Stellar Lumen (XLM) Price Keeps Moving Lower, Bears Remain Active

• Stellar lumen price is showing bearish signs below the $0.075 resistance zone against the US Dollar.
• XLM price is now trading below $0.075 and the 55 simple moving average (4-hours).
• There is a key bearish trend line forming with resistance near $0.0740 on the 4-hours chart (data feed via Kraken).
• The pair could start another decline if there is a clear move below the $0.070 support.

Stellar lumen price is trading below $0.0750 against the US Dollar, similar to bitcoin. XLM price must stay above the $0.070 support to avoid more losses.

Stellar Lumen Price Analysis (XLM to USD)

After a failed attempt near the $0.078 zone, stellar lumen price started a fresh decline against the US Dollar. The XLM/USD pair traded below the $0.0765 support to move into a bearish zone.

There was a move below the $0.0750 and $0.0740 levels. The price even settled below the $0.075 level and the 55 simple moving average (4-hours). A low was formed near $0.0704 and the price is now consolidating losses. The bears seem to be active below the $0.0740 level.

The price is now trading below $0.075 and the 55 simple moving average (4-hours). It is also near the 23.6% Fib retracement level of the recent decline from the $0.0772 swing high to $0.0704 low.

On the upside, the price is facing resistance near the $0.0730 level. There is also a key bearish trend line forming with resistance near $0.0740 on the 4-hours chart. The trend line is near the 50% Fib retracement level of the recent decline from the $0.0772 swing high to $0.0704 low.

A clear upside break above the trend line might send the price towards $0.0750. The next major resistance is near the $0.078 zone. Any more gains could lead the price towards the $0.0800 level or even $0.0820.

An initial support on the downside is near the $0.0712 level. The main support is near the $0.070 zone. Any more losses could lead the price towards the $0.0665 level in the near term, below which the price might even retest $0.0650.

The chart indicates that XLM price is now trading below $0.076 and the 55 simple moving average (4-hours). Overall, the price could start a major decline if there is a clear move below the $0.070 support.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is losing momentum in the bearish zone.

4 hours RSI – The RSI for XLM/USD is now below the 50 level.

Key Support Levels – $0.0705 and $0.0700.

Key Resistance Levels – $0.0740, $0.0750 and $0.0780.

Tags: stellar, Stellar Lumens, XLM