Stellar Lumens price declined sharply after failing to clear $0.0720 XLM price tested $0.0500 and settled below the 55-day SMA The coin will resume its decline if it doesn’t clear $0.0660 and $0.0680
Stellar Lumens News Today – the price of XLM is currently recovering. It was seating at the $0.0500 support against the USD only hours ago. The Stellar Lumens price must now settle above $0.068 if it wants to continue moving higher in the near-term via the hourly chart.
In recent days, the price of Stellar has remained in the negative region. It even broke the $0.0680 support area during that period. The XLM/USD trading pair dropped sharply below $0.0600 which is a support area and the 55-day SMA via the 4-hour chart. It even traded at $0.0500 before initiating an upside correction. The coin posted a strong recovery above $0.0600. It also climbed above the 50% Fib retracement from $0.0725 to $0.0500.
Stellar is Facing Resistance at $0.0650
However, the Stellar Lumens price is currently ahead of strong resistance at the $0.0650 position. There’s an important bearish pattern forming with some resistance close to the $0.0650 area via the 4-hour chart of the XLM/USD pair. This trend line is positioned near the 61.8% Fib retracement of the key decline from $0.0725 to $0.0500. The coins’ next key resistance is at $0.0680 (via the last major breakdown area) and the 55-day SMA via the 4-hour time frame. Hence, the price of Stellar must climb higher than the $0.0660 and $0.0680 resistances to continue moving higher in the near-term outlook. Further gains could pave way for a push to $0.0720 and $0.0750.
MACD for XLM/USD is Gaining Momentum in Bullish Territory
Conversely, the price of Stellar Lumens is likely going to resume its drop from the $0.0660 resistance position. There is initial support for Stellar near $0.0620. The main support for XLM/USD is near $0.0600. Below this price position is where the bears will aim to test the $0.0500 support area. The hourly chart also shows that the XLM price is facing a major hurdle at $0.0660 and $0.0680. If the digital asset posts a clear break above $0.0680, it can force a sustained move upward in the coming trading sessions.
The technical indicators place the MACD for the XLM/USD pair is in bullish zone via the 4-hour chart. It has been gaining pace slowly in the positive territory. The RSI for XLM/USD is still seating below the 50 level via the 4-hour chart. XLM has its important support and resistance areas at $0.0620, $0.0600, and $0.0650, $0.0660 respectively. In the long term, this may change.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she’s not writing, she spends time with her adorable cat, Ginger and works out often.