Stellar Lumen (XLM) price is at risk of falling to $0.10 again

Over the past few sessions, the Stellar Lumen price has struggled to climb above the resistance level of $0.1250 against the US dollar. The XLM/USD pair failed to continue higher and began a new decline.

The price fell below the $0.1200 and $0.1150 levels. The decline accelerated below $0.1120. A low has formed near $0.1070 and the price is currently consolidating its decline. It managed to reclaim a few points above the 23.6% Fib retracement level of the downward movement from the $0.1260 Fluctuation high to the $0.1070 low.

However, the bears protected the $0.1165 level and drove the price down. A key bullish trend line was broken on the 4-hour chart with support near $0.1152. XLM is currently trading below $0.1165 and the 55-hour simple MA (4-hour). The immediate resistance is located near $0.1165. It is close to the 50% Fib retracement level of the downward movement from the $0.1260 Fluctuation high to the $0.1070 low.

The next key resistance is near the $0.1190 level. A clear upside break above the $0.1190 area could push the price towards $0.1220. Any further upside could lead to an increase to the $0.1265 level.

If not, the price may continue to fall. Initial support to the downside is located near $0.1120. The next major support level is $0.1088. Any more losses could cause the price to rise to the $0.1050 level in the short term, below which the price could even test $0.0950.

The chart shows that the XLM price is currently trading below $0.1160 and the 55 simple MA (4-hour). Overall, if the $0.1165 resistance level is breached, the price could start a new round of gains.

Technical Indicators
4-hour MACD – The MACD of XLM/USD is gaining momentum in the bearish zone.

4-hour RSI – The RSI of XLM/USD is currently below the 50 level.

Key support levels – $0.1120 and $0.1050.

Key resistance levels – $0.1165, $0.1190, and $0.1220.

(Source: Aayush Jindal)