Stellar Lumen (XLM) Price Could Recover and Revisit $0.15
Stellar lumen price is attempting a fresh increase from the $0.115 zone against the US Dollar.
XLM price is now trading above $0.120 and the 55 simple moving average (4 hours).
There was a break above a major bearish trend line with resistance near $0.120 on the 4-hour chart (data feed via Kraken).
The pair could start a decent increase if there is a clear move above the $0.1285 resistance zone.
Stellar lumen price is trading above $0.120 against the US Dollar, similar to Bitcoin. XLM price must clear $0.1285 to start a fresh increase.
Stellar Lumen Price Analysis (XLM to USD)
After a steady increase, Stellar lumen price saw a downside correction below the $0.120 level against the US Dollar. The XLM/USD pair traded below the $0.1165 support and tested the $0.1150 zone.
A low is formed near $0.1141 and the price is now attempting a recovery wave. There was a break above the $0.1165 resistance zone. Besides, there was a break above a major bearish trend line with resistance near $0.120 on the 4-hour chart.
The price climbed above the 50% Fib retracement level of the downward move from the $0.1285 swing high to the $0.1141 low. XLM is now trading above $0.120 and the 55 simple moving average (4 hours).
On the upside, the price is facing resistance near the $0.1250 zone. It is close to the 76.4% Fib retracement level of the downward move from the $0.1285 swing high to the $0.1141 low. The next major resistance is near the $0.1285 level.
A clear move above the $0.1285 level might send the price toward the $0.135 level. Any more gains could lead the price toward the $0.150 level or even $0.1650.
Initial support on the downside is near the $0.1185 level. The main support is near the $0.115 zone. Any more losses could lead the price toward the $0.1100 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 $0.1285 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 $0.1150.
Key Resistance Levels – $0.1250, $0.1285, and $0.150.
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Filed under: Bitcoin - @ September 4, 2023 5:48 am