Stellar lumens is currently trading above $0.1050 against the US Dollar, which is comparable to Bitcoin's value. In order for XLM's price to continue rising, it is essential that it remains above the $0.1020 support level.
Following a period of stability above the $0.100 threshold, the price of Stellar lumens has initiated a new upward trend against the US Dollar. The XLM/USD pair has surpassed the $0.108 resistance level, enabling it to enter a bullish zone.
Stellar lumens continued to surge and broke through the resistance level of $0.1120. It reached a high of $0.1146 before experiencing a corrective decline, which caused it to drop below the support level of $0.1085. Nevertheless, the bulls remained active near the crucial support level of $0.1020, causing a new low to form near $0.1023.
The price is currently attempting to initiate another upward trend and is trading above $0.1065 as well as the 50-hour simple moving average. A bullish trend line is also forming, connecting with support near $0.1055 on the 4-hour chart.
#XLM is facing resistance near the $0.1085 area, which is in close proximity to the 50% Fibonacci retracement level of the previous downward move from the $0.1143 swing high to the $0.1024 low. The next significant resistance level is at approximately $0.1115. If the price can surpass this level, it may advance towards $0.1150. Furthermore, any additional gains could propel the price towards the $0.1200 level, or even as high as $0.1250.
If XLM fails to surpass the $0.1080 resistance level, the initial support on the downside can be found near the $0.1040 level or the trend line. The subsequent major support lies near the $0.1020 level. If the price experiences further losses, it could potentially drop towards the $0.1000-$0.0975 level in the near future.
KEY LEVELS :
RESISTANCE LEVEL : $0.1080-$0.1150
SUPPORT LEVEL : $0.1020-$0.09800
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.
