- Stellar lumen price started a fresh decline from the $0.4000 resistance against the US Dollar.
- XLM price is now trading just below $0.3500 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $0.3420 on the 4-hours chart (data feed via Kraken).
- The pair could continue to move down if it breaks the $0.3200 support zone in the near term.
Stellar lumen price is trading in a bearish zone below $0.3550 against the US Dollar, similar to bitcoin. XLM price must settle above $0.3650 to start a fresh increase.
Stellar Lumen Price Analysis (XLM to USD)
After struggling to clear the $0.4000 resistance, stellar lumen price started a fresh decline against the US Dollar. The XLM/USD pair broke the $0.3750 support to move into a bearish zone.
The price even broke the $0.3500 support zone. The declined extended below the $0.3200 level and the price settled below the 55 simple moving average (4-hours). A low was formed near $0.3125 and the price is now consolidating losses.
There was a break above the 23.6% Fibonacci retracement level of the downward move from the $0.3933 swing high to $0.3125 low. However, the price is now facing resistance near the $0.3500 level.
There is also a key bearish trend line forming with resistance near $0.3420 on the 4-hours chart. The trend line is close to the 50% Fibonacci retracement level of the downward move from the $0.3933 swing high to $0.3125 low.
The first major resistance is now near $0.3700. If there is a clear break above the $0.3700 resistance zone, the price could start another steady increase. The next key resistance is near the $0.4000 level.
An immediate support is near the $0.3250 level. The main support is near $0.3200. A downside break below the $0.3200 support might call for more losses. The next major support is near the $0.3000 zone.
The chart indicates that XLM price is now trading below $0.3550 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $0.3200 support zone in the near term.
4 hours MACD – The MACD for XLM/USD is slowly gaining momentum in the bearish zone.
4 hours RSI – The RSI for XLM/USD is now below the 50 level.
Key Support Levels – $0.3250 and $0.3200.
Key Resistance Levels – $0.3500, $0.3700 and $0.4000.
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