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Stellar (XLM) Analysis: Rally Facing Hurdles: Can Price Surpass $0.1300?
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[Image: Stellar-Consensus-Protocol-1024x682.jpg]
Stellar lumen price rallied significantly and broke the key $0.1100 resistance. XLM price is currently testing the $0.1250 resistance and it is likely to climb further higher.
  • Stellar lumens price rallied more than 15% and settled above the key $0.1100 pivot area.

  • There was a break above a key bearish trend line with resistance at $0.1020 on the 4-hours chart.

  • XLM is currently struggling below $0.1250, but it is likely to extend gains in the coming sessions.

Stellar Lumen Price Analysis (XLM To USD)

This week, we saw a strong rally in bitcoin and altcoins such as Ethereumripplecardanobitcoin cashEOS and litecoin. Stellar lumen was not left behind, as it started a sharp upward move after there was a clear break above the $0.1000 barrier.

[Image: Stellar-Lumen-XLM.png]
Click to Enlarge Chart

Looking at the 4-hours chart of XLM/USD, the pair surged above the $0.1020 and $0.1050 resistance levels to start a decent uptrend. There was even a close above the $0.1050 resistance and the 25 simple moving average (4-hours).

Besides, there was a break above a key bearish trend line with resistance at $0.1020. More importantly, the price broke the key $0.1100 pivot level and surged above $0.1200.

However, the upward move faced a strong resistance near the $0.1250 area (the previous support). A swing high was formed at $0.1246 and the price is currently correcting gains. It moved below $0.1200 and the 23.6% Fib retracement level of the recent wave from the $0.1063 low to $0.1246 high.

On the downside, there are many supports near the $0.1105 and $0.1100 levels. An immediate support is at $0.1155, which is the 50% Fib retracement level of the recent wave from the $0.1063 low to $0.1246 high.

The main support is near $0.1100, where the bulls are likely to defend a bearish break. On the upside, a clear break above the $0.1250 resistance could push stellar price towards the $0.1310 resistance level.

If XLM price continues to grind above $0.1300 and $0.1310, the next stop for the bulls might be near the $0.1420 level.

The market data is provided by TradingView, Bitfinex.

by Dr. Latika Mehrotra
Surpassed, it's 0.14 already :)

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