Stellar Lumen (XLM) Price Recovery Faces Uphill Task At $0.1130

• Stellar lumen price is attempting a recovery wave from the $0.1065 zone against the US Dollar.
• XLM price is now trading above $0.1100 and the 55 simple moving average (4 hours).
• There was a break above a key bearish trend line with resistance at $0.1080 on the 4-hour chart (data feed via Kraken).
• The pair could start a decent increase if there is a clear move above the $0.1130 resistance zone.

Stellar lumen price is trading above $0.1100 against the US Dollar, like Bitcoin. XLM price must clear $0.1130 to gain bullish momentum.

Stellar Lumen Price Analysis (XLM to USD)

After a steady increase, Stellar lumen price saw a rejection pattern near the $0.1168 zone against the US Dollar. The XLM/USD pair traded below the $0.1130 support and tested the $0.1150 zone.

A low was formed near $0.1068 and the price is now attempting a recovery wave. There was a break above the $0.1100 resistance zone. The price climbed above the 50% Fib retracement level of the downward move from the $0.1167 swing high to the $0.1068 low.

There was also a break above a key bearish trend line with resistance at $0.1080 on the 4-hour chart. XLM is now trading above $0.1100 and the 55 simple moving average (4 hours).

On the upside, the price is facing resistance near the $0.1125 zone. The next major resistance is near the $0.1130 level or the 61.8% Fib retracement level of the downward move from the $0.1167 swing high to the $0.1068 low.  A clear move above the $0.1130 level might send the price toward the $0.1168 level.

Any more gains could lead the price toward the $0.1200 level or even $0.1220. Initial support on the downside is near the $0.1100 level or the 100 SMA.

The main support is near the $0.1068 zone. Any more losses could lead the price toward the $0.1000 level in the near term, below which the price might even retest $0.0950.

The chart indicates that XLM price is now trading above $0.110 and the 55 simple moving average (4 hours). Overall, the price could start a major increase if there is a clear move above the $0.1130 resistance zone.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is losing momentum in the bullish zone.

4 hours RSI – The RSI for XLM/USD is now below the 50 level.

Key Support Levels – $0.1100 and $0.1068.

Key Resistance Levels – $0.1125, $0.1130, and $0.1168.