Summary of the Article
- Stellar lumens (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.
Current Price Trend of XLM
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. This past week, Stellar lumen price saw a bearish reaction from the $0.0900 zone against the US Dollar, and was able to push the price below the $0.0832 level and reach a low at around $0.0827 before attempting an increase again and trading above both $0.0850 and its 55 simple moving average (4 hours).
On the upside, XLM/USD faces resistance near its current levels at around $ 0.088 as well as at another major bearish trend line forming with resistance near $ 0 .088 on its 4-hour chart data feed via Kraken exchange’s API service provider . The next significant resistance after this lies at around 0 .090 which is also around 61 .8% Fib retracement level of its downward move from swing high at 0 .0948 to low at 0 .0827 . If it succeeds in clearing this barrier then it has potential for further surge up till 0 .1000 or even beyond that point till 0 .1050 mark in short term basis .
Initial support on downside can be found near current levels itself as well as near previous lows made by it while trying to breach levels below 8th decimal point , i:e , 825 marks in USD notation; these two support levels are followed by main support level marked by USD ~ 8th decimal point mark i:e , 850 marks in USD notation which needs to hold if any kind of further higher correction wave is expected in coming days ahead for XLM tokens attached with Stellar blockchain technology based system network layer protocol framework setup developed for open source digital currency transfer across decentralized public ledger shared among all users participating within network nodes spread out globally over internet connected devices running same software version with same consensus algorithm rules & regulations applied by governing body lead group formulating policies & procedures specific for cryptocurrency token handling & management through distributed immutable ledger infrastructure 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