• Stellar lumen (XLM) price started a downside correction from the $0.115 zone against the US Dollar.
• XLM price is now trading above $0.1060 and the 55 simple moving average (4 hours).
• There is a connecting bullish trend line forming with support near $0.1055 on the 4-hour chart, indicating potential for further upside gains in the coming sessions.
Stellar Lumen Price Analysis
Stellar lumen price started a downside correction from the $0.115 zone against the US Dollar, but is now trading above $0.1060 and the 55 simple moving average (4 hours). There is a connecting bullish trend line forming with support near $0.1055 on the 4-hour chart, indicating potential for further upside gains in the coming sessions.
Upside Resistance Levels
On the upside, there is resistance near at around $0.1085, which is close to 50% Fib retracement level of previous downward move from swing high at $0.1143 to low at $0.1024 low; while next major resistance sits near at around $0.1115 level or 76.4% Fib retracement level of same downward move from swing high to low respectively; if these levels are breached then it could send prices towards next strong resistance located at around $0.1150 level and beyond that even to lofty heights up to as much as $1.200 & if lucky then also up to even higher levels such as up to as much as 0$.1250 mark respectively in coming days/weeks ahead time frame as per technical analysis charts readings & market sentiments/expectations respectively .
Downside Support Levels
Initial support on downside however lies near at around currently seen levels of 1065$ or else trend line itself; while next major support lies near important key psychological mark of 1$.020 respectively should current levels breakdown below this mark too in coming days/weeks ahead time frame; though not expected anytime soon due to prevailing bullish sentiments & expectations respectively .
MACD & RSI Indicators
The MACD for XLM/USD pair is losing momentum in bull run zone whereas RSI also remains in similar bullish territory suggesting more upside potential left yet before any major reversal occurs anytime soon .
Conclusion
Overall Stellar lumen (XLM) price may start another increase if it clears currently seen resistances such as 1085$ & 1120$ respectively ; should these be broken then expect strong bull run upto 1250$ or even higher marks too going ahead in few weeks/sessions time frame ; hence overall outlook remains positive for short term investors/traders alike .