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Stellar Lumen price prediction: $0.08 key for XLM price movement

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  • Stellar Lumen price correcting below $0.85
  • XLM/USD recorded a new monthly high at $0.0877
  • Clearing below $0.080 could spark a bearish break
  • XLM is currently trading in a positive zone

The Stellar Lumen price has depreciated from $0.119 to $0.07 in just over two months. This decline’s primary reason is down to the low transaction volume and uncertainties clouding the Stellar Lumen project. The XLM/USD pair is presently trading in a positive zone above the $0.08 price level. 

Stellar Lumen daily price recap

Stellar Lumen price prediction: $0.08 key for XLM price movement 1
XLM/USD daily chart:Tradingview

Currently, the XLM/USD pair is trading at $0.08379, with a daily trading volume of $151,864,159. During the previous 24 hours, Stellar Lumen price has dropped by 0.24 percent. The token opened the day trading at $0.08307 after closing the previous day at $0.08337. So far, the price has ranged between $0.08264 — $0.08425.

XLM/USD 4-hour chart

Stellar Lumen price prediction: $0.08 key for XLM price movement 2
XLM/USD 4-hour chart: Tradingview

After bitcoin’s price spike, the XLM/USD pair managed to gain, soaring past the $0.084 price level. In fact, the pair managed to breach the resistance zone near $0.085 before settling above the 55 SMA on the 4-hour chart.

The bulls managed to record a new monthly high of $0.0877 before the Stellar Lumen price action commenced on a downside correction. The XLM/USD pair corrected below the critical support level at $0.085, breaking out of a crucial bullish trendline that was shaping up anchored near $0.084, as highlighted on the above chart. 

Stellar Lumen price prediction

The XLM/USD pair has support near the $0.082 price level. If the Stellar Lumen price deepens below this support zone, the bears are open to testing the critical support levels at $0.080 and $0.0794. The sellers must clear off the buying pressure near $0.0785 to spark a bearish breakdown driving the market into a negative zone. 

On the contrary, the Stellar Lumen price action might remain above the $0.08 fundamental support level. The immediate resistance zone is near $0.085, while the vital sell-off zone is near the $0.087 price level. If the bulls can manage to clear the selling pressure at these two levels, the XLM/USD pair could be open to more gains past the $0.088 and $0.090 price levels.

A surge past the $0.090 price level is a buy signal and would open up a way for Stellar price to test the $0.10 price level. 

In other news, the Stellar Development Foundation (SDF) recently announced an essential update for Stellar Blockchain users. After discovering bugs’ presence in the Stellar Protocol 14 testnet, which was launched back in September, the vote for the mainnet update has been pushed to November 23, 2020. After taking care of the bugs, the SDF launched the testnet on October 20 as protocol 15. 

The fresh features revealed for the blockchain will be executed when protocol 15 will be launched on the mainnet next month. The two notable features of the update include Claimable Balances and Sponsored Reserves. 

Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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