Stellar Lumens News Today – the XLM/USD pair could sharply rise unless it ends up failing to stay above $0.0750 which is a support area. The price of Stellar Lumens is trading in an upward area above $0.0750 against the USD. This trajectory is similar to bitcoin. The XLM price is set for its next leg higher and above the $0.0800 resistance.

In the last few days, the price of Stellar Lumen remained in a bull area above the $0.0700 position against the USD. The XLM/USD trading pair also broke several hurdles near $0.0800 and the 55-day simple moving average via the 4-hour chart.

XLM Price Formed a High at $0.0863 Before Correcting Downward

Stellar formed a new monthly high near $0.0863 before it started a downside correction. The coin saw a break below $0.0820 and $0.0800. However, this decline was protected by $0.0750 level and the 55-day SMA via the 4-hour chart. A low was formed at $0.0754 and the coins’ price is still rising steadily. XLM is trading ahead of the 23.6% Fib retracement of the last drop from $0.0863 to $0.0754.

There is a breakout pattern with resistance at $0.0800 via XLM/USD 4-hour chart. The upside shows that Stellar is facing a major hurdle at $0.0800 and a connecting bearish pattern. If there’s an upside break above $0.0800, the coins’ price could test $0.0808. It is near the 50% Fib retracement of the recent drop from $0.0863 to $0.0754.

Stellar’s Price Could Decline Below $0.0750

The next major resistance position for XLM is near the $0.0828 price position, above which the value of the coin might accelerate to a monthly high taking it higher than the $0.0860 position. Conversely, the price of Stellar could start a major drop below its main support of $0.0750. The next major support can be seen near $0.0700.

The hourly chart for XLM/USD indicates that the coins’ price is showing many positive signs above the key supports at $0.0750 and $0.0780. Having said this, the coins’ price must gain pace at the resistance at $0.0800 and continue moving higher to $0.0900. The technical indicators for XLM/USD via the 4-hour chart shows that the MACD line is gaining pace in the bullish territory. RSI is currently at level 50. Meanwhile, the coin has support at $0.0750 and $0.0720 and resistance positions at $0.0800, $0.0828, and $0.0880.

At press time Stellar Lumens had a 24-hour trade volume of 306.97648491 XLM. The digital asset was one of the few coins to see green as it was up by 0.74% at press time.