Stellar lumen, the native currency of stellar, has steadily increased above $0.3500 against the US Dollar. XLM price is currently trading just below $0.3650 and the 55 simple moving average. There was a fragment below a key bullish trend line, with support near $0.3650 on the 4-hours chart. The pair could continue to decline if it breaks the $0.3500 support zone in the near term. As of now Stellar lumen price is trading just above $0.3500 with respect to the US dollar.
Stellar Lumen Price Analysis (XLM to USD)
As stellar lumen formed a basis above the $0.3200 level, Its price started to rise against the US Dollar. The XLM/USD broke the $0.350 barrier to move to the positive zone.
There was also a break above the $0.3650 and $0.3800 resistance levels. However, the price failed to clear the $0.4000 resistance zone. A high was formed near $0.3899 before there was a downside correction. The price corrected lower below the $0.3800 level.
There was a break below the 23.6% Fibonacci retracement level of the upward move from the $0.3122 swing low to $0.3899 high. It is now trading just below $0.3650 and the 55 simple moving average (4-hours).
There was also a break below a key bullish trend line with support near $0.3650 on the 4-hours chart. An immediate support is near the $0.3500 level. The main support is near $0.3500. It is close to the 50% Fibonacci retracement level of the upward move from the $0.3122 swing low to $0.3899 high.
A downside break below the $0.3500 support might call for more losses. The next major support is near the $0.3200 zone. An immediate hurdle on the upside for the bulls could be $0.3720.
The first major resistance is now near $0.3880. If there is a clear break above the $0.3880 resistance zone, the price could start another steady increase. The next key resistance is near the $0.4200 level.
The chart indicates that XLM price is now trading below $0.3650 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $0.3500 support zone in the near term.
Data Courtesy : Trading View
