Stellar lumen price is currently gaining bullish momentum against the US Dollar, similar to bitcoin. XLM price could continue to move higher and it might even trade to a new monthly high above $0.0760.
Stellar Lumen Price Analysis (XLM to USD)
This past week, stellar lumen price found a strong buying interest near the $0.0600 and $0.0620 levels against the US Dollar. As a result, the XLM/USD pair started a fresh increase and traded above the $0.0650 resistance zone.
The recent rise was positive as the price surpassed the $0.0680 resistance and the 55 simple moving average (4-hours). The price even surpassed the 50% Fibonacci retracement level of the key decline from the $0.0769 high to $0.0600 low.
More importantly, there was a break above a key bearish trend line with resistance at $0.0682 on the 4-hours chart. The pair is now trading nicely above the $0.0700 level, with a positive angle.
On the upside, an initial hurdle is near the $0.0730 level. It is close to the 76.4% Fibonacci retracement level of the key decline from the $0.0769 high to $0.0600 low. If there is an upside break above the $0.0730 level, the price could revisit the $0.0750 and $0.0760 resistance levels.
If the bulls remain in action, there are high chances of a sustained upward move towards the $0.0800 resistance zone in the coming sessions. Conversely, stellar price could face a major hurdle near $0.0750 and it might start another decline.
An initial support is near the $0.0680 level and the 55 simple moving average (4-hours). The main support is near the $0.0600 level, below which the price might start a substantial decline in the near term.
Stellar Lumen Price
The chart indicates that XLM price is clearing gaining bullish momentum above the $0.0680 and $0.0700 levels. If the bulls remain in action, there are high chances of a new monthly high above $0.0760.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is currently gaining pace in the bullish zone.
4 hours RSI – The RSI for XLM/USD is currently well above the 50 level.
Key Support Levels – $0.0680 and $0.0650.
Key Resistance Levels – $0.0730, $0.0760 and $0.0800.
