- Stellar lumen price must stay above the $0.1200 support to start an upward move.
- There is a major declining channel in place with resistance near $0.1260 on the 2-hours chart.
- XLM could either start a strong rally above the $0.1260 level or decline back towards the $0.1100 level.
Stellar Lumen Price Analysis (XLM To USD)
In the past few sessions, there was a strong upward move in bitcoin, Ethereum, ripple, cardano, and bitcoin cash. However, stellar lumen could not climb higher and it remained in a bearish zone below the $0.1250 level.
Click to Enlarge Chart
Looking at the 2-hours chart of XLM/USD, the pair started a major decline below the $0.1300 support and the 25 simple moving average (2-hours).
The price gained momentum below $0.1260 and $0.1240. However, the $0.1210 and $0.1200 levels remained intact and acted as supports. A swing low was formed at $0.1215 and the price recently corrected higher.
It broke the $0.1250 level and the 23.6% Fib retracement level of the last slide from the $0.1358 high to $0.1215 low. However, gains were capped by the $0.1260 level and the 25 simple moving average (2-hours).
Moreover, there is a major declining channel in place with resistance near $0.1260 on the same chart. Therefore, a successful close above the $0.1260 level is needed for more gains in the near term.
The next key resistance is near the $0.1300 level. Besides, the 61.8% Fib retracement level of the last slide from the $0.1358 high to $0.1215 low is also near the $0.1300 level.
A successful close above the $0.1300 level might start a strong increase in stellar price in the near term. In the mentioned case, the price could even climb towards $0.1400.
The market data is provided by TradingView, Bitfinex.
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