Stellar Lumen price analysis: recovery possible above $0.085
11:52, 1 October 2020
Stellar Lumen is trading in a tight price range as the cryptocurrency looks set to post its worst monthly performance since March.
Stellar Lumen technical analysis shows that the cryptocurrency could stage a recovery if the price moves above $0.085.
Stellar Lumen medium-term price trend
Stellar Lumen is testing towards its 200-day moving average for the first-time since April this year, after the cryptocurrency suffered two weeks of heavy losses.
Stellar Lumen price analysis shows that bulls need to move the cryptocurrency above $0.085 to encourage technical buying towards the $0.10 area.
The daily time frame shows that a bearish breakout from a rising price channel took place last week.
According to the size of the rising price channel the XLM/USD pair could fall towards the $0.055 level.
To the upside, if bulls can recover the price above $0.085 then a rally towards the top of the price channel, around the $0.10 level, could take place.
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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 $0.072 support level.
The one-hour time frame shows that a bullish breakout from a falling price channel is close to taking place.
According to the size of the bullish reversal pattern, the XLM/USD pair could rally towards $0.085 over the short term.
Traders should note that the bullish breakout from the falling price channel will occur if the price moves above $0.075.
Stellar Lumen technical summary
Stellar Lumen technical analysis shows that the XLM/USD pair is starting to test towards its 200-day moving average. A breakout above $0.075 could provoke a powerful counter-rally.
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