• Stellar Lumen (XLM) price is struggling below the $0.100 resistance zone against the US Dollar.
• There is a major bearish trend line forming with resistance near $0.0935 on the 4-hour chart.
• XLM price could extend losses if it stays below $0.0950 and fails to break above the resistance levels of $0.0922, $0.0932 and $0.095 respectively.
Stellar Lumen Price Analysis
Stellar lumen price is trading below $0.0950 against the US Dollar, similar to Bitcoin, as bears took control of the market after a close below $0.100 support level . There is a major bearish trend line forming with resistance near $0.0935 on the 4-hour chart (data feed via Kraken).
On the upside, there are three main resistance levels for XLM/USD pair; at around $0.0922,$ 0. 0932 and finally at around 0953 level respectively . The first major resistance is near the 095 level .A clear upside break above this point may send the price towards 09800 level or even higher up to 10200 level .
If XLM/USD fails to break above these mentioned resistances then it could extend losses if it stays below 09500 level . Initial support on downside can be found near 089500 level followed by 0880 and finally at 08500 respectively . This may result in further decline in prices upto 0820 or lower than that .
Moving Average Convergence Divergence (MACD)
The MACD for XLM/USD pair is gaining momentum in bearish zone which indicates that current trend may continue downwards unless some strong bullish pressure occurs in market .
Relative Strength Index (RSI)
The RSI for XLM/USD has now fallen below 50 level which suggests that market may continue its downward trend unless buyers enter in scene to stop decline in prices soon enough .