XLM or the Stellar Lumen, which is Stellar’s cryptocurrency, powers the payment network of Stellar. It intends to connect the financial system of the world and enables developers and businesses to take leverage of the interoperability, low transaction costs, and fast speeds of the network.
During the last few days, the price of the stellar lumen saw a fresh dip. It struggled close to the level of $0.1220 against the American Dollar. The pair traded lower than the support level of $0.1100 and entered a bearish zone.
The currency moved above the resistance zone of $0.1100. Its price faced resistance close to the $0.1120 USD zone. We can also observe a bearish trend line with resistance close to $0.1140 on the four-hour chart.
Stellar Lumen’s trend line is close to the Fib retracement level of 61.8 percent from the 0.1228 USD swings high to a low of 0.1000 USD. It was also felt the next key resistance is close to the level of 0.1180 USD. If there is a proper move above the 0.1200 USD level, the price may move towards the level of 0.1320 USD. Further gains might push the price of the currency towards the level of $0.1500.
On the downside, the initial support is close to the level of 0.1080 USD. However, the main support happens to be near the 0.1000 USD zone. If there are any further losses, the price could move near the 0.0920 USD level in the near future. Below that, the price can even test 0.085 USD.