- Stellar lumen price is attempting a fresh increase from the $0.1030 zone against the US Dollar.
XLM price is now trading near $0.1100 and the 55 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance at $0.1105 on the 4-hour chart (data feed via Kraken).
The pair could accelerate higher if there is a clear move above the $0.1115 resistance zone.
As a researcher with experience in cryptocurrency market analysis, I’m observing the recent price action of Stellar lumen (XLM) against the US Dollar (USD). Based on the data from Kraken, XLM is attempting to increase from the $0.1030 zone and is currently trading near $0.1100, with the 55 simple moving average providing support at this level.
The cost of Stellar Lumens is currently thriving over $0.1050 versus the US dollar, similarly to Bitcoin. For XLM to build up momentum in the bullish direction, it needs to surpass the price level of $0.1115 first.
Stellar Lumen Price Analysis (XLM to USD)
Following the establishment of a foundation above the $0.1020 mark, the price of Stellar lumen versus the U.S. dollar began to climb steadily. The XLM/USD pair surpassed the $0.1080 resistance level, transitioning into a favorable trading zone.
On the 4-hour chart, XLM surpassed a significant bearish trend line at $0.1105, which also functioned as resistance. Additionally, the price moved beyond the 23.6% Fibonacci retracement level of the downward trend from the $0.1203 peak to the $0.1030 trough. Presently, XLM is trading above both the $0.1100 mark and the 55 simple moving average on the same timeframe.
The good news is that the price is encountering resistance around the $0.1115 area, which aligns with the 50% Fibonacci retracement level of the decline from the $0.1203 peak to the $0.1030 trough.
Moving forward, a significant resistance lies around the $0.1162 mark. Breaking past this barrier could potentially push the price up to the $0.1200 region. Further advancements might take the price as high as $0.1220 or even $0.1250.
In simpler terms, the initial support for the price is around $0.1080. The stronger support lies at approximately $0.1020. If the price continues to decrease, it may head towards $0.0950 in the short term. A fall below this level could potentially lead to a retest of $0.0880.
The graph shows that XLM‘s current price is above $0.110 and the 4-hour simple moving average, with the 55 SMA acting as support. A significant upward trend may begin if XLM manages to surpass the resistance level at $0.1115.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is losing momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is now above the 50 level.
Key Support Levels – $0.1080 and $0.1020.
Key Resistance Levels – $0.1115, $0.1162, and $0.1200.
Read More
- Smash or Pass: Analyzing the Hades Character Tier List Fun
- Hades Tier List: Fans Weigh In on the Best Characters and Their Unconventional Love Lives
- PENDLE PREDICTION. PENDLE cryptocurrency
- W PREDICTION. W cryptocurrency
- Why Final Fantasy Fans Crave the Return of Overworlds: A Dive into Nostalgia
- Sim Racing Setup Showcase: Community Reactions and Insights
- Understanding Movement Speed in Valorant: Knife vs. Abilities
- Why Destiny 2 Players Find the Pale Heart Lost Sectors Unenjoyable: A Deep Dive
- FutureNet Co-Founder Roman Ziemian Arrested in Montenegro Over $21M Theft
- How to Handle Smurfs in Valorant: A Guide from the Community
2024-05-06 08:29