Stellar Lumen (XLM) Price Setting Up for Bullish Break If It Clears $0.30
- Stellar lumen price remained stable above $0.2200 and recovered above $0.2600 against the US Dollar.
- XLM price is facing hurdles near $0.2850 and the 55 simple moving average (4-hours).
- There is a key contracting triangle forming with resistance near $0.2840 on the 4-hours chart (data feed via Kraken).
- The pair could start a major bullish wave once it clears the $0.2840 and $0.3000 resistance levels.
Stellar lumen price is showing positive signs above $0.2500 against the US Dollar, similar to bitcoin. XLM price could clear the $0.3000 barrier as long as there is no close below $0.2500.
Stellar Lumen Price Analysis (XLM to USD)
After a downside correction, stellar lumen price remained stable above the $0.2200 level against the US Dollar. The XLM/USD pair traded as low as $0.2265 and settled below the 55 simple moving average (4-hours).
Recently, there was a fresh increase and the price climbed above the $0.2500 and $0.2600 resistance levels. There was also a break above the 50% Fibonacci retracement level of the downward move from the $0.3200 high to $0.2265 low.
On the upside, the price is facing hurdles near $0.2850 and the 55 simple moving average (4-hours). There is also a key contracting triangle forming with resistance near $0.2840 on the 4-hours chart.
The triangle resistance is close to the 61.8% Fibonacci retracement level of the downward move from the $0.3200 high to $0.2265 low. A clear break above the triangle resistance and $0.2880 could open the doors for a larger increase in the coming sessions.
The next major resistance is near the $0.3000 level, followed by $0.3250. A close above the $0.3250 level could set the pace for a sustained upward move towards the $0.3800 and $0.4000 levels.
Conversely, the price might fail to gain pace above the $0.2850 and $0.3000 resistance levels. An initial support on the downside is near the $0.2480 level. A downside break below the triangle lower trend line could set the pace for a sustained downward move towards the $0.2200 and $0.2000 support levels.
The chart indicates that XLM price is clearly facing hurdles near $0.2850 and the 55 simple moving average (4-hours). Overall, the price could start a major bullish wave once it clears the $0.2840 and $0.3000 resistance levels.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is losing momentum in the bearish zone.
4 hours RSI – The RSI for XLM/USD is currently rising towards the 50 level.
Key Support Levels – $0.2550 and $0.2450.
Key Resistance Levels – $0.2850, $0.3000 and $0.3250.
Source: livebitcoinnews.com
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