Stellar Lumen (XLM) Price Struggle Continues, Key Resistance Intact

• Stellar lumen price is showing bearish signs below the $0.076 resistance zone against the US Dollar.
• XLM price is now trading below $0.078 and the 55 simple moving average (4-hours).
• There is a major bearish trend line forming with resistance near $0.0780 on the 4-hours chart (data feed via Kraken).
• The pair could start a major decline if there is a clear move below the $0.0725 support.

Stellar lumen price is trading below $0.0760 against the US Dollar, similar to bitcoin. XLM price must stay above the $0.0725 support to avoid more losses.

Stellar Lumen Price Analysis (XLM to USD)

After a major rejection above the $0.0900 zone, stellar lumen price started a fresh decline against the US Dollar. The XLM/USD pair traded below the $0.0850 support to move into a bearish zone.

There was a move below the $0.0800 and $0.0780 levels. The price even settled below the $0.078 level and the 55 simple moving average (4-hours). A low was formed near $0.0725 and the price is now consolidating losses. The bears seem to be active below the $0.0760 level.

The price is now trading below $0.078 and the 55 simple moving average (4-hours). On the upside, the price is facing resistance near the $0.0770 level.

The 23.6% Fib retracement level of the key decline from the $0.0910 swing high to $0.0725 low is also near the $0.0769 level. There is also a major bearish trend line forming with resistance near $0.0780 on the 4-hours chart. A clear upside break above the trend line might send the price towards $0.0800.

Besides, the next major resistance is near the $0.0818 zone. It is close to the 50% Fib retracement level of the key decline from the $0.0910 swing high to $0.0725 low.

A clear move above the $0.0818 level might send the price towards the $0.0850 level. Any more gains could lead the price towards the $0.0880 level or even $0.0910.

An initial support on the downside is near the $0.0738 level. The main support is near the $0.0725 zone. Any more losses could lead the price towards the $0.0700 level in the near term, below which the price might even retest $0.0680.

The chart indicates that XLM price is now trading below $0.078 and the 55 simple moving average (4-hours). Overall, the price could start a major decline if there is a clear move below the $0.0725 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 – $0.0735 and $0.0725.

Key Resistance Levels – $0.0770, $0.0800 and $0.0820.

Tags: stellar, Stellar Lumens, XLM