- Stellar lumen price declined heavily after it broke the key $0.1000 support area against the US Dollar.
- XLM price even broke the $0.0900 support and traded to a new monthly low at $0.0805.
- There is a major bearish trend line forming with resistance near $0.0900 on the 4-hours chart (data feed via Kraken).
- The pair might correct higher, but upsides are likely to remain capped near $0.0900 or $0.0935.
Stellar lumen price declined heavily below $0.10000 against the US Dollar. XLM price is currently trading in a downtrend and any recovery might face a lot of selling interest.
Stellar Lumen Price Analysis (XLM to USD)
This past week, stellar lumen price extended its decline below the $0.1000 support level against the US Dollar. The XLM/USD pair even broke the key $0.0920 support level and settled well below the 55 simple moving average (4-hours). Moreover, the price traded below the $0.9000 and $0.0850 support levels in the past few sessions. Finally, the price traded close to the $0.0800 level and a new swing low was formed near $0.0805.
At the moment, the price is correcting above the $0.0820 level. However, the $0.0860 level is acting as a resistance along with the 23.6% Fibonacci retracement level of the latest slide from the $0.1058 high to $0.0805 low. Moreover, there is a major bearish trend line forming with resistance near $0.0900 on the 4-hours chart. If there is an upside break, the price is likely to struggle near $0.0930 or $0.0950.
The 50% Fibonacci retracement level of the latest slide from the $0.1058 high to $0.0805 low is also near the $0.0932 level. The main hurdles for the bulls is near the $0.0980 and $0.1000 levels. Moreover, the 55 simple moving average (4-hours) is also near the $0.0980 level to act as significant resistance. Therefore, the price is likely to face a lot of hurdles on the upside near $0.0932, $0.0980 and $0.1000.
Conversely, if the price fails to recover above $0.0900 or $0.0930, there could be another drop. An immediate support is near the $0.0820 level, below which the price may revisit the $0.0805 swing low. If there are more losses, the price may even break the $0.0800 support.
The chart indicates that XLM price is currently facing a lot of hurdles on the upside near $0.0930. Therefore, recoveries are likely to be capped and the price could revisit $0.0805.
4 hours MACD – The MACD for XLM/USD is slowly reducing its bearish slope.
4 hours RSI – The RSI for XLM/USD is currently well below the 40 level, with a bearish structure.
Key Support Levels – $0.0820 and $0.0800.
Key Resistance Levels – $0.0900, $0.0930 and $0.0980.
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