- Stellar lumen price is attempting a fresh increase from the $0.1020 zone against the US Dollar.
XLM price is now trading above $0.1100 and the 55 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance at $0.1140 on the 4-hour chart (data feed via Kraken).
The pair could accelerate higher if there is a clear move above the $0.120 resistance zone.
The cost of Stellar Lumens (XLM) is currently trading upward, surpassing the $0.11 mark versus the U.S. dollar, similar to Bitcoin‘s trend. In order for XLM to build upwards momentum, it needs to conquer the resistance at $0.1050.
Stellar Lumen Price Analysis (XLM to USD)
Following the establishment of a foundation above the $0.100 mark, Stellar lumen’s value versus the US dollar commenced an uptrend. Consequently, the XLM/USD pair surpassed the $0.1080 barrier, propelling it into a favorable position.
On the 4-hour chart, XLM‘s price surpassed a significant bearish trend line with a resistance level of $0.1100. This move also meant that XLM had risen above the 50% Fibonacci retracement level following its decline from $0.1367 to $0.0915. Presently, XLM is being traded at a price higher than $0.1100 and the 55 simple moving average on the same chart.
The price has hit a roadblock around $0.1195, which is not only an area of resistance but also coincides with the 61.8% Fibonacci retracement mark in the bearish trend from $0.1367 peak to $0.0915 trough. The next significant resistance lies around $0.1200.
If the price breaks through $0.1200, it may climb up to the neighborhood of $0.1250. Further progression could potentially push the price towards $0.1350 or even reach $0.1380.
Support for the price lies around $0.11 and $0.105. If it falls further, it may head towards $0.102 next. A drop below this level could potentially cause a revisit to $0.10.
The graph shows that XLM is currently priced above $0.110 and its 4-hour simple moving average (SMA), suggesting potential price growth. If XLM manages to break through the $0.120 resistance level, a significant price surge could follow.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is gaining momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is now above the 50 level.
Key Support Levels – $0.1100 and $0.1050.
Key Resistance Levels – $0.1195, $0.1200, and $0.1250.
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2024-04-22 08:34