Stellar Lumen (XLM) Price Could Resume Rally Above $0.1500
- Stellar lumen price surged higher above the $0.1050 and $0.1400 resistance levels against the US Dollar.
- XLM price traded towards the $0.1620 level and recently corrected lower towards the $0.1180 level.
- There is a major contracting triangle forming with support near $0.1300 on the 4-hours chart (data feed via Kraken).
- The pair is likely to break the $0.1420 and $0.1420 resistance levels to start a strong rise.
Stellar lumen price is placed in a strong uptrend above $0.1200 against the US Dollar. XLM price could resume its upward move once it clears the $0.1420 resistance area.
Stellar Lumen Price Analysis (XLM to USD)
This past week, stellar lumen price started a strong rally above the $0.1000 resistance after bitcoin’s surge against the US Dollar. The XLM/USD pair climbed higher sharply and broke many hurdles such as $0.1050, $0.1180, $0.1250 and $0.1400 resistance levels. There was a proper close above the $0.1200 level and the 55 simple moving average (4-hours). The price even surged above the $0.1500 resistance and traded towards the $0.1620 level. Later, there was a substantial downside correction below the $0.1500 and $0.1400 levels.
XLM tested the $0.1180 support zone and recently rebounded higher. It traded above the $0.1300 and $0.1380 resistance levels. A swing high is formed near $0.1454 and the price is currently correcting lower. There was a break below $0.1400 and the 23.6% Fibonacci retracement level of the last wave from the $0.1158 low to $0.1454 high. However, there are many supports on the downside near the $0.1300 level. Moreover, there is a major contracting triangle forming with support near $0.1300 on the 4-hours chart.
Besides, the 50% Fibonacci retracement level of the last wave from the $0.1158 low to $0.1454 high is also near the triangle support. Therefore, if the price continues to move down, it is likely to find a strong support near the $0.1300 level. If there is a downside break below $0.1300, the price might retest the $0.1180 and $0.1150 support levels. Conversely, the price could climb above the $0.1400 and $0.1420 resistance levels, and resume its uptrend.
The chart indicates that XLM price is clearly trading in a solid uptrend above $0.1300 and $0.1180. There may be range moves in the short term, but the price is likely to climb above the $0.1420 resistance area. The next key resistances on the upside are near $0.1500 and $0.1620.
4 hours MACD – The MACD for XLM/USD is slowly moving in the bearish zone.
4 hours RSI – The RSI for XLM/USD is currently just above the 50 level, with a minor bearish angle.
Key Support Levels – $0.1300 and $0.1180.
Key Resistance Levels – $0.1400, $0.1420 and $0.1500.
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