Stellar Lumen (XLM) Price Could Struggle To Continue Higher

Stellar Lumen (XLM) Price Could Struggle To Continue Higher

August 30, 2021

Stellar lumen price is slowly moving lower below $0.3500 against the US Dollar, similar to bitcoin. XLM price could extend losses if it breaks the $0.3150 support zone.

Stellar Lumen Price Analysis (XLM to USD)

After a steady increase above $0.3500, stellar lumen price faced sellers against the US Dollar. The XLM/USD pair tested the $0.3900 zone, where sellers appeared.

The price formed a high near $0.3900 and recently started a fresh decline. There was a break below the $0.3800 and $0.3700 support levels. There was also a break below a major contracting triangle with support near $0.3590 on the 4-hours chart.

The pair traded as low as $0.3282 before correcting losses. There was a break above the $0.3500 level. The price surpassed the 23.6% Fibonacci retracement level of the downward move from the $0.3900 high to $0.3288 low.

However, the price faced a strong resistance near the $0.3600 zone. It failed near the 50% Fibonacci retracement level of the downward move from the $0.3900 high to $0.3288 low. XLM is now trading below $0.3500 and the 55 simple moving average (4-hours).

It is slowly moving lower and approaching $0.3400. On the downside, an initial support is near the $0.3300 level. The next major support is near the $0.3150 level. A downside break below the $0.3150 support might call for more losses. The next major support is near the $0.2880 zone.

An immediate hurdle for the bulls could be $0.3600 and the 55 simple moving average (4-hours). There is also a connecting trend line forming with resistance near $0.3650. If there is a clear break above the $0.3650 resistance zone, the price could start another steady increase. The next key resistance is near the $0.3900 level. Any more gains could set the pace for a larger increase towards $0.4200.

Stellar Lumen (XLM) Price

The chart indicates that XLM price is now trading below $0.3500 and the 55 simple moving average (4-hours). Overall, the price is likely to continue lower as long as it is below the $0.3700 resistance.

Technical Indicators

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

4 hours RSI – The RSI for XLM/USD is currently below the 50 level.

Key Support Levels – $0.3300 and $0.3150.

Key Resistance Levels – $0.3600, $0.3650 and $0.3900.

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