Stellar lumen price declined steadily after it broke the %excerpt%.0625 support against the US Dollar.XLM price tested the %excerpt%.0575 zone and it is currently correcting higher.There is a major bearish trend line forming with resistance near %excerpt%.0590 on the 4-hours chart (data feed via Kraken).The pair could start a decent recovery if it breaks the %excerpt%.0590 and %excerpt%.0600 resistance levels.Stellar lumen price is in a bearish zone below %excerpt%.0600 against the US Dollar. XLM price might correct higher in the short term if it settles above %excerpt%.0600.Stellar Lumen Price Analysis (XLM to USD)In the last analysis, we discussed a possible breakdown in stellar lumen price below the %excerpt%.0600 support against the US Dollar. The XLM/USD pair failed to climb above the %excerpt%.0630 or %excerpt%.0655 resistance levels. As a result,
Topics:
Aayush Jindal considers the following as important: Altcoin News, News, stellar, Stellar Lumens, Trading, xlm
This could be interesting, too:
Bilal Hassan writes Morocco to Become First Developing Country with Clear Crypto Regulations
Bilal Hassan writes Cryptopia Liquidators Distribute 0 Million to Victims of 2019 Hack
Bilal Hassan writes Mo Shaikh Steps Down as CEO of Aptos Labs to Start New Chapter
Bilal Hassan writes FTX Announces January 2025 as Effective Date for Reorganization Plan
- Stellar lumen price declined steadily after it broke the $0.0625 support against the US Dollar.
- XLM price tested the $0.0575 zone and it is currently correcting higher.
- There is a major bearish trend line forming with resistance near $0.0590 on the 4-hours chart (data feed via Kraken).
- The pair could start a decent recovery if it breaks the $0.0590 and $0.0600 resistance levels.
Stellar lumen price is in a bearish zone below $0.0600 against the US Dollar. XLM price might correct higher in the short term if it settles above $0.0600.
Stellar Lumen Price Analysis (XLM to USD)
In the last analysis, we discussed a possible breakdown in stellar lumen price below the $0.0600 support against the US Dollar. The XLM/USD pair failed to climb above the $0.0630 or $0.0655 resistance levels. As a result, there was a breakdown below the $0.0600 support area. Moreover, the price settled below the $0.0600 level and the 55 simple moving average (4-hours). It opened the doors for more downsides and a new monthly low was formed near $0.0572.
At the outset, the price is correcting higher above $0.0580. It tested the 23.6% Fibonacci retracement level of the last drop from the $0.0641 high to $0.0572 low. However, the upward move was capped by the $0.0600 resistance and the 55 simple moving average (4-hours). Moreover, there is a major bearish trend line forming with resistance near $0.0590 on the 4-hours chart.
If there is an upside break above the $0.0600 resistance area, there could be a short term recovery. An immediate resistance is near $0.0607. It coincides with the 50% Fibonacci retracement level of the last drop from the $0.0641 high to $0.0572 low. If there are more upsides, the price could continue to rise towards the $0.0615 and $0.0625 resistance levels.
Conversely, if the price fails to break the $0.0600 resistance, it could resume its decline. An immediate support is near the $0.0575 level, below which the price is likely to slide towards the $0.0550 level. Any further downside might start a solid decline towards the $0.0500 support area.
The chart indicates that XLM price is trading in a bearish zone below the $0.0600 level and the 55 SMA. If there is an upside break above the $0.0600 level plus a close above the 55 SMA, the price could start a decent recovery towards the $0.0625 and $0.0640 levels. If not, it could decline towards $0.0550 or even $0.0500.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is struggling to gain in the bullish zone.
4 hours RSI – The RSI for XLM/USD is currently just below the 50 level.
Key Support Levels – $0.0575 and $0.0550.
Key Resistance Levels – $0.0590, $0.0600 and $0.0625.