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Stellar Lumen (XLM) Price Eyes Fresh Rally Above $0.36

Stellar lumen price started a steady increase above $0.3000 against the US Dollar.
XLM price is now trading above $0.3200 and the 55 simple moving average (4-hours).
There is a key declining channel forming with resistance near $0.3600 on the 4-hours chart (data feed via Kraken).
The pair could start a fresh rally if there is a clear break above the $0.3600 resistance zone.

Stellar lumen price is trading well above $0.3000 against the US Dollar, similar to bitcoin. XLM price must settle above $0.3600 to continue higher.

Stellar Lumen Price Analysis (XLM to USD)

After forming a base above the $0.2750 level, stellar lumen price started a fresh increase against the US Dollar. The XLM/USD pair broke the $0.3000 barrier to move into a positive zone.

There was also a break above the $0.3150 and $0.3200 resistance levels. Finally, the pairclimbed above the $0.3500 resistance level and settled above the 55 simple moving average (4-hours). A high was formed near $0.3698 before there was a downside correction.

The price corrected lower below the $0.3500 level. There was a break below the 23.6% Fibonacci retracement level of the recent wave from the $0.2551 swing low to $0.3698 high.

However, the price remained supported near the $0.3200 level and the 55 simple moving average (4-hours). There is also a key declining channel forming with resistance near $0.3600 on the 4-hours chart. An immediate hurdle on the upside for the bulls could be $0.3550.

The first major resistance is now near $0.3600. If there is a clear break above the $0.3600 resistance zone, the price could start another steady increase. The next key resistance is near the $0.3800 level, above which the price could visit $0.4000.

On the downside, there is a decent support forming near the $0.3300 level. The main support is near $0.3200 and the 55 simple moving average (4-hours). A downside break below the $0.3200 support might call for more losses. The next major support is near the $0.3000 zone.

Stellar Lumen (XLM) Price

The chart indicates that XLM price is now trading above $0.3200 and the 55 simple moving average (4-hours). Overall, the price could start a fresh rally if there is a clear break above the $0.3600 resistance zone.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is slowly gaining momentum in the bullish zone.

4 hours RSI – The RSI for XLM/USD is now above the 50 level.

Key Support Levels – $0.3200 and $0.3000.

Key Resistance Levels – $0.3550, $0.3600 and $0.4000.

The post Stellar Lumen (XLM) Price Eyes Fresh Rally Above $0.36 appeared first on Live Bitcoin News.

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