Stellar Lumen (XLM) Price Struggle Continues, Can It Hold This Support?

Stellar lumen price started a fresh decline from the $0.1165 resistance zone against the US Dollar.
XLM price is now trading below $0.1110 and the 55 simple moving average (4-hours).
There is a key contracting triangle forming with support near $0.1095 on the 4-hours chart (data feed via Kraken).
The pair could continue to move down if it breaks the $0.1095 and $0.1080 support levels.

Stellar lumen price is trading below $0.1120 against the US Dollar, similar to bitcoin. XLM price must stay above the $0.1080 support to avoid more losses.
Stellar Lumen Price Analysis (XLM to USD)
After a steady increase, stellar lumen price faced sellers near the $0.1650 zone against the US Dollar. The XLM/USD pair formed a high near $0.1164 before it started a fresh decline.
There was a move below the $0.1150 and $0.1140 levels. The bears even pushed the price below the $0.1120 level. It traded as low as $0.1086 and is currently consolidating losses. On the upside, the price is facing resistance near the $0.1105 level.
The 23.6% Fib retracement level of the recent decline from the $0.1164 swing high to $0.1086 low is also near the $0.1105 level. The next hurdle could be near the $0.1120 zone and the 55 simple moving average (4-hours).
There is also a key contracting triangle forming with support near $0.1095 on the 4-hours chart. The triangle resistance is near the $0.1120 zone or the 50% Fib retracement level of the recent decline from the $0.1164 swing high to $0.1086 low.
A clear move above the $0.1120 level might send the price towards the $0.1150 level. Any more gains could lead the price towards the $0.1200 level or even $0.1220.
An initial support on the downside is near the $0.1100 level or the triangle trend line. The main support is near the $0.1080 zone. Any more losses could lead the price towards the $0.1050 level in the near term, below which the price might even retest $0.1000.
Stellar Lumen (XLM) Price
The chart indicates that XLM price is now trading below $0.1120 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $0.1095 and $0.1080 support levels.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is losing momentum in the bearish zone.
4 hours RSI – The RSI for XLM/USD is now below the 50 level.
Key Support Levels – $0.1095 and $0.1080.
Key Resistance Levels – $0.1120, $0.1150 and $0.1200.

Tags: stellar, Stellar Lumens, XLM