Stellar Lumen (XLM) Price Faces Uphill Task and $0.138 Holds The Key

7 months ago 3

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Stellar lumen price is attempting a fresh increase from the $0.1240 zone against the US Dollar.
XLM price is now trading above $0.1300 and the 55 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance at $0.1285 on the 4-hour chart (data feed via Kraken).
The pair could accelerate higher if there is a clear move above the $0.1380 resistance zone.

Stellar lumen price is trading in a positive zone above $0.1300 against the US Dollar, like Bitcoin. XLM price must clear $0.1380 to gain bullish momentum.

Stellar Lumen Price Analysis (XLM to USD)

After forming a base above the $0.1240 zone, Stellar lumen price started a decent increase against the US Dollar. The XLM/USD pair traded above the $0.1280 resistance to move into a positive zone.

There was a break above a key bearish trend line with resistance at $0.1285 on the 4-hour chart. The price cleared the 23.8% Fib retracement level of the downward move from the $0.1464 swing high to the $0.1243 low. XLM is now trading above $0.1300 and the 55 simple moving average (4 hours).

On the upside, the price is facing resistance near the $0.1350 zone. It is near the 50% Fib retracement level of the downward move from the $0.1464 swing high to the $0.1243 low. The next major resistance is near the $0.1380 level.

A clear move above the $0.1380 level might send the price toward the $0.150 zone. Any more gains could lead the price toward the $0.1650 level or even $0.1680.

Initial support on the downside is near the $0.130 level. The main support is near the $0.1240 zone. Any more losses could lead the price toward the $0.1200 level in the near term, below which the price might even retest $0.1150.

The chart indicates that XLM price is now trading above $0.130 and the 55 simple moving average (4 hours). Overall, the price could start a major increase if there is a clear move above the $0.1380 resistance zone.