Stellar Lumen Price Analysis: XLM Price Eyeing Fresh Increase Above $0.120 Against USD

The Stellar lumen price is on the rise against the US Dollar, with XLM trading above $0.1100 and the 55 simple moving average (4 hours). A recent breakthrough of a key bearish trend line at $0.1140 on the 4-hour chart has set the stage for a potential acceleration towards the $0.120 resistance zone.

After establishing a base above $0.100, Stellar lumen price has seen a positive momentum shift, surpassing the $0.1080 resistance level. The price has also cleared the 50% Fib retracement level of the previous downward move, signaling a potential bullish trend.

Looking ahead, the $0.1195 and $0.1200 levels are key resistance points to watch, with a clear move above $0.120 likely to propel the price towards $0.1250. On the downside, initial support is at $0.110, followed by a stronger support level at $0.1050.

Technical indicators are also showing positive signs, with the MACD gaining momentum in the bullish zone and the RSI above the 50 level. Overall, the outlook for Stellar lumen price is optimistic, with the potential for a significant increase if the $0.120 resistance is breached.