Stellar lumen price is showing positive signs above $0.3500 against the US Dollar, similar to bitcoin. XLM price could extend gains if it clears the $0.4000 and $0.4050 levels.
Stellar Lumen Price Analysis (XLM to USD)
After a close above the $0.3000 resistance zone, stellar lumen price started a fresh increase against the US Dollar. The XLM/USD pair broke the $0.3500 resistance level to move into a positive zone.
The price even rallied above the $0.3800 resistance and the 55 simple moving average (4-hours). The bulls were able to push the price above the $0.4000 level. A high is formed near $0.4033 and the price is now consolidating gains.
An initial support is near the $0.3955 level. It is close to the 23.6% Fibonacci retracement level of the upward move from the $0.3708 swing low to $0.4033 high.
The next major support is near the $0.3870 level. It coincides with the 50% Fibonacci retracement level of the upward move from the $0.3708 swing low to $0.4033 high. The main support is now forming near the $0.3700 level.
There is also a major bullish trend line forming with support near $0.3700 on the 4-hours chart. A downside break below the trend line support and $0.3700 might call for more losses. The next major support is near the $0.3500 zone.
On the upside, the $0.4000 level is an immediate resistance. The first major resistance is near the $0.4050 zone. If there is a clear break above the $0.4050 resistance zone, the price could start another steady increase.
The next key resistance is near the $0.4350 level. Any more gains could set the pace for a larger increase in the coming sessions towards $0.5000.
Stellar Lumen (XLM) Price
The chart indicates that XLM price is now trading near $0.3500 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher above the $0.4000 and $0.4050 resistance levels.
4 hours MACD – The MACD for XLM/USD is now gaining momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is currently above the 50 level.
Key Support Levels – $0.3700 and $0.3500.
Key Resistance Levels – $0.4000, $0.4050 and $0.4350.
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