- 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?