- Stellar’s price is holding the $0.0980 and $0.1000 support
- XLM/USD is facing multiple hurdles near the 55-day SMA via the 4-hour chart
- There’s a key bearish pattern forming for XLM with resistance at $0.1024
Stellar Lumens News Today – the price of Stellar is holding support at $0.0980 and $0.1000 levels. The trading pair could enter into the bullish region if it manages to clear the $0.1050 and $0.1080 resistance levels. The price of Stellar Lumens is holding several key support areas against the USD which is similar to Bitcoin’s latest price action. The XLM price must clear the resistance at $0.1080 before moving into a positive area. In the past week, the coin’s price started declining steadily from above the $0.1100 area against the USD. The XLM/USD trading pair also broke the key bearish zone at $0.1080.
XLM/USD is Facing Multiple Hurdles Above $0.1000
There was a break below the $0.1000 support area. After which the price settled beneath the 55-day SMA via the 4-hour. A new low was formed near $0.0969. XLM is currently recovering higher. It is currently trading above $0.1000 facing several key hurdles. There is a significant bearish pattern forming with resistance near the $0.1024 area on the 4-hour chart of the pair. The trend line is near the 23.6% Fib retracement of the recent drop from $0.1191 to $0.0969. The first significant resistance is near $0.1060 and the 55-day SMA via the 4-hour chart. The main resistance area is still $0.1080. The coin is close to the 50% Fib retracement of the recent drop from $0.1191 to $0.0969.
A Break Above $0.1050 and $0.1080 Will Bring A Fresh Rise in the Near-term
A break above $0.1050 and $0.1080 both resistances is a must for XLM to start a fresh increase in the near-term outlook. The coin’s price may continue rising towards the $0.1200 resistance. Conversely, XLM price may fail to move higher above the $0.1040 or $0.1050 area. There is key support at $0.0980, below here prices may continue declining towards $0.0880 which is a support.
The chart shows that the price of XLM is attempting an upside break above the $0.1020 area. Overall, the coins’ price could enter the bullish region if it clears the $0.1050 and $0.1080 resistances. The MACD line is gaining pace in the bullish area. RSI for the XLM/USD pair is rising. It will likely settle above level 50. The coin has key support at $0.1000 and $0.0980. Resistances sit at $0.1040, $0.1050 and $0.1080.
Stellar Lumens has been following BTC’s price action recently and remains in the bullish area. Analysts expect it to remain so in the short term as the crypto bull market continues.