Stellar lumen price is trading well above $0.3500 against the US Dollar, similar to bitcoin. XLM price must settle above $0.3800 to start a fresh increase.
Stellar Lumen Price Analysis (XLM to USD)
After surging above the $0.3500 zone, stellar lumen price faced resistance near $0.4000 against the US Dollar. The XLM/USD pair traded as high as $0.3982 before it started a downside correction.
There was a break below the $0.3800 support level and the 55 simple moving average (4-hours). However, downsides were limited below $0.3500. The price traded as low as $0.3505, and it is now slowly rising.
There was a break above the $0.3550 and $0.3600 resistance levels. The price climbed above the 23.6% Fibonacci retracement level of the downward move from the $0.3982 swing high to $0.3505 low. It is now trading near $0.3680 and the 55 simple moving average (4-hours).
An immediate hurdle on the upside for the bulls could be $0.3750. It is near the 50% Fibonacci retracement level of the downward move from the $0.3982 swing high to $0.3505 low.
The first major resistance is now near $0.3800. If there is a clear break above the $0.3800 resistance zone, the price could start another steady increase. The next key resistance is near the $0.4000 level, above which the price could visit $0.4200.
On the downside, there is a decent support forming near the $0.3620 level. There is also a key bullish trend line forming with support near $0.3610 on the 4-hours chart. The main support is near $0.3600. A downside break below the $0.3600 support might call for more losses. The next major support is near the $0.3200 zone.
Stellar Lumen (XLM) Price
The chart indicates that XLM price is now trading above $0.3500 and the 55 simple moving average (4-hours). Overall, the price could start a fresh increase if there is a clear break above the $0.3800 resistance.
4 hours MACD – The MACD for XLM/USD is slowly gaining momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is now above the 50 level.
Key Support Levels – $0.3620 and $0.3500.
Key Resistance Levels – $0.3750, $0.3800 and $0.4000.
