Stellar Lumen (XLM) Price Recovery Faces Many Hurdles At $0.1150

Submitted by Anonymous (not verified) on Mon, 04/15/2024 - 08:10

Stellar lumen price is attempting a recovery wave from the $0.0920 zone against the US Dollar.
XLM price is now trading below $0.1200 and the 55 simple moving average (4 hours).
There is a key bearish trend line forming with resistance at $0.1195 on the 4-hour chart (data feed via Kraken).
The pair could start a decent increase if there is a clear move above the $0.1200 resistance zone.

Stellar lumen price is consolidating above $0.1020 against the US Dollar, like Bitcoin. XLM price must clear $0.1200 to gain bullish momentum.

Stellar Lumen Price Analysis (XLM to USD)

After a steady increase, Stellar lumen price saw a rejection pattern near the $0.1365 zone against the US Dollar. The XLM/USD pair traded below the $0.1200 support and tested the $0.1150 zone.

A low was formed near $0.09151 and the price is now attempting a recovery wave. There was a break above the $0.1000 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.1367 swing high to the $0.09151 low.

XLM is still trading below $0.1200 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.1142 zone. It is near the 50% Fib retracement level of the downward move from the $0.1367 swing high to the $0.09151 low.

The next major resistance is near the $0.1195 level. There is also a key bearish trend line forming with resistance at $0.1195 on the 4-hour chart. A clear move above the $0.1195 level might send the price toward the $0.1250 level.

Any more gains could lead the price toward the $0.1285 level or even $0.1320. Initial support on the downside is near the $0.1050 level. The main support is near the $0.1000 zone. Any more losses could lead the price toward the $0.0920 level in the near term, below which the price might even retest $0.0880.

The chart indicates that XLM price is now trading below $0.1150 and the 55 simple moving average (4 hours). Overall, the price could start a major increase if there is a clear move above the $0.120 resistance zone.