Stellar Lumen (XLM) Price Recovery Faces Many Hurdles At $0.1150

Live Bitcoin News
Updated Apr 16, 2024 24:59
Mitrade

■  Stellar lumen price is attempting a recovery wave from the $0.0920 zone against the US Dollar.

■  XLM price is now trading below $0.1200 and the 55 simple moving average (4 hours).

■  There is a key bearish trend line forming with resistance at $0.1195 on the 4-hour chart (data feed via Kraken).

■  The pair could start a decent increase if there is a clear move above the $0.1200 resistance zone.


Stellar lumen price is consolidating above $0.1020 against the US Dollar, like Bitcoin. XLM price must clear $0.1200 to gain bullish momentum.


Stellar Lumen Price Analysis (XLM to USD)


After a steady increase, Stellar lumen price saw a rejection pattern near the $0.1365 zone against the US Dollar. The XLM/USD pair traded below the $0.1200 support and tested the $0.1150 zone.


A low was formed near $0.09151 and the price is now attempting a recovery wave. There was a break above the $0.1000 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.1367 swing high to the $0.09151 low.


XLM is still trading below $0.1200 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.1142 zone. It is near the 50% Fib retracement level of the downward move from the $0.1367 swing high to the $0.09151 low.


The next major resistance is near the $0.1195 level. There is also a key bearish trend line forming with resistance at $0.1195 on the 4-hour chart. A clear move above the $0.1195 level might send the price toward the $0.1250 level.


Any more gains could lead the price toward the $0.1285 level or even $0.1320. Initial support on the downside is near the $0.1050 level. The main support is near the $0.1000 zone. Any more losses could lead the price toward the $0.0920 level in the near term, below which the price might even retest $0.0880.


The chart indicates that XLM price is now trading below $0.1150 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.


Technical Indicators


4 hours MACD – The MACD for XLM/USD is losing momentum in the bearish zone.


4 hours RSI – The RSI for XLM/USD is now below the 50 level.


Key Support Levels – $0.1020 and $0.0920.


Key Resistance Levels – $0.1142, $0.1195, and $0.1250.


The post Stellar Lumen (XLM) Price Recovery Faces Many Hurdles At $0.1150 appeared first on Live Bitcoin News.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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