Stellar Lumen (XLM) Price Eyes Another Increase Above $0.10

Stellar lumen price started a downside correction from the $0.1180 zone against the US Dollar.
XLM price is now trading below $0.1050 and the 55 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $0.100 on the 4-hour chart (data feed via Kraken).
The pair could start another increase if it clears the $0.10 and $0.102 resistance levels.

Stellar lumen price is trading above $0.095 against the US Dollar, similar to Bitcoin. XLM’s price must stay above the $0.092 support to rise again.

Stellar Lumen Price Analysis (XLM to USD)

After forming a base above the $0.090 level, Stellar lumen price started a fresh increase against the US Dollar. The XLM/USD pair broke the $0.100 resistance zone to move into a positive zone.

The price even cleared the $0.1120 resistance and the 55 simple moving average (4 hours). The upward move was such that the price spiked to $0.1180 before it corrected lower. There was a drop below the $0.105 support level. There is a break below the 23.6% Fib retracement level of the upward move from the $0.0752 swing low to the $0.1177 high.

However, the bulls were active near the $0.0950 level. It is also stable above the 50% Fib retracement level of the upward move from the $0.0752 swing low to the $0.1177 high.

XLM is now trading below $0.105 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.100 zone. There is also a key bearish trend line forming with resistance near $0.100 on the 4-hour chart.

The next major resistance is near the $0.1020 level. A clear move above the $0.1020 level might send the price toward the $0.1050 level.

Any more gains could lead the price toward the $0.1150 level or even $0.1180. Initial support on the downside is near the $0.095 level. The next major support sits near the $0.0920 level. Any more losses could lead the price toward the $0.085 level in the near term.

The chart indicates that XLM’s price is now trading below $0.105 and the 55 simple moving average (4 hours). Overall, the price could start another increase if it clears the $0.10 and $0.102 resistance levels.