Stellar XLM price seeks recovery above $0.062

Stellar Lumen e1570446656980

Stellar XLM price is consolidating well below the key resistances against the United States dollar. In order to continue higher in the coming term, the Stellar XLM price needs to surpass $0.620 and $0.0650.

Lately, mostly there were range moves in the price of XLM over the $0.0550 support against USD. The XLM/USD pair stayed above the $0.0550 level.

However, it also continuously struggled to be rank higher on the price charts. A break above the $0.0600 resistance area was recently recorded. Furthermore, the prices increased above $0.0605 and 55 MA (4-hours).

Stellar XLM price movement: What to expect?

During this period of rising, on the mid-term chart there was a break above a short-termed bearish trend at $0.0590.

Though, some key resistances are forming close to the $0.0620 and at $0.0626. Moreover, the twenty-three percent Fib retracement level of the critical fall from the $0.0963 high to $0.0522 low is also close to $0.0626. In case of an upside break above $0.0626 resistance, the price can increase up to $0.0700 and $0.0750 resistances.

Stellar XLM price chartStellar XLM price chart by Trading View

The intermediate resistance is close to the $0.06550 level. However, the main resistance is close to $0.0750 level since it coincided with fifty percent (50%) Fibonacci retracement level of that crucial fall from $0.0963 high to the low of $0.0522.

The chart shows that the Stellar XLM price is evidently consolidating under the key resistance level of $0.0626.

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

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