Stellar Lumen price, which follows a similar pattern to Bitcoin, is gaining declining momentum for less than 30 cents against the US Dollar. If XLM price doesn’t stay above 28 cents, it could continue to drop to 20 cents. So will XLM go up?



Stellar Lumen price analysis: Will XLM rise?

Last week, Stellar price saw a strong increase of $ 0.2800 and over $ 0.3000 against the US dollar. The XLM / USD pair even broke the $ 0.40 level and settled above the 55 simple moving average (4 hours).

The price traded as high as $ 0.4404 before starting a downside correction. There was a sharp bearish reaction below the $ 0.40 and $ 0.35 levels. The bears gained momentum below the $ 0.3000 support level.

There was also a break below a major contract triangle with support near $ 0.2850 on the 4-hour chart. The price is currently trading below the $ 0.28 support and is testing the 55 simple moving average (4 hours).

If there is a break below the $ 0.2350 support level and the 55 simple moving average (4 hours), there is more risk of loss. The next major support is near the $ 0.2040 level. This level is also near the 76.4% Fibonacci retracement level of the upward move from $ 0.1299 to $ 0.4404.

See Also
Stellar (XLM) Delivers Fifth Wave After Bounce for $ 0.15

Further losses could steer the price towards the $ 0.1680 support zone. In case of a move in the opposite direction, the price could start a new increase from the support of $ 0.2380 or $ 0.2000. On the upside, an initial resistance forms near the $ 0.2650 level. The main resistance appears to be forming near the $ 0.2800 level.

The chart shows that XLM price gained bearish momentum below $ 0.2800 and tested 55 simple moving average (4-hour). Overall, the price is likely to find strong buying interest near the $ 0.2200 and $ 0.2000 support levels in the near term.


Technical indicators

4-hour MACD: Gaining momentum in the bearish zone.
The 4-hour RSI is falling towards the 25 level.
Key Support Levels: $ 0.2380 and $ 0.2000
Key Resistance Levels: $ 0.2550, $ 0.2800 and $ 0.3000

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