- Stellar found support near $0.0902 after steadying declining against the US
- XLM/USD is above $0.0950 with hurdles at the 55-day SMA via the 4-hours chart
- The coin broke above a significant bearish pattern with resistance at $0.0970
Stellar Lumens News Today – The price of Stellar is showing positive signals against the USD. The XLM price must now clear the $0.1000 area of resistance before it can initiate a strong upward price action. The trading pair could enter into the bullish zone after clearing $0.0988 and $0.1000 (both of which are resistances).
The XLM/USD pair is above $0.0950 with hurdles at the 55-day SMA via the 4-hours chart. In the past week, the price of Stellar remained in bearish territory. It also broke the $0.1050 support against the USD. The XLM/USD trading pair traded under the $0.1000 support. The digital asset broke above a significant bearish pattern with resistance at $0.0970.
Stellar Formed a New Swing Low at $0.0902
Stellar formed a new swing low at $0.0902 and below the 55-day SMA via the 4-hour chart. It recently started a decent recovery above the $0.0940 and $0.0950 area. The bulls pushed prices above the 23.6% Fib retracement of the downward move from $0.1064 to $0.0902. The coin broke above a major bearish pattern with resistance at $0.0970. Stellar is now slowly moving up above the $0.0950 area.
The 50% Fib retracement of the downward move from $0.1064 to $0.0902 is a key resistance near $0.0984. It appears the price is facing several major hurdles near the $0.0980. It is also facing hurdles at the 55-day SMA via the 4-hour chart as well.
A Break Above $0.0980 and $0.1000 Will Increase the Chances of an Upward Rally
A break above $0.0980 and $0.1000 will increase the chances of a strong upward rally. The next major resistance is $0.1080. Conversely, the price could be hindered from going above $0.0980 or $0.1000. This could cause it to drop to the $0.0944 support area. The main support is $0.0902. Below this point, the XLM price might continue dropping to $0.0880.
The chart shows that XLM is attempting an upside movement above $0.1000. All in all, the Stellar price could enter a bullish region after clearing $0.0988 and $0.1000. MACD for the XLM/USD pair is struggling to manage pace in bullish territory. RSI is currently declining. It is now under the 50 level. Stellar Lumens has its key support areas at $0.0904 and $0.0902. Its key resistances are at $0.0980, $0.1000, and $0.1080.
This bullish news is good for the crypto ecosystem and for altcoins generally. How long will this bullish market continue? Analysts believe that it may in the short term.