• Stellar Lumen (XLM) price is struggling below the $0.0880 resistance zone against the US Dollar, similar to Bitcoin.
• There is a major bearish trend line forming with resistance near $0.0855 on the 4-hour chart (data feed via Kraken).
• If XLM price clears the $0.0855 resistance, it could start a recovery wave and target $0.0900 level or even $0.0920.
Stellar Lumen Price Struggling
Stellar Lumen price is trading below $0.0880 against the US Dollar, similar to Bitcoin. XLM price could extend losses if it trades below the $0.0800 support.
Technical Analysis
After a sharp decline below $0.085, Stellar Lumen price struggled to gain bullish momentum against the US Dollar but failed to do so as it traded below the $0.0820 level and moved further into a bearish zone with a low formed near $0.0786 before attempting an upside correction above the 23.6% Fib retracement level of recent decline from swing high of 0$0900 to low of 0$0786 . However, there is still a major bearish trend line forming with resistance near $0..0855 on 4 hour chart (data feed via Kraken) which are preventing any further upside move from taking place and keeping XLM at bay for now .
Resistance Level
The current resistance levels that are preventing XLM from moving higher include immediate resistance at 0$0838 which is close to 50% Fib retracement level of recent decline from swing high of 0$0900 to low of 0$0786 , followed by major bearish trend line at 0$8555 . Break above these 2 key resistances would allow XLM/USD pair to start its recovery wave towards 0$0900 or even higher towards 0$0920 in near future .
Support Level
On downside , if XLM fails clear mentioned resistances then it may continue its downward journey and next key support levels would be at nearest support at 0$810 followed by key support at 0$800 after which prices may drop further towards potential low around 0765 area in coming hours or days ahead .
Conclusion
Overall , Stellar lumen price is struggling below the USD 880 resistant zone against U S dollar and also facing strong resistances near 0855 mark on 4 hour chart . Prices may extend losses if unable clear 0850 mark in coming hours while break above 0850 could lead prices towards 0900 level or even higher towards 0920 in coming days ahead .