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Stellar Lumen (XLM) Price Forms Bearish Top, Risk of More Losses

Date:

  • Stellar lumen price started a fresh decline from the $0.1158 resistance zone against the US Dollar.
  • XLM price is now trading below $0.1080 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $0.1040 on the 4-hours chart (data feed via Kraken).
  • The pair could continue to move down if it breaks the $0.1040 and $0.1000 support levels.

Stellar lumen price is trading below $0.1080 against the US Dollar, similar to bitcoin. XLM price must stay above the $0.1040 support to avoid more losses.

Stellar Lumen Price Analysis (XLM to USD)

After forming a base above the $0.1020 level, stellar lumen price started a fresh increase against the US Dollar. The XLM/USD pair broke the $0.1050 resistance zone to move into a positive zone.

The price even broke the $0.1100 resistance and the 55 simple moving average (4-hours). Finally, it faced resistance near the $0.1158 zone. XLM started a fresh decline and traded below the $0.1100 support zone. There was a clear move below the $0.1080 support and the 55 simple moving average (4-hours).

The price traded below the 50% Fib retracement level of the upward move from the $0.1013 swing low to $0.1157 high. It is now trading below $0.1080 and the 55 simple moving average (4-hours).

It is testing the 76.4% Fib retracement level of the upward move from the $0.1013 swing low to $0.1157 high. An initial support on the downside is near the $0.1040 level. There is also a major bullish trend line forming with support near $0.1040 on the 4-hours chart.

The main support is near the $0.1020 zone. Any more losses could lead the price towards the $0.0950 level in the near term, below which the price might even retest $0.0900.

On the upside, the price is facing resistance near the $0.1075 zone. The next major resistance is near the $0.1085 level. A clear move above the $0.1085 level might send the price towards the $0.1120 level. Any more gains could lead the price towards the $0.1150 level or even $0.1200.

Stellar Lumen (XLM) Price

The chart indicates that XLM price is now trading below $0.1080 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $0.1040 and $0.1000 support levels.

Technical Indicators

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

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

Key Support Levels – $0.1040 and $0.1020.

Key Resistance Levels – $0.1085, $0.1120 and $0.1150.

Tags: stellar, Stellar Lumens, XLM

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  • Source: https://www.livebitcoinnews.com/stellar-lumen-xlm-price-forms-bearish-top-risk-of-more-losses/
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