Stellar lumen price is trading below $0.1180 against the US Dollar, like Bitcoin. XLM price could extend losses if it trades below the $0.1110 support.
In the past few days, Stellar Lumen price struggled to recover above the $0.120 resistance against the US Dollar. The XLM/USD pair failed to continue higher and started a fresh decline.
There was a move below the $0.1185 and $0.1170 levels. The price tested the $0.1115 zone. A low is formed near $0.1115 and the price is now consolidating losses. XLM is now trading below $0.1175 and the 55 simple moving average (4 hours).
Immediate resistance is near the $0.1130 level. There is also a connecting bearish trend line forming with resistance near $0.1130 on the 4-hour chart. The next key resistance is seen near the $0.1170 level. It is close to the 23.6% Fib retracement level of the downward move from the $0.1345 swing high to the $0.1115 low.
A clear upside break above the $0.1170 zone might send the price toward $0.122 or the 50% Fib retracement level of the downward move from the $0.1345 swing high to the $0.1115 low.
Any more gains could lead the price toward the $0.1280 level. If not, the price might continue to move down. Initial support on the downside is near the $0.1115 level. The next major support is near the $0.1100. Any more losses could lead the price toward the $0.105 level in the near term, below which the price might even retest $0.100.
The chart indicates that XLM price is now trading below $0.1175 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $0.1170 resistance.
4 hours MACD – The MACD for XLM/USD is gaining momentum in the bearish zone.
4 hours RSI – The RSI for XLM/USD is now below the 50 level.
Key Support Levels – $0.1115 and $0.1100.
Key Resistance Levels – $0.117, $0.120, and $0.122.
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