Stellar Lumen (XLM) Price Could Jump If It Clears $0.1115
Stellar lumen price is attempting a fresh increase from the $0.1030 zone against the US Dollar.
XLM price is now trading near $0.1100 and the 55 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance at $0.1105 on the 4-hour chart (data feed via Kraken).
The pair could accelerate higher if there is a clear move above the $0.1115 resistance zone.
Stellar lumen price is trading in a positive zone above $0.1050 against the US Dollar, like Bitcoin. XLM price must clear $0.1115 to gain bullish momentum.
Stellar Lumen Price Analysis (XLM to USD)
After forming a base above the $0.1020 zone, Stellar lumen price started a decent increase against the US Dollar. The XLM/USD pair traded above the $0.1080 resistance to move into a positive zone.
There was a break above a key bearish trend line with resistance at $0.1105 on the 4-hour chart. The price cleared the 23.6% Fib retracement level of the downward move from the $0.1203 swing high to the $0.1030 low. XLM is now trading above $0.1100 and the 55 simple moving average (4 hours).
On the upside, the price is facing resistance near the $0.1115 zone. It is near the 50% Fib retracement level of the downward move from the $0.1203 swing high to the $0.1030 low.
The next major resistance is near the $0.1162 level. A clear move above the $0.1162 level might send the price toward the $0.1200 zone. Any more gains could lead the price toward the $0.1220 level or even $0.1250.
Initial support on the downside is near the $0.1080 level. The main support is near the $0.1020 zone. Any more losses could lead the price toward the $0.0950 level in the near term, below which the price might even retest $0.0880.
The chart indicates that XLM price is now trading above $0.110 and the 55 simple moving average (4 hours). Overall, the price could start a major increase if there is a clear move above the $0.1115 resistance zone.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is losing momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is now above the 50 level.
Key Support Levels – $0.1080 and $0.1020.
Key Resistance Levels – $0.1115, $0.1162, and $0.1200.
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Filed under: Bitcoin - @ May 6, 2024 5:08 am