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Stellar Lumen (XLM) Price Surging and Primed To Test $0.06

  • Stellar lumen price is currently gaining bullish momentum above the $0.0500 resistance area against the US Dollar.
  • XLM price is likely to accelerate gains above the $0.0520 and $0.0550 resistance levels.
  • There was a break above a major bearish trend line with resistance near $0.0490 on the 4-hours chart (data feed via Kraken).
  • The pair is showing a lot of bullish signs above the $0.0500 support and the 55 simple moving average (4-hours).

Stellar lumen price is trading in a strong uptrend against the US Dollar and bitcoin. XLM price could continue to rise steadily towards the $0.0550 and $0.0600 resistance levels.

Stellar Lumen Price Analysis (XLM to USD)

This past week, stellar lumen price retested the main $0.0450 support zone against the US Dollar. The XLM/USD pair traded as low as $0.0449 and later started a fresh increase.

There was clear break above the $0.0480 resistance to start a convincing upward move. The bulls pushed the price above the $0.0500 resistance area and the 55 simple moving average (4-hours).

Besides, there was a break above a major bearish trend line with resistance near $0.0490 on the 4-hours chart. The price is now trading well above the 76.4% Fibonacci retracement level of the last key decline from the $0.0514 high to $0.0449 low.

It is testing the $0.0514 and approaching the main $0.0520 resistance area. If there is an upside break above the $0.0520 resistance, the price might continue to rise towards the $0.0550 resistance area.

An intermediate resistance could be the $0.0530 level or the 1.236 Fib extension level of the last key decline from the $0.0514 high to $0.0449 low. Any further gains could open the doors for a sharp rise towards the $0.0600 resistance area in the near term.

On the downside, an initial support is near the $0.0500 level. The first key support is near the $0.0488 level and the 55 simple moving average (4-hours). Any further losses may perhaps lead the price towards the $0.0450 support area.

Stellar Lumen Price

Stellar Lumen Price

The chart indicates that XLM price is clearly trading in a strong uptrend above the $0.0500 level. If the bulls remain in action and pushes the price above the $0.0520 resistance, there could be a solid rally towards the $0.0550 level or even $0.0600 in the coming sessions.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is currently gaining pace in the bullish zone.

4 hours RSI – The RSI for XLM/USD is now well above the 55 level.

Key Support Levels – $0.0488 and $0.0450.

Key Resistance Levels – $0.0520, $0.0550 and $0.0600.

The post Stellar Lumen (XLM) Price Surging and Primed To Test $0.06 appeared first on Live Bitcoin News.

Source: Live Bitcoin News

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