- Stellar lumen price declined below the $0.2000 support zone against the US Dollar.
- XLM price is now trading below $0.2000 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $0.2040 on the 4-hours chart (data feed via Kraken).
- The pair could start a steady upward move if there is a clear break above $0.2120.
Stellar lumen price is trading in a bearish zone below $0.2100 against the US Dollar, similar to bitcoin. XLM price must settle above $0.2120 to start a fresh increase.
Stellar Lumen Price Analysis (XLM to USD)
After struggling to clear the $0.3000 resistance, stellar lumen price started a fresh decline against the US Dollar. The XLM/USD pair traded below the $0.2200 support level to move into a bearish zone.
There was a break below the $0.2000 support level and the 55 simple moving average (4-hours). A low was formed near $0.1680, and the price recently started an upside correction. It cleared the $0.2000 resistance zone. There was also a move above the 23.6% Fibonacci retracement level of the downward move from the $0.2525 swing high to $0.1680 low.
However, the price faced a strong resistance near the $0.2100 zone. XLM stayed below the 50% Fibonacci retracement level of the downward move from the $0.2525 swing high to $0.1680 low.
There is also a major bearish trend line forming with resistance near $0.2040 on the 4-hours chart. An immediate resistance on the upside is near the $0.2000 level. The next major resistance is now near $0.2100. If there is a clear break above the $0.2100 resistance zone, the price could start another steady increase.
The next key resistance is near the $0.2500 level, above which the price could rise towards the $0.2750 level in the near term. If there is no upside break above $0.2120, the price might move down.
An immediate support is near the $0.1820 level. The main support is near $0.1800. A downside break below the $0.1800 support might call for more losses. The next major support is near the $0.1600 zone. Any more losses might send the price towards the $0.1500 level.
Stellar Lumen (XLM) Price
The chart indicates that XLM price is now trading below $0.2000 and the 55 simple moving average (4-hours). Overall, the price could start a steady upward move if there is a clear break above $0.2120.
Technical Indicators
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 – $0.1800 and $0.1650.
Key Resistance Levels – $0.2000, $0.2120 and $0.2500.
Source: https://www.livebitcoinnews.com/stellar-lumen-xlm-price-could-recover-if-it-clears-0-2200-2/
