- Stellar’s price is currently correcting above $0.0680
- XLM is facing strong resistance near $0.0700 and the 55-day SMA
- The XLM/USD pair could go above $0.0700 or drop below $0.0650
Stellar Lumens News Today – the price of Stellar Lumens is struggling to stay bullish above the $0.0700 area against the USD. The XLM price must now settle above the $0.0700 region and $0.0740 if it wants to change its current trend. In the last few days, the price of Stellar followed a bearish pattern from above the $0.0800 position against the USD.
The XLM/USD trading pair broke some important support points near the $0.0700 area to enter a bearish region. The price of the coin traded below $0.0680 and settled below the 55-day SMA via the 4-hour chart. It also traded as low as $0.0660. After which it started an upside correction. Stellar’s recent swing low was at $0.0682 before an upward correction.
XLM/USD has its Main Resistance at $0.0720
There was a break above an important bearish pattern with resistance at $0.0695 via the 4-hour chart. The XLM/USD pair is testing the 23.6% Fib retracement of the last drop from $0.0740 to $0.0682. The initial major resistance area for XLM is near the $0.0720 area or the 55-day SMA on the 4-hour chart.
The 50% Fib retracement level of the last drop from $0.0740 to $0.0682 might act as a resistance area. The next major resistance seats at $0.0740. Above this area there’s a chance of a sustained upward action to $0.0800 and $0.0840. Conversely, the coins’ price may not surpass $0.0700 and $0.0720 both of which are resistance areas. There is initial support at $0.0680.
XLM/USD has its Main Support at $0.0660
The main support area for XLM/USD is near $0.0660. Below this area is were the bears will likely aim to test the $0.0600 support in the near-term outlook. All further losses could see the coins’ price approach $0.0580. The chart also indicates that the XLM price is struggling to gain momentum above the $0.0700 area. Hence, the coin could extend its recovery above $0.0700 or it could drop below $0.0650.
The technical indicators show the MACD for XLM/USD is gradually gaining pace and is in the bullish area via the 4 hour chart. The same chart shows that the RSI or XLM/USD is approaching the 50 level. The key support areas for XLM/USD include $0.0680 and $0.0660. The crucial resistance areas for the digital asset include $0.0700, $0.0720 and $0.0740.
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