- Stellar lumen price gained momentum recently and rallied above $0.1000 against the US Dollar.
- XLM price even traded above the $0.1100 level before starting a downside correction.
- There was a break below a short term contracting triangle with support at $0.1080 on the 4-hours chart (data feed via Kraken).
- The pair is likely to decline towards the $0.1040 or $0.1020 support before a fresh upward move.
Stellar lumen price rallied this past week against the US Dollar, and . XLM price is currently correcting lower, but dips remain supported near $0.1020.
Stellar Lumen Price Analysis (XLM to USD)
In the last analysis, we discussed that stellar lumen price is placed in an uptrend and it is above the $0.1050 and $0.1080 resistance levels against the US Dollar. The XLM/USD pair did gain traction and broke the $0.1050 and $0.1080 resistance levels. It even settled above the $0.1050 level and the 55 simple moving average (4-hours). Finally, there was a break above the $0.1100 level and the price traded to a new monthly high at $0.1132 before starting a downside correction.
It broke the $0.1100 level and the 23.6% Fibonacci retracement level of the last wave from the $0.0954 low to $0.1132 high. Besides, there was a break below a short term contracting triangle with support at $0.1080 on the 4-hours chart. It seems like the price may decline further below the $0.1060 level. The next key support is near the $0.1044 level. It represents the 50% Fibonacci retracement level of the last wave from the $0.0954 low to $0.1132 high.
However, the main support is near the $0.1020 level and the 55 simple moving average (4-hours). More importantly, the 61.8% Fibonacci retracement level of the last wave from the $0.0954 low to $0.1132 high is also near the $0.1020 support. Therefore, if the price continues to move down, there could be a strong buying interest near $0.1040 or $0.1020. On the upside, an initial resistance is near $0.1100, above which the price may rise towards the $0.1132 high.
The indicates that XLM price is currently correcting lower, but there are many supports on the downside above $0.1020. In the short term, there could be range moves above $0.1020 before the price forms a fresh base for the next move. On the upside, a clear break above $0.1100 may even increase chances of a fresh high above $0.1132.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is slowly losing momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD corrected lower recently and it tested the 50 level.
Key Support Levels – $0.1044 and $0.1020
Key Resistance Levels – $0.1100, $0.1120 and $0.1132.
Published at Mon, 18 Mar 2019 09:00:52 +0000
