Stellar Lumen (XLM) Price Could Gain Momentum If It Clears $0.12

6 months ago 2

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Stellar lumen price is attempting a fresh increase from the $0.1020 zone against the US Dollar.
XLM price is now trading above $0.1100 and the 55 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance at $0.1140 on the 4-hour chart (data feed via Kraken).
The pair could accelerate higher if there is a clear move above the $0.120 resistance zone.

Stellar lumen price is trading in a positive zone above $0.1100 against the US Dollar, like Bitcoin. XLM price must clear $0.1050 to gain bullish momentum.

Stellar Lumen Price Analysis (XLM to USD)

After forming a base above the $0.100 zone, Stellar lumen price started a decent increase against the US Dollar. The XLM/USD pair traded above the $0.1080 resistance to move into a positive zone.

There was a break above a key bearish trend line with resistance at $0.1100 on the 4-hour chart. The price cleared the 50% Fib retracement level of the downward move from the $0.1367 swing high to the $0.0915 low. XLM is now trading above $0.1100 and the 55 simple moving average (4 hours).

On the upside, the price is facing resistance near the $0.1195 zone. It is near the 61.8% Fib retracement level of the downward move from the $0.1367 swing high to the $0.0915 low. The next major resistance is near the $0.1200 level.

A clear move above the $0.1200 level might send the price toward the $0.1250 zone. Any more gains could lead the price toward the $0.1350 level or even $0.1380.

Initial support on the downside is near the $0.110 level. The main support is near the $0.1050 zone. Any more losses could lead the price toward the $0.1020 level in the near term, below which the price might even retest $0.100.

The chart indicates that XLM price is now trading above $0.110 and the 55 simple moving average (4 hours). Overall, the price could start a major increase if there is a clear move above the $0.120 resistance zone.