This past week, stellar lumen price started a major downside correction from well above $0.1250 against the US Dollar. The XLM/USD pair broke the key $0.1200 and $0.1150 support levels to move into a bearish zone. There was even a close below the $0.1200 level and the 55 simple moving average (4-hours). The price traded close to the $0.1100 support level, where buyers emerged. A swing low was formed at $0.1101 before the price started a strong upward move.
The price climbed higher above the $0.1140 and $0.1150 resistance levels. There was also a break above the 23.6% Fibonacci retracement level of the last decline from the $0.1366 high to $0.1101 low. However, the price is now facing a strong resistance near the $0.1200 level. There is also a crucial bearish trend line formed with resistance at $0.1200 on the 4-hours chart. The next resistance is near the $0.1220 level and the 55 simple moving average (4-hours).
Above $0.1220, the price could test the $0.1235 level. It represents the 50% Fibonacci retracement level of the last decline from the $0.1366 high to $0.1101 low. If the price fails to break the $0.1200 resistance level, there could be a fresh decline below the $0.1160 level. The main support is near the $0.1100 level, which may continue to stop decline. On the upside, a clear break and close above the $0.1200 level will most likely clear the path for more gains in the near term.
The chart indicates that XLM price is clearly trading near a crucial juncture with resistance near $0.1200. If buyers gain strength, the price is likely to start a strong rally above $0.1220, $0.1235 and $0.1250 levels. In the mentioned bullish scenario, the price may even revisit the $0.1320 resistance area in the coming days.
4 hours MACD – The MACD for XLM/USD is slowly moving into the bullish zone.
4 hours RSI – The RSI for XLM/USD moved back above the 50 level, with a positive bias.
Key Support Levels – $0.1160 and $0.1150.
Key Resistance Levels – $0.1200, $0.1220 and $0.1250.
The post Stellar Lumen (XLM) Price Could Surge If It Breaks $0.1200 appeared first on Live Bitcoin News.