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

Source Livebitcoinnews
Apr 22, 2024 05:08
  • 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.

Stellar Lumen (XLM) Price
Stellar Lumen (XLM) Price

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.

Technical Indicators

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

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

Key Support Levels – $0.1100 and $0.1050.

Key Resistance Levels – $0.1195, $0.1200, and $0.1250.

The post Stellar Lumen (XLM) Price Could Gain Momentum If It Clears $0.12 appeared first on Live Bitcoin News.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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