Stellar Lumen (XLM) Price Could Correct To $0.40, Upsides Capped
Stellar lumen price is correcting gains below $0.5000 against the US Dollar, while bitcoin remains strong. XLM price is likely to drop $0.4000, where the bulls are likely to appear.
Stellar Lumen Price Analysis (XLM to USD)
After forming a high near $0.6075 level, stellar lumen price started a strong decline against the US Dollar. The XLM/USD pair broke the $0.5000 support level and the 55 simple moving average (4-hours).
It traded as low as $0.4257 before starting a fresh increase. It recovered above the $0.4800 and $0.5000 resistance levels. There was even a spike above the 50% Fibonacci retracement level of the downward move from the $0.6075 swing high to $0.4257 low.
However, the price struggled to clear the $0.5400 resistance. It remained below the 61.8% Fibonacci retracement level of the downward move from the $0.6075 swing high to $0.4257 low. There is also a key bearish trend line forming with resistance near $0.5200 on the 4-hours chart.
The price is currently declining and trading well below $0.5200. It broke the $0.5000 support level and the 55 simple moving average (4-hours). There was also a break below a major bullish trend line with support near $0.5000 on the same chart.
It seems like the price is likely to continue lower towards $0.4400 or $0.4320. Any more losses may possibly lead the price towards the main $0.4000 support zone.
On the upside, the price is facing resistance near the $0.5000 and $0.5200 levels. A clear break above the $0.5200 level could open the doors for a fresh increase towards the $0.6000 level.
Stellar Lumen (XLM) Price
The chart indicates that XLM price is clearly trading well below $0.5200 and the 55 simple moving average (4-hours). Overall, the price could continue to move down towards the $0.4400 and $0.4200 support levels.
4 hours MACD – The MACD for XLM/USD is slowly gaining momentum in the bearish zone.
4 hours RSI – The RSI for XLM/USD is currently well below the 50 level.
Key Support Levels – $0.4320 and $0.4000.
Key Resistance Levels – $0.5000, $0.5200 and $0.5500.
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