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- Against the US Dollar, the price of stellar lumen is struggling below the $0.0880 resistance zone.
- Currently, the price of XLM is trading below $0.0880 and the 55-period simple moving average (4 hours).
- On the 4-hour chart, a significant bearish trend line is forming with resistance near $0.0855 (data feed via Kraken).
- If the pair surpasses $0.0855 in resistance, a recovery surge could begin.
Similar to Bitcoin, the Stellar lumen price is trading below $0.0880 against the US Dollar. If it trades below the $0.0800 support, the XLM price could extend losses.
Analysis of the Stellar Lumen Price (XLM to USD)
After a precipitous drop below $0.085, the Stellar Lumen price struggled to recover favorable momentum versus the US Dollar. The XLM/USD currency pair traded below the $0.0820 level, indicating further bearishness.
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The price reached a nadir near $0.0786 before beginning an upward correction. The price moved higher than $0.0800 and $0.0810. The price rose above the 23.6% Fibonacci retracement level of the recent decline from the swing high of $0.0890 to the low of $0.0786.
The price is currently meeting resistance near $0.0838. It is near the 50% Fibonacci retracement level of the recent decline from the swing high of $0.0890 to the low of $0.0786.
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On the 4-hour chart, a significant bearish trend line is forming with resistance near $0.0855. XLM is currently trading below $0.0850 and the 55-period simple moving average. Initial downside support is near the $0.0810 level. The next significant support is close to the $0.0800 zone.
In the short term, further losses could push the price toward the $0.0785 level, below which the price could even retest $0.07650. The price faces resistance near the $0.0855 level and the trend line on the upside.
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A decisive burst above the $0.0855 region could propel the price to $0.0880. Any further gains could drive the price to $0.0900 or even $0.0920.
The price of XLM is currently trading below $0.0880 and the 55-hour simple moving average (SMA). If the price surpasses the $0.0855 resistance level, a price recovery phase may begin.
