Stellar Lumen (XLM) Price Could Accelerate Lower Below This Support

• Stellar lumen price is moving lower from the $0.1260 resistance zone against the US Dollar.
• XLM price is now trading below $0.1180 and the 55 simple moving average (4 hours).
• There is a connecting bearish trend line forming with resistance near $0.1150 on the 4-hour chart (data feed via Kraken).
• The pair could extend its decline below the $0.1120 support zone in the near term.

Stellar lumen price is trading below $0.1180 against the US Dollar, like Bitcoin. XLM price could extend losses if it trades below the $0.1120 support.

Stellar Lumen Price Analysis (XLM to USD)

In the past few sessions, Stellar Lumen price struggled to climb above the $0.1260 resistance against the US Dollar. The XLM/USD pair failed to continue higher and started a fresh decline.

There was a move below the $0.1200 and $0.1180 levels. The decline gained pace below the $0.1150 level. A low was formed near $0.1088, and the price is now consolidating losses. It managed to recover a few points above the 23.6% Fib retracement level of the downward move from the $0.1262 swing high to the $0.1088 low.

XLM is now trading below $0.1180 and the 55 simple moving average (4 hours). Immediate resistance is near the $0.1150 level. There is also a connecting bearish trend line forming with resistance near $0.1150 on the 4-hour chart.

The next key resistance is seen near the $0.1175 level or the 50% Fib retracement level of the downward move from the $0.1262 swing high to the $0.1088 low.

A clear upside break above the $0.1175 zone might send the price toward $0.1200. Any more gains could lead the price toward the $0.1265 level. If not, the price might continue to move down. Initial support on the downside is near the $0.1120 level. The next major support is $0.1085. Any more losses could lead the price toward the $0.100 level in the near term, below which the price might even test $0.0950.

The chart indicates that XLM price is now trading below $0.1180 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $0.1175 resistance.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is gaining momentum in the bearish zone.

4 hours RSI – The RSI for XLM/USD is now below the 50 level.

Key Support Levels – $0.1120 and $0.1085.

Key Resistance Levels – $0.1150, $0.1175, and $0.1200.