Stellar is an open-source cryptocurrency with a mission to build a global financial infrastructure that facilitates the circulation of traditional forms of money and access to new markets.
Stellar has succeeded in reinventing the currency and asset transfer market by creating a fast and inexpensive distributed network. In fact, its technology has been so adaptable that in 2023 it remains one of the fastest cryptos in the industry.
XLM has also experienced fairly robust growth and adoption. It has tried to position itself as a decentralized exchange of sorts, as its blockchain maintains a built-in order and order book, which keeps ownership of assets.
Stellar Lumen Price Is Struggling below the $0.125 Resistance Zone Against the U.S. Dollar
XLM price is now trading below $ 0.120 and the 55 simple moving average (4 hours). A key downtrend line is forming with resistance near $0.123 on the 4-hour chart (data via Kraken). The pair could start a new rally if it breaks above the $0.125 resistance.
The stellar lumen price is trading below $0.125 against the US dollar, similar to Bitcoin. XLM price could extend losses if it trades below $ 0.112 support.
Stellar Lumen (XLM to USD) price analysis
Star Lumen (XLM) price
The chart indicates that XLM price now trades below $0.125 and the 55 (4-hour) simple moving average. Overall, the price could initiate a further rise if it breaks above the $0.125 resistance.
Technical Indicators
4-hour MACD: The MACD for XLM/USD is gaining momentum in the bearish zone.
4-hour RSI: The RSI for XLM/USD is now above the 50 level.
Key support levels: $0.116 and $0.112.
Key resistance levels: $0.125, $0.135 and $0.144.
After a sharp drop below $ 0.112, the price of Stellar Lumen entered a bearish zone against the US dollar. The XLM/USD pair traded below the $0.105 level.
There was also a rise below the $0.102 support zone. A low formed near $0.100 and the price recently corrected upwards. There was a move above the levels of $ 0.115 and $ 0.120. However, the bearish seems to be active near the $ 0.135 area.
A high is formed near $ 0.1326 and the price goes back down. There was a move below the 23.6% Fibonacci retracement level of the upward move from the low of $0.100 to the high of $0.1326.
XLM is now trading below $0.120 and the 55 (4-hour) simple moving average. A key downtrend line is also forming with resistance near $0.123 on the 4-hour chart.
The next key resistance is seen near the $0.125 level. A clear bullish break above the $0.125 area could send the price towards $0.135. Any further gains could take the price towards the $0.144 level.
Initial downside support is near the $0.116 level. The next important support is near the $0.1125 area or the 61.8% Fibonacci retracement level of the upward move from the low of $0.100 to the high of $0.1326.
Any further losses could take the price towards the $0.105 level in the short term, below which the price could even retest $0.1000. The next important support is near $0.095.
By Leonardo Pérez
