- Stellar lumen price is currently recovering higher from the $0.0375 area against the US Dollar.
- XLM price is likely to face a strong resistance near the $0.0405 and $0.0410 levels.
- Earlier, there was a break below a major bullish trend line with support near $0.0400 on the 4-hours chart (data feed via Kraken).
- The pair could surge towards $0.0440 if it clears the main $0.0410 resistance area.
Stellar lumen price is recovering towards major hurdles against the US Dollar and bitcoin. XLM price could either surge towards $0.0440 or it might slide towards $0.0350.
Stellar Lumen Price Analysis (XLM to USD)
Recently, stellar lumen price started a fresh decline from the $0.0435 zone against the US Dollar. The XLM/USD pair broke the $0.0410 support area and the 55 simple moving average (4-hours) to move into a bearish zone.
Moreover, there was a break below a major bullish trend line with support near $0.0400 on the 4-hours chart. The pair traded below the $0.0380 and formed a low at 0.0375.
It is currently correcting higher and trading above the $0.0395 resistance. There was a break above the 23.6% Fibonacci retracement level of the recent decline from the $0.0435 high to $0.0375 low.
At the moment, the price is facing hurdles near the $0.0400 area and the 55 simple moving average (4-hours). The first hurdle is near the $0.0405 level. It is close to the 50% Fibonacci retracement level of the recent decline from the $0.0435 high to $0.0375 low.
The main resistance is near the $0.0410 level. A clear break above the $0.0405 and $0.0410 resistance levels is needed for more gains in the coming sessions. The next major hurdle is near the $0.0440 and $0.0450 levels.
If the price fails to continue above the $0.0405 resistance area, it could resume its decline. The first support is near the $0.0380 level, below which the bears are likely to gain momentum. The next major support is seen near the $0.0360 level, followed by the $0.0350 pivot area.
The chart indicates that XLM price is trading in a bearish zone below $0.0400 and $0.0450. Therefore, there is a risk of more losses below the $0.0350 and $0.0320 levels in the near term.
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 recovering towards the 50 level.
Key Support Levels – $0.0380 and $0.0350.
Key Resistance Levels – $0.0405, $0.0410 and $0.0450.