Stellar Lumen (XLM) Price Takes Hit, Risk of More Downsides

Stellar lumen price is trading below $0.090 against the US Dollar, similar to bitcoin. XLM price must stay above the $0.084 support to avoid more losses.

Stellar Lumen Price Analysis (XLM to USD)

After a failed attempt near the $0.095 zone, stellar lumen price started a fresh decline against the US Dollar. The XLM/USD pair traded below the $0.0900 support to move into a bearish zone.

There was a move below the $0.0880 and $0.0865 levels. The price even settled below the $0.090 level and the 55 simple moving average (4-hours). A low was formed near $0.0837 and the price is now consolidating losses. The bears seem to be active below the $0.0880 level.

On the upside, the price is facing resistance near the $0.0860 level. It is also near the 23.6% Fib retracement level of the recent decline from the $0.0929 swing high to $0.0837 low.

The next major resistance is near the $0.0880 zone. It is close to the 50% Fib retracement level of the recent decline from the $0.0929 swing high to $0.0837 low. The main resistance sits near the $0.090 level. There is also a key bearish trend line forming with resistance near $0.090 on the 4-hours chart.

A clear upside break above the trend line might send the price towards $0.0950. Any more gains could lead the price towards the $0.0980 level or even $0.1020.

An initial support on the downside is near the $0.0840 level. The main support is near the $0.082 zone. Any more losses could lead the price towards the $0.080 level in the near term, below which the price might even retest $0.0765.

Stellar Lumen (XLM) Price

The chart indicates that XLM price is now trading below $0.090 and the 55 simple moving average (4-hours). Overall, the price could start a major decline if there is a clear move below the $0.084 support.