- The price of Stellar has gained 10% after reaching $0.0600
- Stellar is consolidating its gains after reaching $0.0600
- The XLM/USD trading pair could drop towards $0.0575
Stellar Lumens News Today – the price of Stellar is up by 10% on the day after the coin broke the $0.0600 resistance against the USD. The XLM price reached a new monthly high point of $0.0661. It is now consolidating its gains acquired during the last 24-hours. There’s a short-term contracting triangle forming via the 4-hour chart of XLM/USD with support near the $0.0610 area.
The trading pair could further correct lower near the $0.0575 support alongside the 55-day SMA via the 4-hour chart. Stellar’s price is currently showing several bullish signs against the USD and BTC. The Price of XLM also could correct by a few points. Such a dip will remain supported near the $0.0600 and $0.0575 area.
The XLM Price Initiated a Strong Resistance at $0.0520
Over this last week, the price of Stellar started a strong move above the $0.0520 resistance position against the USD. The XLM/USD trading pair rallied over 10% before it broke the $0.0550 and $0.0600 resistances. The price of Stellar even eventually surpassed the $0.0620 resistance as well. Before settling well above the 55-day SMA.
A fresh high point was formed near the $0.0661 area (which was the position were the price recently corrected). There was a break beneath the $0.0650 and $0.0640 points. There was a break under the 23.6% Fibo retracement area of the recent rally beginning at $0.0489 to $0.0661. Looking at the downside, we can see key support near the $0.0610 and $0.0606 positions. There is a short term contracting triangle coming up as well with support near the $0.0610 point via the 4-hour chart for XLM/USD. The first key support area rests at $0.0606 (below which the coin’s price may continue its decline).
The Next Important Support for Stellar Stands at $0.0575
The following major support position is resting close to the $0.0575 point or the 50% Fib retracement via the recent rally from $0.0489 to $0.0661. Additionally, there is a connecting bull trend line with a support area at $0.0560 via the same XLM chart. If the price of Stellar fails to stay above the support areas at $0.0575 and $0.0560, it could return to the bearish area.
At the upside, we can see that the price of Stellar must move past the triangle resistance at $0.0622 if it wants to initiate more upsides. The following key resistance is at $0.0650, and then a continuation to the $0.0700 area. The chart shows that price of XLM is trading in the positive zone. In the short term, XLM price could correct further under to the $0.0575 support and the 55-day SMA via the 4-hour chart.