Stellar Lumen (XLM) Price Could See Recovery Above $0.10

2. Mai 2023 Aus Von admin

• Stellar Lumen price is trading below $0.100 against the US Dollar.
• There is a major bearish trend line forming with resistance near $0.0980 on the 4-hour chart (data feed via Kraken).
• XLM could start a recovery wave if it clears the $0.100 resistance.

Stellar Lumen Price Struggling

Stellar lumen price is struggling below the $0.100 resistance zone against the US Dollar. XLM price is now trading below $0.0980 and the 55 simple moving average (4 hours).

Technical Analysis

There is a major bearish trend line forming with resistance near $0.0980 on the 4-hour chart (data feed via Kraken). The pair could start a recovery wave if it clears the $0.100 resistance. After a major decline below $0.100, Stellar Lumen price attempted a recovery wave against the US Dollar but failed to extend gains and resumed its decline and traded below the $0.0918 support, forming a low at around $0.0902 and attempting another fresh recovery wave since then..

Resistance Levels

On the upside, XLM is facing resistance near the 0$965 level; and further ahead, there’s strong resistance at 0$980 as well as at 0$1000 where lies 61% Fibonacci retracement level of downward move from 0$1090 swing high to 0$0902 low can be seen in play as well as an important bearish trendline which will act as stiff resistance for any rally above it.. A clear upside break above this level might send prices towards 0$1080 or even higher levels like 0$1120 or even higher..

Support Levels

In case of any further losses, initial support lies at around 0$0918 while main support lies close to 0$090 zone; Any further losses may take prices down to test previous lows of around 0$0865 or even lower levels like 0850$.

Conclusion

Overall, Stellar Lumen may start a major decline if there is clear move below key support level at around 0$090