- 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.
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.
