Stellar Lumen (XLM) Price Holds Key Support, More Upsides Likely

Stellar Lumen (XLM) Price Holds Key Support, More Upsides Likely

August 2, 2021

Stellar lumen price is showing positive signs above $0.2500 against the US Dollar, similar to bitcoin. XLM price could gain pace if it clears the $0.2850 and $0.2950 levels.

Stellar Lumen Price Analysis (XLM to USD)

After testing the $0.2000 support zone, stellar lumen price started a fresh increase against the US Dollar. The XLM/USD pair broke the $0.2200 resistance level to move into a positive zone.

The price even rallied above the $0.2500 barrier and the 55 simple moving average (4-hours). The bulls were able to push the price above the $0.2800 level. A high was formed near $0.3033 before the price started a downside correction.

There was a break below the $0.2850 support level. A low is formed near $0.2684 and the price is now consolidating losses. It is testing the 23.6% Fibonacci retracement level of the recent decline from the $0.3033 high to $0.2684 low.

There is also a key bullish trend line forming with support near $0.2700 on the 4-hours chart. It is now facing resistance near $0.2850 zone. It is near the 50% Fibonacci retracement level of the recent decline from the $0.3033 high to $0.2684 low.

If there is a clear break above the $0.2850 resistance zone, the price could start another steady increase. The next key resistance is near the $0.2950 level. Any more gains could set the pace for a larger increase in the coming sessions towards $0.3200.

The next key resistance is near the $0.3500 level. If not, the price could extend losses below the trend line support and $0.2700. An immediate support is near the $0.2620 level. The main support is near $0.2540. Any more losses might call for a drop towards the $0.2200 support zone.

Stellar Lumen (XLM) Price

The chart indicates that XLM price now trading above $0.2500 and the 55 simple moving average (4-hours). Overall, the price is likely to start another increase if there is a break above the $0.2850 resistance.

Technical Indicators

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

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

Key Support Levels – $0.2700 and $0.2540.

Key Resistance Levels – $0.2850, $0.2950 and $0.3000.

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