- Stellar lumen price started a downside correction from the $0.120 zone against the US Dollar.
XLM price is now trading below $0.1150 and the 55 simple moving average (4 hours).
There is a key bearish trend line forming with resistance at $0.1150 on the 4-hour chart (data feed via Kraken).
The pair could start another increase if it clears the $0.1150 and $0.120 resistance levels.
As a crypto investor, I’ve noticed that Stellar lumen (XLM) has been on an uptrend recently. The price surged above the $0.1050 resistance and even touched $0.120 before correcting lower. However, the XLM/USD pair is now trading below $0.1150 and the 55 simple moving average (SMA) on the 4-hour chart. A key bearish trend line is also forming with resistance at $0.1150.
The price of Stellar Lumens (XLM) is currently thriving above $0.1080 versus the US Dollar, mirroring Bitcoin‘s trend. For XLM to continue climbing, it is crucial that its support at $0.1050 holds firm.
Stellar Lumen Price Analysis (XLM to USD)
Following its establishment of a foundation above the $0.0920 mark, Stellar lumen’s price against the US dollar took off and rose. This led to the XLM/USD pair surmounting the resistance at $0.1050 and entering an upward trend.
The price surpassed the $0.1150 resistance and the 4-hour simple moving average, triggering a notable upward trend. The price peaked at $0.120 before experiencing a correction. Subsequently, the price dipped below the previous support level of $0.1150.
The current price of XLM sits beneath the 23.6% Fibonacci retracement mark, which represents a significant support level following its upward swing from $0.0915 to $0.1203. Additionally, XLM now hovers below the $0.1150 threshold and the 4-hour Simple Moving Average (SMA) of 55. Moreover, a notable bearish trendline is shaping up on the 4-hour chart, offering resistance at the aforementioned $0.1150 mark.
The price is encountering obstacles around the $0.1150 mark, with the next significant barrier located at $0.1200. A decisive break above $0.120 could lead to further gains, potentially pushing the price up to $0.1280.
As a researcher, I would express this as: The price may continue to rise and potential further increases could push it towards the $0.1320 or even $0.1450 levels. On the downside, initial support lies around $0.1100. The next significant support can be found near $0.1025 or the 61.8% Fibonacci retracement level of the price surge from its swing low at $0.0915 to its high at $0.1203. If the losses continue, the price might head towards $0.0950 in the short term.
The graph shows that XLM‘s current price is beneath the $0.1150 mark and the 4-hour Simple Moving Average (SMA) of $0.1150. If XLM manages to surpass the resistance levels at $0.1150 and $0.120, it may initiate another price rise.
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 below the 50 level.
Key Support Levels – $0.1050 and $0.1025.
Key Resistance Levels – $0.1150, $0.1200, and $0.1280.
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2024-04-29 08:17