• Stellar lumen (XLM) price is attempting a fresh increase from the $0.085 zone against the US Dollar.
• There is a major bearish trend line forming with resistance near $0.0888 on the 4-hour chart.
• If there is a clear move above the $0.0900 resistance zone, XLM could start a major increase.
Stellar Lumen Price Analysis
The Stellar lumen (XLM) price has been attempting to rise from the $0.085 zone against the US Dollar this past week. A bearish reaction was seen from the $0.0900 zone, and it pushed the price below the $0.0850 support and 55 simple moving average (4 hours). A low was formed near $0.0827 and XLM is now attempting a fresh increase above this level.
Trend Line Resistance
There is a major bearish trend line forming with resistance near $0.0888 on the 4-hour chart (data feed via Kraken). The pair could start a major increase if there is a clear move above this trend line and also above the $0.0900 resistance zone in order to break out of its current range-bound trading condition..
Upside Breakout
On the upside, there are several resistances waiting for XLM around $0.0888, followed by another one at $ 0 . 0900 . If bulls can clear these two levels , then they will likely open up more upside for Stellar lume n towards th e$ 0 . 0950 level or even higher .
Downside Support
If Stellar Lumen fails to breach these levels , then it might retest initial support at around 0 . 0880 before dropping further down towards 0 . 0850 or even lower tow ards 0 . 0825 level which could be seen as strong support levels in t he short term .
< h 2 >Conclusion
Overall , Stellar Lumen’s price action suggests that if there is a clear move above t he$ 0 . 0900 resistance zone , then XLM might start to surge significantly higher towards new highs in t he coming days/weeks ahead .