Stellar Lumen (XLM) Price Could Take Major Hit Below This Support

• Stellar lumen price started a fresh decline from the $0.1000 resistance zone against the US Dollar.
• XLM price is now trading below $0.0950 and the 55 simple moving average (4-hours).
• There is a major bearish trend line forming with resistance near $0.090 on the 4-hours chart (data feed via Kraken).
• The pair could continue to move down if it breaks the $0.0840 and $0.0800 support levels.

Stellar lumen price is trading below $0.1000 against the US Dollar, similar to bitcoin. XLM price must stay above the $0.0800 support to avoid more losses.

Stellar Lumen Price Analysis (XLM to USD)

After a steady increase, stellar lumen price faced sellers near the $0.1000 zone against the US Dollar. The XLM/USD pair formed a high near $0.1005 before it started a fresh decline.

There was a move below the $0.0980 and $0.0950 levels. The bears even pushed the price below the $0.0920 level. The bears pushed the price below the 61.8% Fib retracement level of the upward move from the $0.0792 swing low to $0.1005 high.

It is now trading below $0.0950 and the 55 simple moving average (4-hours). An initial support on the downside is near the $0.0840 level. It is near the 76.4% Fib retracement level of the upward move from the $0.0792 swing low to $0.1005 high.

The main support is near the $0.0800 zone. Any more losses could lead the price towards the $0.0750 level in the near term, below which the price might even retest $0.0700.

On the upside, the price is facing resistance near the $0.0870 level. There is also a major bearish trend line forming with resistance near $0.090 on the 4-hours chart. The next hurdle could be near the $0.0900 zone and the 55 simple moving average (4-hours).

A clear move above the $0.0900 level might send the price towards the $0.1000 level. Any more gains could lead the price towards the $0.1120 level or even $0.1200.

The chart indicates that XLM price is now trading below $0.1000 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $0.0840 and $0.0800 support levels.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is gaining momentum in the bearish zone.

4 hours RSI – The RSI for XLM/USD is now below the 50 level.

Key Support Levels – $0.0840 and $0.0800.

Key Resistance Levels – $0.0900, $0.1000 and $0.1120.

Tags: stellar, Stellar Lumens, XLM