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    Stellar Lumen price analysis: $0.8900 key breakout level

    By Nathan Batchelor

    14:27, 12 June 2020

    Stellar Lumen price analysis

    Stellar Lumen remains confined within a tight trading range as the popular cryptocurrency prepares for its next major directional move.

    Stellar Lumen technical analysis shows that a breakout above the $0.095 resistance level could spark a major rally in the XLM/USD pair.

    Stellar Lumen medium-term price trend

    Stellar Lumen appears to be preparing for its next major move, as the XLM/USD pair trades sideways alongside the broader cryptocurrency market.

    Stellar Lumen price analysis shows that the XLM/USD pair could rally by $0.065 if the $0.095 resistance level is overcome.

    Stellar Lumen price analysis

    The daily time frame shows that a complex inverted head-and-shoulders pattern appears to be taking shape.

    Buyers need to rally price above the $0.090 level to ignite the mentioned bullish reversal pattern.

    According to the size of the bullish reversal pattern, the XLM/USD pair could rally towards the $0.150 level over the medium term.

    ETH/USD

    3,367.43 Price
    +0.640% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 6.00

    XRP/USD

    1.40 Price
    +18.470% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 0.01168

    Gold

    2,687.80 Price
    +0.680% 1D Chg, %
    Long position overnight fee -0.0174%
    Short position overnight fee 0.0092%
    Overnight fee time 22:00 (UTC)
    Spread 0.30

    BTC/USD

    98,910.80 Price
    +0.830% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 106.00

    Traders should note that the XLM/USD pair’s 2019 trading high is currently located around the $0.165 level.

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    Stellar Lumen short-term price trend

    Stellar Lumen technical analysis over the short term shows that the cryptocurrency has a bullish bias while the price trades above the $0.071 support level.

    Stellar Lumen price analysis

    The one-hour time frame shows that the cryptocurrency is currently trapped within a symmetrical triangle pattern.

    Currently the triangle pattern is narrowing, with the price trapped within the $0.075 to $0.080 levels.

    According to the overall size of the symmetrical triangle pattern, the XLM/USD pair could rally towards the $0.096 area if a bullish breakout above the triangle takes place.

    Stellar Lumen technical summary

    Stellar Lumen technical analysis highlights that the cryptocurrency needs to break above the $0.089 resistance area to ignite a large inverted head-and-shoulders pattern.

    Markets in this article

    XLM/USD
    Stellar / USD
    0.28727 USD
    0.03916 +15.690%

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    The difference between trading assets and CFDs
    The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
    You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
    CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
    CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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