Stellar Lumen (XLM) Price Correcting Gains, But Uptrend Is Intact
- Stellar lumen price climbed towards the $0.0765 level before correcting lower against the US Dollar.
- XLM price is now trading below the $0.0700 level, but downsides are likely to be limited.
- There was a break below a major bullish trend line with support at $0.0720 on the 4-hours chart (data feed via Kraken).
- The pair could correct further lower towards the $0.0625 support, where the bulls might take a stand.
Stellar lumen price is currently correcting lower against the US Dollar, similar to bitcoin. XLM price is likely to bounce back from $0.0680 or $0.0620.
Stellar Lumen Price Analysis (XLM to USD)
This past week, stellar lumen price gained bullish momentum above the $0.0620 resistance against the US Dollar. The XLM/USD pair even rallied above the $0.0650 resistance and the 55 simple moving average (4-hours).
Finally, the price surged above the $0.0700 level and traded to a new monthly high at $0.0769. Recently, it started a downside correction below the $0.0750 and $0.0720 levels.
Besides, there was a break below a major bullish trend line with support at $0.0720 on the 4-hours chart. The pair is now trading below the 61.8% Fibonacci retracement level of the upward move from the $0.0655 low to $0.0769 high.
It is now trading near the $0.0680 support and the 55 simple moving average (4-hours). The 76.4% Fibonacci retracement level of the upward move from the $0.0655 low to $0.0769 high is also acting as a support.
If the price fails to stay above the $0.0680 support, it could continue to move down towards the key $0.0620 support level. The 1.236 Fib extension level of the upward move from the $0.0655 low to $0.0769 high could also provide support at $0.0628.
Any further losses may perhaps put the price at a risk of a break below the $0.0600 support zone. Conversely, stellar price could stay above the $0.0680 and $0.0620 support.
On the upside, an initial resistance is near the $0.0720 level. The main hurdle is near the $0.0745 level, above which the bulls are likely to aim $0.0800.
The chart indicates that XLM price is approaching a couple key supports near $0.0680 and the 55 simple moving average (4-hours). As long as the price is above $0.0620, it is likely to bounce back above $0.0645.
4 hours MACD – The MACD for XLM/USD is currently gaining pace in the bearish zone.
4 hours RSI – The RSI for XLM/USD is now declining lower towards the 400 level.
Key Support Levels – $0.0680 and $0.0620.
Key Resistance Levels – $0.0720, $0.0745 and $0.0800.