Wednesday , February 21 2024
Home / Altcoins / Stellar Lumen (XLM) Price Gaining Momentum, More Gains Likely

Stellar Lumen (XLM) Price Gaining Momentum, More Gains Likely

Summary:
Stellar lumen price is trading in an uptrend above the %excerpt%.0720 support area against the US Dollar.XLM price is currently correcting lower, but it remains well supported near %excerpt%.0740.There is a major bullish trend line forming with support near %excerpt%.0715 on the 4-hours chart (data feed via Kraken).The pair remains well supported on the downside near the %excerpt%.0660 and %excerpt%.0650 levels.Stellar lumen price is showing many positive signs against the US Dollar and bitcoin. XLM price could continue to rise towards the %excerpt%.0850 resistance area.Stellar Lumen Price Analysis (XLM to USD)This past week, there was a sharp increase in stellar lumen price above the %excerpt%.0700 resistance against the US Dollar. Moreover, the XLM/USD pair climbed nicely above the %excerpt%.0750 resistance and the 55 simple moving average

Topics:
Aayush Jindal considers the following as important: , , , , ,

This could be interesting, too:

Temitope Olatunji writes UK Government Aims for New Crypto Regulation Milestone within 6 Months

Mercy Tukiya Mutanya writes BlackRock’s Latest Investor-Friendly Spot BTC ETF Ad Presents Bitcoin as ‘Progress’

Chimamanda U. Martha writes Number of Starknet’s Active Users Drops Over Airdrop Criticism

Mayowa Adebajo writes Forbes Establishes Permanent Residence in The Sandbox Metaverse: Landmark Move in Virtual Economy

  • Stellar lumen price is trading in an uptrend above the $0.0720 support area against the US Dollar.
  • XLM price is currently correcting lower, but it remains well supported near $0.0740.
  • There is a major bullish trend line forming with support near $0.0715 on the 4-hours chart (data feed via Kraken).
  • The pair remains well supported on the downside near the $0.0660 and $0.0650 levels.

Stellar lumen price is showing many positive signs against the US Dollar and bitcoin. XLM price could continue to rise towards the $0.0850 resistance area.

Stellar Lumen Price Analysis (XLM to USD)

This past week, there was a sharp increase in stellar lumen price above the $0.0700 resistance against the US Dollar. Moreover, the XLM/USD pair climbed nicely above the $0.0750 resistance and the 55 simple moving average (4-hours).

Finally, the price surged above the $0.0800 and $0.0850 levels. A new monthly high was formed near the $0.0880 before the price corrected lower. It declined below the $0.0800 level, but the $0.0680 support area prevented additional losses.

The recent low was near $0.0684 before the climbed higher. Besides, there was a successful break above the $0.0750 resistance and the 55 simple moving average (4-hours). The recent high was near $0.0813 and stellar price is currently correcting lower.

It is now trading below the 23.6% Fibonacci retracement level of the recent leg from the $0.0684 low to $0.0813 high. However, there are many supports on the downside near the $0.0750 and $0.0740 levels.

Additionally, the 50% Fibonacci retracement level of the recent leg from the $0.0684 low to $0.0813 high is near the $0.0749 to provide support. More importantly, there is a major bullish trend line forming with support near $0.0715 on the 4-hours chart.

Therefore, the $0.0740 and $0.0720 levels are likely to act as strong supports. Any further losses may perhaps push the price back towards the $0.0680 support area.

On the upside, an immediate resistance is near the $0.0800 level. A successful break above the $0.0800 resistance may even push the price towards $0.0820. The next key resistance area is near the $0.0850 level.

Stellar Lumen Price

Stellar Lumen Price

The chart indicates that XLM price is clearly trading in a solid uptrend above the $0.0740 and $0.0720 support levels. Thus, there are chances of more gains above the $0.0800 level unless the bears succeed in pushing the price below $0.0720 and $0.0680.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is slowly moving into the bearish zone.

4 hours RSI – The RSI for XLM/USD is currently correcting lower and it might soon test the 50 level.

Key Support Levels – $0.0740 and $0.0720.

Key Resistance Levels – $0.0800, $0.0820 and $0.0850.

Tags: , ,

Leave a Reply

Your email address will not be published. Required fields are marked *