- Stellar lumen price declined heavily from well above $0.6000 against the US Dollar.
- XLM price is now trading well below $0.5000 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $0.4500 on the 4-hours chart (data feed via Kraken).
- The pair is likely to start a fresh increase if it clears the $0.4500 and $0.5000 resistance levels.
Stellar lumen price is consolidating above $0.4000 against the US Dollar, while bitcoin is rising. XLM price could soon accelerate higher above the $0.4500 and $0.5000 levels.
Stellar Lumen Price Analysis (XLM to USD)
After forming a top near the $0.6800 zone, stellar lumen price started a fresh decline against the US Dollar. The XLM/USD pair traded below many important supports near $0.5500 and $0.5200.
The price even settled below the $0.5000 zone and the 55 simple moving average (4-hours). It tested the $0.3800 zone and recently started an upside correction. There was a break above the $0.4000 resistance zone.
The bulls pushed the price above the 23.6% Fibonacci retracement level of the downward move from the $0.5679 swing high to $0.3821 low. It is now approaching the $0.4500 resistance zone. There is also a major bearish trend line forming with resistance near $0.4500 on the 4-hours chart.
The next major resistance is near the $0.5000 level and the 55 simple moving average (4-hours). There is another bearish trend line forming with resistance near $0.5000 on the same chart.
A successful break above the $0.4500 and $0.5000 resistance levels could set the pace for a strong upward move. In the stated case, the price could easily rise towards the $0.6000 level. If there is no upside break above $0.4500, the price could move down.
The first key support is near the $0.4200 level. The main support is now forming near $0.4000, below which there is a risk of a sharp decline.
The chart indicates that XLM price is clearly trading well below $0.5000 and the 55 simple moving average (4-hours). Overall, the price is likely to start a fresh increase if it clears the $0.4500 and $0.5000 resistance levels.
4 hours MACD – The MACD for XLM/USD is slowly gaining momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is currently approaching the 50 level.
Key Support Levels – $0.4200 and $0.4000.
Key Resistance Levels – $0.4500, $0.5000 and $0.5500.
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