Stellar Lumens Bullish Momentum Is Fading Away

• Stellar Lumens (XLM) gains over 2% on a week-on-week basis.
• The bulls may have a hard time pushing the price higher.

Stellar Lumens (XLM), now the 9th largest coin with a market value of nearly $2B, has grown over 5% since this time on Tuesday and gained over 22% on a week-on-week basis. The coin has been one of the best performing cryptocurrencies lately, though it is still down 5% since the beginning of the year.

Stellar’s technical picture

XLM/USD is changing hands at $0.1029 with a downside bias. On the intraday basis, the price is supported by SMA50 (1-hour) currently at $0.1012, followed by a psychological barrier $0.10 strengthened by DMA100. A sustainable move lower will unleash the bearish potential and bring $0.0972 (SMA100 1-hour) and $0.0956 (Tuesday’s low) into focus. A stronger support area is created by SMA50 (4-hour) at $0.0911 and psychological $0.09. A downward-looking RSI on the 4-hour chart implies that more sell-off may be in store.

On the upside, we need to see a move above $0.1070 (Tuesday’s high) to proceed to the next barrier created by March 11 high ($0.1096) and $0.11. Once this area is cleared, the upside may be extended towards $0.12 and $0.1285 (the highest level since January 10).

XLM/USD, daily chart