- Stellar Lumens breaches crucial resistance
- Stellar could move to $0.12 next
- The price of XLM has surged by 8% in the last few days
Stellar Lumens News Today – the price of XLM gained strong bullish momentum. This helped it break the $0.0980 resistance area against the USD. The XLM price is still bullish. It is set to continue rising to $0.1200. There was a sharp move from $0.0880 against the USD. The price of Stellar also broke its main $0.0980 resistance position before trading to a new monthly high of $0.1053. There’s a key bullish pattern forming at $0.0950 via the 4-hour chart of the XLM/USD trading pair. The trading pair will likely continue moving higher to the $0.1200 area as long as it remains above the $0.0950 area.
The Price of Stellar Surged by 8% on the Day
In the last few days, XLM/USD formed a strong support at $0.0850. It initiated a fresh rise above the $0.0920 and $0.0950 resistances. XLM also opened doors for more gains above its primary resistance area at $0.0980 and the coins’ price settled above the 100-day simple moving average on the 4-hour chart. The bulls also pushed the coins’ price above $0.1000 after which a new monthly high was formed near the $0.1053 area.
The XLM price is now consolidating gains near $0.1020. There is an immediate support near the 23.6% Fib retracement of the recent drop from $0.0887 to $0.1053. There’s a key bullish pattern forming on the 4-hour chart with a key support at $0.0950. This trend line is near the 50% Fib retracement area of the recent drop from $0.0887 to $0.1053. Looking at the upside, the $0.1050 position can act as an immediate resistance point.
If XLM Breaks Above its Recent High it Could Clear the Way for More Gains
If XLM successfully breaks above its recent high, it could clear the way for more gains towards the $0.1120 and $0.1200 levels in the coming days. This means that if the price of XLM corrects lower, the bulls will likely protect $0.1000 and $0.0980. These two areas are support positions. The main uptrend support area for XLM is near $0.0950 which is the previous breakout.
A downward break beneath the $0.0980 and $0.0950 support may perhaps initiate a bigger decline to the 100-day SMA (simple moving average) via the 4-hour chart at $0.0800. The MACD for the XLM/USD pair is gaining momentum inside the bullish area. RSI (Relative Strength Index). RSI for XLM/USD is above the 60 level. XLM found major support at $0.1000, $0.0980, and $0.0950. The digital asset also has major resistance at $0.1050, $0.1120, and $0.1200.