Stellar lumen price started a fresh increase above the $0.070 resistance zone against the US Dollar.
XLM price is now trading above $0.0750 and the 55 simple moving average (4-hours).
There was a break above a major bearish trend line with resistance near $0.0738 on the 4-hours chart (data feed via Kraken).
The pair could continue to rise if it stays above the $0.0780 and $0.0750 support levels.

Stellar lumen price is trading above $0.0750 against the US Dollar, similar to bitcoin. XLM price must stay above the $0.0750 support to rise further.

Stellar Lumen Price Analysis (XLM to USD)

After forming a base above the $0.070 level, stellar lumen price started a fresh increase against the US Dollar. The XLM/USD pair broke the $0.0750 resistance zone to move into a positive zone.

There was a clear move above a major bearish trend line with resistance near $0.0738 on the 4-hours chart. The price even broke the $0.0780 resistance and the 55 simple moving average (4-hours). The price is now trading comfortably above the $0.0785 level.

On the upside, the price is facing resistance near the $0.0808 level. It is near the 50% Fib retracement level of the downward move from the $0.0919 swing high to $0.0704 low.

The next major resistance is near the $0.0830 level. It coincides with the 61.8% Fib retracement level of the downward move from the $0.0919 swing high to $0.0704 low. A clear move above the $0.0830 level might send the price towards the $0.0880 level.

Any more gains could lead the price towards the $0.0920 level or even $0.1000 in the coming days. An initial support on the downside is near the $0.0780 level.

The next major support sits near the $0.0760 level. The main support is near the $0.0750 zone. Any more losses could lead the price towards the $0.070 level in the near term, below which the price might even retest $0.0640.

The chart indicates that XLM price is now trading above $0.0750 and the 55 simple moving average (4-hours). Overall, the price could continue to rise if it stays above the $0.078 and $0.075 support levels.

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 – $0.0780 and $0.0750.

Key Resistance Levels – $0.0808, $0.0860 and $0.0920.

The post Stellar Lumen (XLM) Price Regains Traction, What Could Be The Target? appeared first on Live Bitcoin News.

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Filed under: Bitcoin - @ January 9, 2023 7:28 am