55 simple moving average (4 hours).
Immediate resistance is near the $0.120 level. The next key resistance is seen near the $0.124 level. A clear upside break above the $0.124 zone might send the price toward $0.132. Any more gains could lead the price toward the $0.145 level. If not, the price might continue to move down.
Initial support on the downside is near the $0.1165 level or the 61.8% Fib retracement level of the upward move from the $0.1123 swing low to the $0.1234 high.
The next major support is $0.1120. Any more losses could lead the price toward the $0.105 level in the near term, below which the price might even retest $0.100.
The chart indicates that XLM price is now trading below $0.120 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $0.124 resistance.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is gaining momentum in the bearish zone.
4 hours RSI – The RSI for XLM/USD is now below the 50 level.
Key Support Levels – $0.1165 and $0.1120.
Key Resistance Levels – $0.1200, $0.1240, and $0.1320.
