Stellar lumen price is gaining bullish momentum

stellar xlm

Stellar lumen price is trading in an uptrend against the US Dollar and bitcoin. XLM price continue to rise and it could even revisit the $0.0750 resistance area.

Stellar Lumen Price Analysis (XLM to USD)

After forming a strong support base near $0.0575, stellar lumen price started a decent upward move against the US Dollar. The XLM/USD pair climbed above the key $0.0600 and $0.0620 resistance levels to move into a positive zone.

Moreover, there was a sharp rally above the $0.0650 resistance and the 55 simple moving average (4-hours). Finally, the price spiked above the $0.0700 resistance and traded to a new monthly high at $0.0781 on Kraken.

Later, there was a major downside correction below the $0.0700 level. The price even traded below the $0.0650 support area. However, the $0.0620 area acted as a strong support along with the 55 simple moving average (4-hours).

A low was formed near $0.0616 and the price is currently moving higher. It broke the key $0.0650 resistance area. Besides, there was a break above the 23.6% Fibonacci retracement level of the recent decline from the $0.0781 high to $0.0616 low.

On the upside, the $0.0695 and $0.0700 levels are important hurdles for stellar price. Additionally, the 50% Fibonacci retracement level of the recent decline from the $0.0781 high to $0.0616 low is also near the $0.0698 level.

Therefore, a clear break above the $0.0700 resistance might set the pace for more upsides. The next major resistance for the bulls is near the $0.0750 area. An intermediate resistance is near the 76.4% Fibonacci retracement level of the recent decline from the $0.0781 high to $0.0616 low.

On the downside, there is a strong support forming near $0.0650. More importantly, there is a major bullish trend line forming with support near $0.0655 on the 4-hours chart.

Stellar-Lumen

The chart indicates that XLM price is showing a lot of positive signs above the $0.0650 support. Therefore, there are high chances of another upward move above the $0.0700 resistance.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is slowly gaining pace in the bullish zone.

4 hours RSI – The RSI for XLM/USD is currently well above the 55 level.

Key Support Levels – $0.0650 and $0.0620.

Key Resistance Levels – $0.0695, $0.0700 and $0.0750.

By https://www.livebitcoinnews.com

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