Stellar lumen price rallied significantly above $0.1300 and $0.1500. XLM price traded close to $0.1620 and recently corrected lower. On the downside, there are many important supports near $0.1180, $0.1110 and $0.1100 levels.
- Stellar lumen price failed to hold gains above $0.1500 and recently corrected lower.
- There is a crucial breakout pattern forming with resistance near $0.1320 on the 4-hours chart.
- XLM price could decline sharply towards $0.1100 before it starts a strong bullish wave.
Read: Trade at Vantage FX
Stellar Lumen Price Analysis (XLM To USD)
This week, there were neutral-to-bearish moves in bitcoin and altcoins such as Ethereum, ripple, cardano, bitcoin cash, EOS and litecoin. Earlier, Stellar rallied significantly above the $0.1200, $0.1300 and $0.15000 levels.
Click to Enlarge Chart
Looking at the 4-hours chart of XLM/USD, the pair towards the $0.1600 level and settled above the 25 simple moving average (4-hours). The pair formed a new 2019 high near the $0.1620 level and recently started a major downside correction.
The price traded below the $0.1400 support level and the 25 simple moving average (4-hours). The last swing high was formed at $0.1460 and the price is currently trading below $0.1300.
It traded below the 76.4% Fib retracement level of the upward wave from the $0.1174 low to $0.1460 high. An immediate support on the downside is near the $0.1174 swing low.
More importantly, there is a crucial breakout pattern forming with resistance near $0.1320 on the same chart. The triangle support is near $0.1180, below which there is a risk of more losses. The next key support is at $0.1110.
Besides, the 1.236 Fib extension level of the upward wave from the $0.1174 low to $0.1460 high is at $0.1106 to act as a support. However, the main support is near the $0.1100 level (the previous resistance area).
Overall, stellar lumen is currently under pressure below $0.1250, but there are many supports on the downside. If there is a downside thrust, XLM price is likely to find a strong buying interest near $0.1110 or $0.1100 in the coming sessions.
The market data is provided by TradingView, Bitfinex.