- Stellar lumen price failed to move above the $0.1020 resistance and declined against the US Dollar.
- XLM price is currently well below the $0.0980 level and it could decline heavily in the near term.
- There is a crucial bearish trend line in place with resistance at $0.0990 on the 4-hours chart (data feed via Kraken).
- The pair could decline sharply if there is break below the $0.0930 and $0.0920 support levels.
Stellar lumen price is under a lot of pressure against the US Dollar, bitcoin and Ethereum. XLM price is likely to decline below $0.0930 and $0.0900 in the near term.
Stellar Lumen Price Analysis (XLM to USD)
This past week, stellar lumen price gained traction and recovered above the $0.0960 level against the US Dollar. Earlier, the XLM/USD pair tested the $0.0932 support level and bounced back after bitcoin’s rise. There was a break above the $0.0960 and $0.0965 resistance levels. The price even broke the $0.0980 level and the 55 simple moving average (4-hours). The bulls pushed the price above the 50% Fibonacci retracement level of the last decline from the $0.1059 high to $0.0931 swing low.
Finally, there was a break above the $0.1000 level, but the price struggled near the $0.1020 level. There was no close above the 61.8% Fibonacci retracement level of the last decline from the $0.1059 high to $0.0931 swing low. More importantly, there is a crucial bearish trend line in place with resistance at $0.0990 on the 4-hours chart. The same trend line acted as a strong barrier for the bulls on many occasions and prevented an upside break. The pair retreated from highs and declined below $0.0960.
It is currently trading near the key $0.0932 and $0.0930 support levels. If there is a clear break below $0.0930, the price may slide below $0.0920. The next key support is at $0.0900, below which the price could slide towards the $0.0882 level. On the other hand, if the price rebounds higher, it might struggle near the $0.0980 and $0.0990 levels. A successful break above $0.1000 and 55 simple moving average (4-hours) is must for a decent upward move.
The chart indicates that XLM price is facing a lot of resistance near the $0.0980 and $0.1000 levels. As long as the price is below $0.1000, it remains at a risk of more losses. The main supports are $0.0930, $0.0900 and $0.0882.
4 hours MACD – The MACD for XLM/USD is placed heavily in the bearish zone.
4 hours RSI – The RSI for XLM/USD is currently well below the 40 level and it could even test 20.
Key Support Levels – $0.0930 and $0.0900.
Key Resistance Levels – $0.0980, $0.0990 and $0.1000.
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