- Stellar lumen price started a steady recovery wave from the $0.0722 low against the US Dollar.
- XLM price tested the $0.0850 resistance zone and it is now testing the 55 simple moving average (4-hours).
- There is a major ascending channel forming with support near $0.0790 on the 4-hours chart (data feed via Kraken).
- The pair could either nosedive below the 55 SMA or it might rise further above the $0.0850 hurdle.
Stellar lumen price is struggling to gain pace against the US Dollar, similar to bitcoin. XLM price must stay above the 55 SMA to continue higher above $0.0850.
Stellar Lumen Price Analysis (XLM to USD)
After a strong decline, stellar lumen price found support near the $0.0720 level against the US Dollar. The XLM/USD pair traded as low as $0.0722 and recently started an upside correction.
There was a break above the $0.0800 resistance zone. However, the price failed to gain pace above the $0.0850 resistance zone. A high was formed near $0.0847 and the price started a fresh decline. There was break below the $0.0820 support.
Stellar declined below the 23.6% Fibonacci retracement level of the upward move from the $0.0722 low to $0.0847 high. The price is now trading near the $0.0800 level and the 55 simple moving average (4-hours).
It seems like there is a major ascending channel forming with support near $0.0790 on the 4-hours chart. The channel support is close to the 50% Fibonacci retracement level of the upward move from the $0.0722 low to $0.0847 high.
If there is a downside break below the channel support, the 55 simple moving average (4-hours), and the $0.0785 level, there is a risk of a fresh decline. In the stated case, the price could revisit the $0.0720 support. Any further losses could lead it towards $0.0700.
Conversely, the price might recover above $0.0820. The main resistance is near the $0.0850 level. A successful break above the $0.0850 resistance could open the doors for a strong increase. The next key resistance is seen near the $0.0900 level.
The chart indicates that XLM price clearly started a steady recovery wave from the $0.0722 low. At the outset, the price could either nosedive below the 55 SMA or it might rise further above the $0.0850 hurdle.
4 hours MACD – The MACD for XLM/USD is struggling to move back into the bullish zone.
4 hours RSI – The RSI for XLM/USD is currently declining and it is just above the 40 level.
Key Support Levels – $0.0785 and $0.0720.
Key Resistance Levels – $0.0820, $0.0855 and $0.0900.