- Stellar lumen price started a strong decline from the $0.3400 resistance against the US Dollar.
- XLM price is now trading below $0.3000 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $0.3300 on the 4-hours chart (data feed via Kraken).
- The pair could continue to decline if there is a break below the $0.2800 and $0.2720 support levels.
Stellar lumen price is gaining bearish momentum below $0.3000 against the US Dollar, similar to bitcoin. XLM price could extend losses if it breaks the $0.2800 support.
Stellar Lumen Price Analysis (XLM to USD)
After a strong decline, stellar lumen price started an upside correction above $0.3000 against the US Dollar. However, the XLM/USD pair failed to clear the $0.3500 resistance zone.
As a result, there was a fresh decline below the $0.3200 support zone. The price broke the 50% Fibonacci retracement level of the upward move from the $0.2734 swing low to $0.3610 high. The price is now trading below $0.3000 and the 55 simple moving average (4-hours).
There is also a key bearish trend line forming with resistance near $0.3300 on the 4-hours chart. The pair is now trading near the $0.2940 support.
It is also testing the 76.4% Fibonacci retracement level of the upward move from the $0.2734 swing low to $0.3610 high. An immediate support is near the $0.2800 level. The next major support is near the $0.2720 level. A downside break below the $0.2720 support might call for more losses.
The next major support is near the $0.2650 zone. An immediate hurdle on the upside for the bulls could be $0.3020. The first major resistance is now near $0.3200.
If there is a clear break above the $0.3200 resistance zone, the price could start another steady increase. The next key resistance is near the $0.3500 level, above which the price could revisit $0.4000.
Stellar Lumen (XLM) Price
The chart indicates that XLM price is now trading below $0.3000 and the 55 simple moving average (4-hours). Overall, the price could continue to decline if there is a break below the $0.2800 and $0.2720 support levels.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is now gaining momentum in the bearish zone.
4 hours RSI – The RSI for XLM/USD is currently below the 40 level.
Key Support Levels – $0.2800 and $0.2720.
Key Resistance Levels – $0.3050, $0.3200 and $0.3500.
Source: https://www.livebitcoinnews.com/stellar-lumen-xlm-price-turns-red-below-0-30/
