After a steady increase, Stellar lumen price saw a rejection pattern near the $0.1240 zone against the US Dollar. The XLM/USD pair traded below the $0.1200 support and tested the $0.1150 zone.
Stellar lumen price is attempting a fresh increase from the $0.115 zone against the US Dollar.
XLM price is now trading above $0.1200 and the 55 simple moving average (4 hours).
There is a key bullish trend line forming with support near $0.1218 on the 4-hour chart (data feed via Kraken).
The pair could start a decent increase if there is a clear move above the $0.1240 resistance zone.
Stellar lumen price is trading above $0.1200 against the US Dollar, like Bitcoin. XLM price must clear $0.1240 to gain bullish momentum.
Stellar Lumen Price Analysis (XLM to USD)
After a steady increase, Stellar lumen price saw a rejection pattern near the $0.1240 zone against the US Dollar. The XLM/USD pair traded below the $0.1200 support and tested the $0.1150 zone.
A low is formed near $0.1146 and the price is now attempting a recovery wave. There was a break above the $0.1200 resistance zone. The price climbed above the 76.4% Fib retracement level of the downward move from the $0.1234 swing high to the $0.1146 low.
XLM is now trading above $0.1200 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.1218 on the 4-hour chart.
On the upside, the price is facing resistance near the $0.1240 zone. The next major resistance is near the $0.1255 level. A clear move above the $0.1255 level might send the price toward the $0.1288 level or the 1.618 Fib extension level of the downward move from the $0.1234 swing high to the $0.1146 low.
Any more gains could lead the price toward the $0.1350 level or even $0.1400. Initial support on the downside is near the $0.1220 level or the trend line.
The main support is near the $0.1190 zone. Any more losses could lead the price toward the $0.1165 level in the near term, below which the price might even retest $0.1150.
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 $0.1240 resistance zone.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is gaining momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is now above the 50 level.
Key Support Levels – $0.1200 and $0.1165.
Key Resistance Levels – $0.1240, $0.1288, and $0.1350
