🚀 LiveBitcoinNews Analytics: $XLM Analysis
After a steady increase, Stellar lumen price saw a minor rejection near the $0.1625 zone against the US Dollar. The XLM/USD pair traded below the $0.1400 support and tested the $0.1180 zone.
A low was formed near $0.1171 and the price is now attempting a fresh increase. There was a break above the $0.1200 resistance zone. The price cleared the 23.6% Fib retracement level of the downward move from the $0.1624 swing high to the $0.1171 low.
Besides, there was a break above a key bearish trend line with resistance near $0.1280 on the 4-hour chart. XLM is now trading above $0.1280 and the 55 simple moving average (4 hours).
On the upside, the price is facing resistance near the $0.1380 zone. The next major resistance is near the $0.1400 level or the 50% Fib retracement level of the downward move from the $0.1624 swing high to the $0.1171 low. A clear move above the $0.140 level might send the price toward the $0.152 zone.
Any more gains could lead the price toward the $0.1650 level or even $0.170. Initial support on the downside is near the $0.130 level. The main support is near the $0.1250 zone. Any more losses could lead the price toward the $0.1180 level in the near term, below which the price might even retest $0.1050.
The chart indicates that XLM price is now trading above $0.120 and the 55 simple moving average (4 hours). Overall, the price could start a major increase if there is a clear move above the $0.140 resistance zone.
