- Stellar lumen price rallied recently above the $0.1000 resistance area against the US Dollar.
- XLM price formed a strong support near the $0.0800 level before climbing higher.
- There was a break above a crucial bearish trend line with resistance at $0.0845 on the 4-hours chart (data feed via Kraken).
- The pair is likely to extend gains above the $0.1050 and $0.1080 resistance levels.
Stellar lumen price gained bullish momentum recently against the US Dollar, bitcoin and Ethereum. XLM price broke the key $0.1000 resistance and it may extend gains above $0.1080.
Stellar Lumen Price Analysis (XLM to USD)
In the last analysis, we saw a crucial support near $0.0807 in stellar lumen price against the US Dollar. The XLM/USD pair formed a strong support near the $0.0800 level and later started a solid upward move. It broke the $0.0840 resistance level to move into a positive zone. There was also a close above the $0.0850 resistance and the 55 simple moving average (4-hours). Besides, there was a break above the 50% Fibonacci retracement level of the last decline from the $0.0980 swing high to $0.0807 low.
More importantly, there was a break above a crucial bearish trend line with resistance at $0.0845 on the 4-hours chart. It opened the doors for more gains and the price surged above $0.0980 and $0.1000. Recently, the price broke the $0.1020 resistance. It represents the 1.236 Fib extension level of the last decline from the $0.0980 swing high to $0.0807 low. The price is clearly placed in an uptrend and it seems like it could continue to rise towards the $0.1060 and $0.1080 resistance levels.
The main stop for buyers could the $0.1088 level. It coincides with the 1.618 Fib extension level of the last decline from the $0.0980 swing high to $0.0807 low. If there is a downside correction, the price is likely to test the $0.1000 level. The previous resistance at $0.1000 and $0.0980 is likely to act as a strong support. Therefore, dips remain supported near the $0.0980 level in the near term.
The chart indicates that XLM price is clearly placed in an uptrend and it is likely to extend gains above the $0.1050 and $0.1080 resistance levels. Above $0.1088, the price may even spike above the $0.1100 level. The next major resistance is at $0.1125 and $0.1145. Below $0.0980, the price could revisit the $0.0925 support level.
4 hours MACD – The MACD for XLM/USD is gaining momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD climbed higher sharply above the 50 level, with a strong bullish angle.
Key Support Levels – $0.1000 and $0.0980
Key Resistance Levels – $0.1050, $0.1060 and $0.1088.
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