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Stellar Lumen price analysis: bearish correction may be over

By Nathan Batchelor

18:51, 19 June 2020

Stellar Lumen price analysis

Stellar Lumen may be preparing to launch its next major upside attack, after sellers failed to break below critical technical support during the recent correction towards the $0.065 level.

Stellar Lumen technical analysis shows that a bullish reversal pattern is starting to take shape across the lower time frames.

Stellar Lumen medium-term price trend

Stellar Lumen recently suffered a minor technical correction, as the recent decline in Bitcoin caused the broader cryptocurrency market to turn lower.

Stellar Lumen price analysis shows that the XLM/USD pair could be preparing to rally towards the $0.095 resistance level.

Stellar Lumen price analysis

The daily time frame shows that the recent drop towards the $0.065 level may have completed the structure of a complex inverted head-and-shoulders pattern. 

According to the size of the bullish reversal pattern, the XLM/USD pair could rally towards the $0.150 level if the $0.095 level is broken.

The neckline of the bullish pattern, around the $0.095 level, remains a likely target if key support continues to hold in the near-term.

Traders should note that a break above the $0.095 level should be considered extremely bullish.

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BTC/USD

99,031.70 Price
+0.850% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

Gold

2,685.27 Price
+0.600% 1D Chg, %
Long position overnight fee -0.0174%
Short position overnight fee 0.0092%
Overnight fee time 22:00 (UTC)
Spread 0.30

US100

20,696.70 Price
-0.030% 1D Chg, %
Long position overnight fee -0.0241%
Short position overnight fee 0.0019%
Overnight fee time 22:00 (UTC)
Spread 1.8

ETH/USD

3,393.49 Price
+0.950% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00

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 $0.073 support level.

The one-hour time frame shows that a small bullish reversal pattern has formed, following the recent recovery from the $0.065 level.

XLM/USD bulls need to rally the cryptocurrency above the $0.075 resistance level to ignite the bullish reversal pattern.

Stellar Lumen price analysis

According to the overall size of the bullish pattern, the XLM/USD pair could rally towards the $0.085 over the short-term.

More conservative traders may wait for a confirmed breakout above the neckline of the pattern before entering back into the medium-term bullish trend.

Stellar Lumen technical summary

Stellar Lumen technical analysis shows that critical technical support has held the recent decline. The XLM/USD pair may recover back towards the $0.095 area.

 

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