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Stellar Lumens (XLM) Price: Testing Key Support: Can Bulls Bounce Back?
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[Image: Stellar-Consensus-Protocol-1024x682.jpg]
Stellar XLM price struggled to continue above $0.1340 and recently declined below $0.1300. XLM is currently testing a major support and it could either bounce back or extend losses.
  • Stellar lumen price failed to gain momentum above $0.1340 and corrected lower.

  • There is a major ascending channel in place with support near $0.1240 on the 2-hours chart.

  • XLM could either bounce back above $0.1300 or it might extend losses towards the $0.1200 level.

Stellar Lumen Price Analysis (XLM To USD)

In the past few days, there were steady gains in bitcoinEthereumripplecardanobitcoin cashEOSlitecoin and stellar lumen. XLM price climbed above the $0.1280 and $0.1300 resistance levels, but it struggled to surpass the $0.1340 level.

[Image: Stellar-Lumen-XLM.png]

Looking at the 2-hours chart of XLM/USD, the pair topped at $0.1340 and declined below the $0.1320 and $0.1300 support levels. There was a sharp decline below the $0.1280 level and the 25 simple moving average (2-hours).

The pair even traded below the 50% Fib retracement level of the upward move from the $0.1209 low to $0.1340 high. Currently, the price is trading near the $0.1250 level, with a strong support near the $0.1240 level.

Moreover, there is a major ascending channel in place with support near $0.1240 on the same chart. The 76.4% Fib retracement level of the upward move from the $0.1209 low to $0.1340 high is also near $0.1240.

Therefore, stellar lumen price seems to be approaching the next break either below $0.1240 or above $0.1280. If the price stays above $0.1240, there could be a fresh increase above $0.1280 and $0.1300.

The main resistance for the bulls is near the $0.1320 and $0.1340 levels. Above $0.1340, the price could trade towards the $0.1400 level. Conversely, a downside break below the $0.1240 support might push the price further lower.

An immediate support is near the $0.1220 level, below which XLM price could accelerate towards the key $0.1200 support area. Any further losses might drift the price towards the $0.1175 level.

The market data is provided by TradingView, Bitfinex.

by Dr. Latika Mehrotra

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