Stellar Lumens is currently experiencing a price resistance of approximately $0.0900 against the US Dollar, similar to Bitcoin. To sustain its upward trajectory, #XLM must maintain its position above the critical support level of $0.084.
After a period of consolidation above the $0.0745 level, Stellar Lumens has recently witnessed a significant surge in value against the US Dollar. The XLM/USD pair has successfully breached the $0.080 resistance zone, indicating a shift towards a more optimistic market outlook.Â
The coin price has surged past the resistance level of $0.0820, indicating a consistent upward trend. The bulls have propelled the price even higher, shattering the $0.0850 barrier level. Furthermore, the price has surpassed the resistance levels of $0.0800 and retested the significant resistance of $0.0900.Â
Currently, the bears are showing activity near the resistance level of $0.0900, causing the price to reach a high of $0.08940. However, the price has dropped below the $0.08800 level and formed a low near $0.08540. Despite this, the price is still trading above the $0.0860 level and the 200-hour simple moving average.
XLM is currently encountering a significant resistance level at $0.0880. Moreover, a crucial contracting triangle is forming, with resistance at $0.08950 on the 4-hour chart. The next significant obstacle is at the $0.0900 level. If the price manages to surpass this level, it could potentially reach the $0.0932 level. This could lead to further gains, propelling the price towards the $0.1000 level or even $0.1020 in the upcoming days.Â
If XLM fails to surpass the $0.0900 barrier, it will face initial support near the $0.0855 level. The next significant support level is at $0.0840, followed by the main support zone at $0.0820. In the short term, further losses could potentially drive the price towards the $0.0800 level. If the decline continues, it may even retest $0.0750 in the coming days.
KEY LEVELS :
RESISTANCE LEVEL : $0.0890-$0.0920
SUPPORT LEVEL : $0.0830-$0.0800
Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
