- Stellar lumen price is currently correcting lower from the $0.0520 resistance area against the US Dollar.
- XLM price is now trading near a crucial support area at $0.0460 and $0.0450.
- There is a major bullish trend line forming with support near $0.0460 on the 4-hours chart (data feed via Kraken).
- The pair could either start a fresh increase or it might dive further below $0.0450.
Stellar lumen price is approaching a significant breakdown zone against the US Dollar and bitcoin. XLM price could struggle to bounce back if it breaks the $0.0450 support.
Stellar Lumen Price Analysis (XLM to USD)
This past week, there was a strong increase in stellar lumen price above the $0.0450 resistance against the US Dollar. The XLM/USD pair even surged above the $0.0500 resistance and the 55 simple moving average (4-hours).
However, the bulls struggled to remain in action above the $0.0515 and $0.0520 resistance levels. The recent rejection level was $0.0514 before the price started a fresh decline.
It broke the $0.0500 and $0.0480 support levels. Besides, there was a break below the $0.0475 support and the 55 simple moving average (4-hours). It is now trading near the key $0.0460 support area.
There is also a major bullish trend line forming with support near $0.0460 on the 4-hours chart. If there is a downside break below the trend line and the $0.0450 level, there is a risk of a larger decline in the coming sessions.
The next major support is seen near the $0.0430 level, followed by $0.0400. On the upside, an initial resistance is near the $0.0475 level. It is close to the 23.6% Fibonacci retracement level of the recent decline from the $0.0514 high to $0.0460 low.
The main resistance is near the $0.0488 level since it is close to the 50% Fibonacci retracement level of the recent decline from the $0.0514 high to $0.0460 low. A successful close above the $0.0488 level might push the price towards the key $0.0520 resistance area.
The chart indicates that XLM price is clearly trading near a crucial breakdown support at $0.0460 and $0.0450. If the bulls fail to protect $0.0450, there could be a sharp decline towards the $0.0400 level in the coming sessions. Conversely, the price might revisit $0.0520.
4 hours MACD – The MACD for XLM/USD is currently losing pace in the bearish zone.
4 hours RSI – The RSI for XLM/USD is now well above the 50 level.
Key Support Levels – $0.0460 and $0.0450.
Key Resistance Levels – $0.0488, $0.0500 and $0.0520.
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Source: Live Bitcoin News