- Stellar price is trading near an inflection zone at $0.10
- The price of the coin climbed above the $0.1000 resistance
- XLM also struggled to extend the gains it made above $0.1100
Stellar Lumens News Today – the XLM price is currently struggling to follow the recent Bitcoin rally. XLM must settle above the $0.1000 and $0.1050 areas to initiate a fresh move upward in the near-term outlook. In the last week, the price of Stellar has extended its rise above $0.1000. The XLM/USD trading pair spiked above $0.1050 and settled above the 55-day SMA via the 4-hour chart.
However, XLM failed to continue moving higher and topped at the $0.1070 region. The coin made two failed attempts to regain strength above the $0.1050 area. The recent swing high topped near $0.1058 before correcting.
XLM is Struggling to Stay Above $0.0970
XLM/USD broke $0.1000, plus the 50% Fib retracement of the upward move from $0.0943 to $0.1058. The coin’s price is currently trading below the $0.1000 area and the 55-day SMA on the 4-hour chart. It is struggling to stay above the $0.0970 area. There’s a key bullish pattern forming with support at $0.0970 via the 4-hour chart.
This pattern is near the 76.4% Fib retracement of the upward move from $0.0943 to $0.1058. If the price of Stellar fails to stay above $0.0970 and $0.0950, it will likely extend its decline further. The next major support area for XLM is near $0.0900 below this level the coin could revisit $0.0870 which is a support zone. It also coincides with the 1.618% Fib extension of the upward move from $0.0943 to $0.1058.
XLM Could Move Past $0.1050 if it Clears the Resistance at $0.1000$0.1000
Looking at the upside, the $0.1000 area is an initial hurdle for the XLM bulls. A clear break above $0.1000 could trigger a to the $0.1050 region. In the above case, there’s a good chance that the coin will break above the $0.1080 and $0.1100 areas. The XLM price is trading at an inflection point of $0.0970. Hence, the pair could decline further towards $0.0870 support after settling below $0.0950.
According to the technical indicators, the MACD pattern for the XLM/USD pair is slowly gaining momentum in the bearish region. Meanwhile, the RSI for XLM/USD is sitting well beneath the 50 levels. Although, it has a bullish angle. The digital asset has its key support areas at $0.0970 and $0.0870. XLM has its key resistances at $0.1000, $0.1050, and $0.1080.
The overall cryptocurrency market has benefited from the recent bull market where Bitcoin successfully crossed the $10k mark. Other altcoins have shown promise and have seen significant increases in value. Can the rally continue in the long term and how will it affect Stellar Lumens?
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.