- Stellar lumen price striving to break past $0.0750
- Bearish trendline shaping up for XLM/USD
- Breaking past $0.075 may propel Stellar Lumen price towards $0.0850
Stellar lumens price overview
Stellar lumen price has displayed indications of recovery beyond the $0.07 price level. The price of XLM should clear past the $0.075 and $0.076 resistance points to trigger a bullish break in the long term.
XLM/USD price movements over the last 24 hours
The last 24 hours have been generally bullish for the XLM/USD pair. The cryptocurrency closed the previous day trading at $0.07289 before opening the day at $0.07289. The highest point so far for the pair has been $0.07406 before dropping to the current price at $0.07242.
Stellar Lumen 4-hour chart
Stellar lumen price has been declining regularly since the beginning of September. However, after a long trend downwards, XLM/USD bulls appear to have found stable support near the $0.0650. Currently, XLM/USD pair is attempting to turn $0.075 into support before embarking for more gains.
The Stellar Lumen price action reached a low of $0.068 before rebounding to the current price level. The cryptocurrency briefly crossed the $0.072 resistance zone, which is currently hindering further advancement. The next crucial resistance is at $0.075, which could unlock the door to further gains.
Notably, a bearish trendline is shaping up on the XLM/USD pair 4-hour chart near the $0.075 rejection point.
Stellar lumen price prediction
From the chart above, it is clear that the XLM/USD pair is currently struggling to clear the selling pressure near $0.072. Further resistance lies ahead at the $0.075, which is crucial to the Stellar lumen price’s direction.
From the chart, the XLM/USD pair should clear past the resistance displayed by the bearish trendline near $0.075 before moving further upwards. Breaking past the $0.075 resistance might pave the way for further gains allowing XLM to make further recovery.
The subsequent selling pressure is near $0.076. If the XLM/USD pair clears off the resistance at that level, the bulls will likely test the resistance at the $0.080 price level. However, Stellar might fail to clear the rejection near $0.075.
If the bulls fail to clear the sell-off, the closest support is at $0.072. Stellar’s critical support level is at $0.070, and if the bulls manage to clear this point, it could result in a sharp bearish break that might send the price towards $0.067. However, the strong support base at $0.070 would likely prevent further sell-off.
The bulls should defend the current support line at all costs to test the key resistance near $0.075. However, the trading pair would require further support from the wider market to move past the resistance zone. Stellar Lumen price may explode towards $0.085 if the bulls manage to beat off the heavy selling pressure at this point.
In other Stellar news, the Stellar Development Foundation recently stated that XLM was designed to be a stablecoin even before the emergence of the term stablecoin.The main idea behind the creation of Stellar was to tokenize assets. The SDF insists tokenization is a key procedure on the Stellar Network.