Stellar Lumen (XLM) Price Eyes Fresh Increase Above $0.112

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Stellar lumen price started a downside correction from the $0.115 zone against the US Dollar.
XLM price is now trading above $0.1060 and the 55 simple moving average (4 hours).
There is a connecting bullish trend line forming with support near $0.1055 on the 4-hour chart (data feed via Kraken).
The pair could start another increase if it clears the $0.1085 and $0.112 resistance levels.

Stellar lumen price is trading above $0.1050 against the US Dollar, similar to bitcoin. XLM’s price must stay above the $0.1020 support to rise again.

Stellar Lumen Price Analysis (XLM to USD)

After forming a base above the $0.100 level, Stellar lumen price started a fresh increase against the US Dollar. The XLM/USD pair broke the $0.108 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 spike to $0.1150 before it corrected lower. There was a drop below the $0.1085 support level. However, the bulls were active near the $0.1020 level.

A low is formed near $0.1024 and the price is now attempting a fresh increase. It is now trading above $0.1060 and the 55 simple moving average (4 hours). There is also a connecting bullish trend line forming with support near $0.1055 on the 4-hour chart.

On the upside, the price is facing resistance near the $0.1085 zone. It is close to the 50% Fib retracement level of the downward move from the $0.1143 swing high to the $0.1024 low.

The next major resistance is near the $0.1115 level or the 76.4% Fib retracement level of the downward move from the $0.1143 swing high to the $0.1024 low. A clear move above the $0.1115 level might send the price toward the $0.1150 level. Any more gains could lead the price toward the $0.1200 level or even $0.1250.

Initial support on the downside is near the $0.1065 level or the trend line. The next major support sits near the $0.1020 level. Any more losses could lead the price toward the $0.0975 level in the near term.

Stellar Lumen (XLM) Price

The chart indicates that XLM’s price is now trading above $0.1050 and the 55 simple moving average (4 hours). Overall, the price could start another increase if it clears the $0.1085 and $0.112 resistance levels.