- Stellar lumen price is attempting a fresh increase from the $0.1240 zone against the US Dollar.
XLM price is now trading above $0.1300 and the 55 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance at $0.1285 on the 4-hour chart (data feed via Kraken).
The pair could accelerate higher if there is a clear move above the $0.1380 resistance zone.
The cost of Stellar Lumens (XLM) is currently thriving above $0.1300 versus the US Dollar, just as Bitcoin. For XLM to build up bullish energy, it needs to surpass the resistance at $0.1380.
Stellar Lumen Price Analysis (XLM to USD)
Following the establishment of a foundation beyond the $0.1240 mark, the price of Stellar lumen versus the U.S. dollar commenced an uptrend. The XLM/USD pair surpassed the $0.1280 resistance level, transitioning into a favorable territory.
On the 4-hour chart, XLM‘s price surpassed a significant bearish trend line, marked at $0.1285, which previously acted as resistance. Moreover, the price move exceeded the 23.8% Fibonacci retracement level, calculated from the swing high at $0.1464 to the low at $0.1243. Currently, XLM is trading above $0.1300 and above the 55 simple moving average on the same timeframe.
The price is encountering resistance around the $0.1350 mark, which aligns with the 50% Fibonacci retracement point of the price drop from its peak at $0.1464 to its low at $0.1243. The next substantial resistance lies around the $0.1380 level.
Moving past the $0.1380 mark with clarity may push the price upwards, aiming for the neighborhood of $0.150. Further progression could potentially carry the price to the $0.1650 region or even closer to $0.1680.
Support for the price lies around $0.13 and $0.1240. If it drops further, the price may head towards $0.12 in the short term, and could potentially test $0.1150 if the downward trend continues.
The chart indicates that XLM price is now trading above $0.130 and the 55 simple moving average (4 hours). Overall, the price could start a major increase if there is a clear move above the $0.1380 resistance zone.
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 – $0.1300 and $0.1240.
Key Resistance Levels – $0.1350, $0.1380, and $0.1500.
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2024-04-09 08:20