- Stellar lumen price started a sharp decline from well above $0.5000 against the US Dollar.
- XLM price is now consolidating well below $0.4500 and the 55 simple moving average (4-hours).
- There is a major triangle forming with resistance near $0.4490 on the 4-hours chart (data feed via Kraken).
- The pair could start a strong increase if there is a clear break above the $0.4500 resistance zone.
Stellar lumen price is correcting losing from $0.3400 against the US Dollar, similar to bitcoin. XLM price must clear the $0.4500 resistance to move into a positive zone.
Stellar Lumen Price Analysis (XLM to USD)
After struggling to clear the $0.5500 resistance, stellar lumen price started a strong decline against the US Dollar. The XLM/USD pair broke the $0.5000 support level and the 55 simple moving average (4-hours).
It even spiked below the $0.4000 support level and tested the $0.3400. Recently, there was a recovery wave above the $0.4000 level, but the price struggled to settle above the 55 simple moving average (4-hours). A high was formed near $0.4706 before the price dipped to $0.3797.
XLM is currently consolidating above the $0.3800 level. It climbed above the 23.6% Fibonacci retracement level of the downward move from the $0.4706 swing high to $0.3797 low.
On the upside, the first major resistance is near the $0.4300 level. It is close to the 50% Fibonacci retracement level of the downward move from the $0.4706 swing high to $0.3797 low. The next major resistance is near $0.4300 and the 55 simple moving average (4-hours).
There is also a major triangle forming with resistance near $0.4490 on the 4-hours chart. A clear break above the 55 simple moving average (4-hours) and $0.4500 could open the doors for a push above the $0.4800 level.
If there is no upside break, the price could move down below $0.4000. The first key support is near the triangle trend line at $0.3800. A downside break below the $0.3800 support could lead the price towards $0.3500 or $0.3400.
Stellar Lumen (XLM) Price
The chart indicates that XLM price is clearly trading below $0.4500 and the 55 simple moving average (4-hours). Overall, the price could start a strong increase if there is a clear break above the $0.4500 resistance zone.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is struggling to gain momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is currently close to the 50 level.
Key Support Levels – $0.3800 and $0.3500.
Key Resistance Levels – $0.4300, $0.4500 and $0.4800.
Source: livebitcoinnews.com
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