Stellar lumens price started a downside correction after testing $0.1200. XLM remains supported on dips and it could start a strong upward move if it clears $0.1105.
- Stellar lumen price recently rebounded towards the $0.1105 resistance area.
- There was a break above a crucial bearish trend line with resistance at $0.1020 on the 2-hours chart.
- XLM could start a fresh increase if there is a break above the $0.1100 and $0.1105 resistances.
Stellar Lumen Price Analysis (XLM To USD)
Recently, there was a solid rebound in bitcoin, Ethereum, ripple, cardano, bitcoin cash, EOS and other cryptocurrencies. Stellar lumen also followed major altcoins and started a decent recovery from the $0.0989 swing low.
Click to Enlarge Chart
Looking at the 2-hours chart of XLM/USD, the pair corrected significantly from the $0.1222 high and traded as low as $0.0989. Later, the price corrected higher and moved above the $0.1050 resistance area to move into a positive zone.
Besides, there was a break above a crucial bearish trend line with resistance at $0.1020 on the same chart. Buyers pushed the price above the 23.6% Fib retracement level of the last decline from the $0.1222 high to $0.0989 low.
Finally, there was a close above the $0.1050 level and the 25 simple moving average (2-hours). The price rallied above the $0.1100 resistance and tested the next resistance at $0.1105 (a crucial pivot area).
The recent failure was also near the 50% Fib retracement level of the last decline from the $0.1222 high to $0.0989 low. As a result, there was a downside reaction and the price dipped towards the $0.1050 support and the 25 simple moving average (2-hours).
On the downside, the next key support is at $0.1044, below which the price might drop back towards the $0.0989 low. Conversely, a convincing break above the $0.1100 and $0.1105 resistance levels could clear the path for XLM bulls to take control. The next stop for stellar lumen price might be $0.1165 or $0.1200. The main resistance for an upside extension is at $0.1220. Overall, the price could trade in a range before the next move either above $0.1105 or towards $0.0989.
The market data is provided by TradingView, Bitfinex.
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