• 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.
Bearish Trend Line
This past week, Stellar lumen price saw a bearish reaction from the $0.0900 zone against the US Dollar. The XLM/USD pair traded below the $0.0850 support and the 55 simple moving average (4 hours). The bears were able to push the price below the $0.0832 level and form a low at around $0.0827 level before attempting a fresh increase again .
Upside Resistance
The price rose back above the resistance of $0.0850 and is now testing 50% Fib retracement level of its downward move from high of $0,0948 to low of 0$827 . On its upside, there is an obstacle near at around 0$.088 which corresponds too an overall bearish trend line formed on 4 hour chart and other than that there’s also strong resistance near 61% Fib retracement level at 0$9000 . If bulls are able to break this hurdle then they might see further rally towards 0$.0950 or even 0$.1000 levels in short term future .
Downside Support
In case of any downside movement , first significant support for XLM lies near 0$.088 followed by more strong one at 0$.850 which was previously seen as resistance range but now it may act as floor for bulls if situation turns out sour for them . Any more losses could lead prices towards even lower mark of 8$.825 in near future .
Conclusion
Overall , Stellar Lumen (XLM) Price Could Surge If It Clears 0$.900 Resistance Zone with any positive momentum coming up from current levels can drive prices much higher towards mentioned goals in short term future .