• Stellar Lumen (XLM) price is struggling below the $0.0850 resistance zone against the US Dollar.
• There is a crucial bearish trend line forming with resistance near $0.0812 on the 4-hour chart.
• XLM price could start a recovery wave if it clears the $0.0820 resistance.
Stellar Lumen Price Struggles
The Stellar Lumen (XLM) price is currently struggling to break above the $0.0850 resistance zone against the US Dollar. The pair is now trading below $0.0820 and the 55 simple moving average (4 hours). A crucial bearish trend line is also forming with resistance near $0.0812 on the 4-hour chart (data feed via Kraken).
Bearish Trend Line Resistance
After a sharp decline below $0.082, Stellar Lumen price moved into a bearish zone against the US Dollar. A low was formed near $0.0752 before the price started an upside correction above the 23.6% Fib retracement level of its downward move from swing high to low ($0.0862 to $0.0751). However, further gains are being hindered by a bearish trend line with resistance around the 50% Fib retracement level of its downtrend ($0.0807).
Support Levels & Resistance
Initial support for XLM/USD lies at around $0778 and any more losses could lead it toward its next major support at $0750 zone or even as far down as at 0$720 in case of additional bearsih pressure in play in market momentum . On upside, immediate resistnce resides around 0$.0807 and clear break above this level might push it towards another significant psychological area of 0$820 followed by 0$850 as well as 0$900 levels respectively .
MACD & RSI Indicators
Looking at technical indicators , 4 hour MACD for XLM/USD has already shifted iinto bearish zone while RSI has droppped back down below 50 mark which indicates that current underlying momentum for both buyers and sellers remain almost neutral as we speak .
In conclusion , Stellar Lumen (XLM) price needs to clear key resistances around 0$.0807 – 0$.0820 in order to finally start recovery wave above mentioned resistances . Initial support lies around 0$.0778 with major support at 0$.0750 followed by another critical psychological area of 0$720 respectively .