• Stellar Lumen (XLM) price is attempting a fresh increase from the $0.085 zone against the US Dollar.
• There is a major bearish trend line forming with resistance near $0.0888 on the 4-hour chart.
• The pair could start a major increase if there is a clear move above the $0.0900 resistance zone.
Stellar Lumen Price Analysis
Stellar lumen price is trading above $0.0850 against the US Dollar, similar to Bitcoin. XLM price must clear $0.090 to start a major increase. The bears were able to push the price below the $0.0832 level and formed a low near $0.0827; however, it is now attempting a fresh increase back above the $0.0850 resistance zone with support from the 55 simple moving average (4 hours).
Major Resistance Level
On the upside, there is a major bearish trend line forming with resistance near $0.0888 on the 4-hour chart which needs to be cleared for further upside momentum in Stellar Lumens‘ price action. The next major resistance lies at around $0.0900 level, near 61.8% Fib retracement level of downward move from the swing high at $0.0948 to low at 0$.0827 low, where any more gains could lead XLM prices towards as far as up to $1o000 or even higher at up to $10500 levels..
Initial Support Level
Initial support on downside lies around 0$.088 level but main support lies close by at around 0$.08050 area which if broken will push XLM prices lower towards as far down as up to 0$. 0825 levels or even lower than that in case of extended bearish pressure on market..
Technical Indicators
The MACD indicator for XLM/USD pair has been gaining momentum in bullish zone and RSI indicator has gone above 50 mark indicating that bulls have taken control over market in short term and are trying hard to break past major resistances mentioned earlier..
Conclusion
Overall, Stellar lumen price seems ready for an uptrend if it can break past its key resistances around 0$.088 and 0$.090 marks respectively and keep hold on its gains after breaking past those resistances .