• Stellar lumen price started a downside correction from the $0.0945 zone against the US Dollar, but is now trading above $0.090 and the 55 simple moving average (4 hours).
• There was a break below a key bullish trend line with support near $0.0916 on the 4-hour chart.
• The pair could start another increase if it clears the $0.092 and $0.094 resistance levels.
Stellar Lumen Price Analysis
Stellar lumen price is trading above $0.090 against the US Dollar, similar to bitcoin, and must stay above this level to rise again. After forming a base above the $0.085 level, XLM/USD pair broke the $0.090 resistance zone and even cleared the $0.0920 resistance and 55 simple moving average (4 hours). However, there was a drop below the 23.6% Fib retracement level of an upward move from $0.0861 swing low to $0.0943 high and also a break below a key bullish trend line with support near $0.0916 on the 4-hour chart which halted further gains.
Key Resistance & Support Levels
On the upside, XLM’s price is facing resistance near the $0.092 zone followed by an important barrier at around $0.0945 level while initial support for bulls on downside is near the $0