- The stellar price climbed to $0.0765 before correcting lower
- Downsides will be limited as XLM price is now below $0.0700
- XLM broke below a major bullish pattern with support at $0.0720
Stellar Lumens News Today – the price of Stellar climbed to the $0.0765 area. After which it corrected lower. The XLM/USD trading pair might correct further lower to the $0.0625 support area. It is at this point that the bulls will likely take a stand. The downside for Stellar is limited for the time being. Stellar price is now correcting lower against the USD. The XLM price will likely bounce back from the $0.0680 area or the $0.0620 region.
Stellar Price Gained Bullish Momentum Above $0.0620
In the past week, the price of Stellar managed to price gain bullish momentum against the USD. This propelled the coin’s value above the $0.0620 resistance area against the USD. The XLM/USD trading pair eventually rallied above $0.0650 which is resistance and the 55 SMA via the 4-hour chart. Finally, the price of Stellar surged above $0.0700 and traded at a new monthly high of $0.0769.
Recently, the value of XLM started a downside correction under $0.0750 and $0.0720. There was a break beneath a major bullish pattern with support at $0.0720 via the 4-hour chart. XLM/USD is now trading beneath the 61.8% Fib retracement via the upward move from $0.0655 to $0.0769. The price of XLM is now trading close to the $0.0680 support area and the 55-day simple moving average. The 76.4% Fib retracement position via the upward movement from $0.0655 to $0.0769 is also another support level.
If Stellar Price Falls Below $0.0680, the Correction Will Continue
If the price of Stellar fails to remain above the $0.0680 area which is a support, it could maintain its move downwards to the key support level of $0.0620. The 1.236% Fib extension area via the upward move from $0.0655 to $0.0769 could also offer support at $0.0628. If there any further losses for the digital asset, this will likely put the coin’s price at risk of breaking below the $0.0600 support position.
Conversely, if the price of Stellar can stay ahead of the $0.0680 and $0.0620 support positions, a different outcome could ensue. Looking at the upside, there is an initial resistance area near $0.0720. The main hurdle here is close to the $0.0745 position, above which the XLM bulls will likely aim for $0.0800. The daily chart shows that XLM price is now approaching several key support areas at $0.0680 and the 55-day simple moving average. As long as the price of Stellar remains above the $0.0620 mark, it will likely bounce back above the $0.0645 position.