Stellar (XLM) Lumen price is showing a bearish signal below the $0.080 resistance zone against the US dollar.
XLM price is currently trading below $0.080 with 55 simple moving averages (4 hours). An important bearish action line is forming at resistance near $0.0800 on the 4-hour chart (data feed from Kraken).
The pair can extend the momentum unless there is a clear move above $0.080 and $0.082.
The price of Stellar Lumen is trading below $0.0800 against the US dollar, similar to bitcoin. XLM price should stay above $0.0725 support to avoid further losses.
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Stellar Lumen (XLM to USD) Price Analysis
After making a high close to the $0.0920 area, the price of Stellar Lumen started a continuous decline against the US dollar. The XLM/USD pair broke higher near $0.0911 before starting a new decline.
There is movement below the $0.0820 and $0.0800 levels. The price stopped below the $0.080 level and 55 simple moving averages (4 hours). A bottom has formed near $0.0725 and the price is recovering losses. There is little movement above the $0.0750 level. It is testing the 23.6% Fib retracement level of the key decline from the $0.0911 low to the $0.0725 low.
On the upside, the price is facing stability near the $0.0775 level. There is also a very important bearish trend line forming at resistance near $0.0800 on the 4-hour chart. Another key resistance is near the $0.0820 area. It is near the 50% Fib retracement level of the key swing low from the $0.0911 swing low to the $0.0725 low.
A clear move above the $0.082 level could send the price to the $0.0880 level. Any further gains can take the price to $0.0920 or even $0.0950 level.
Initial support at the bottom is near the $0.0735 level. Key support is near the $0.0725 area. Any further losses could take the price to the short $0.0700 level, below which the price could test $0.0650. The chart shows that the price of XLM is currently trading below $0.080 and 55 is easy to move (4 hours). In general, the price can increase quickly unless there is a clear movement above $0.080 and $0.082.
Technical Presentation
4 hour MACD – MACD for XLM/USD is gaining momentum in bearish territory.
4 hour RSI – RSI for XLM/USD is currently below the 50 level. Key support levels – $0.0735 and $0.0725.
Key resistance levels – $0.0775, $0.0800 and $0.0820.
