Stellar lumen price rallied significantly and broke the key $0.1100 resistance. XLM price is currently testing the $0.1250 resistance and it is likely to climb further higher.
- Stellar lumens price rallied more than 15% and settled above the key $0.1100 pivot area.
- There was a break above a key bearish trend line with resistance at $0.1020 on the 4-hours chart.
- XLM is currently struggling below $0.1250, but it is likely to extend gains in the coming sessions.
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Stellar Lumen Price Analysis (XLM To USD)
This week, we saw a strong rally in bitcoin and altcoins such as Ethereum, ripple, cardano, bitcoin cash, EOS and litecoin. Stellar lumen was not left behind, as it started a sharp upward move after there was a clear break above the $0.1000 barrier.
Click to Enlarge Chart
Looking at the 4-hours chart of XLM/USD, the pair surged above the $0.1020 and $0.1050 resistance levels to start a decent uptrend. There was even a close above the $0.1050 resistance and the 25 simple moving average (4-hours).
Besides, there was a break above a key bearish trend line with resistance at $0.1020. More importantly, the price broke the key $0.1100 pivot level and surged above $0.1200.
However, the upward move faced a strong resistance near the $0.1250 area (the previous support). A swing high was formed at $0.1246 and the price is currently correcting gains. It moved below $0.1200 and the 23.6% Fib retracement level of the recent wave from the $0.1063 low to $0.1246 high.
On the downside, there are many supports near the $0.1105 and $0.1100 levels. An immediate support is at $0.1155, which is the 50% Fib retracement level of the recent wave from the $0.1063 low to $0.1246 high.
The main support is near $0.1100, where the bulls are likely to defend a bearish break. On the upside, a clear break above the $0.1250 resistance could push stellar price towards the $0.1310 resistance level.
If XLM price continues to grind above $0.1300 and $0.1310, the next stop for the bulls might be near the $0.1420 level.
The market data is provided by TradingView, Bitfinex.