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.

Stellar Lumen Price Analysis XLM Chart

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.


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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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