Stellar Lumens (XLMUSD) Price Watch: Major Correction Underway?

Stellar Lumens Price Key Highlights

  • Stellar Lumens is currently retreating from its highs but may be waiting for more bullish pressure to kick in.
  • Price is currently testing the 38.2% Fibonacci retracement level, with the area of interest still a bit lower.
  • Technical indicators seem to be supporting a continuation of the bullish run.

Stellar Lumens is in correction mode and may find more bullish energy waiting right at the Fib retracement levels.

Technical Indicators Signals

The 100 SMA is safely above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. This signals that the uptrend is more likely to resume than to reverse. The gap seems to be widening to signal strengthening bullish pressure also.

However, Stellar Lumens just broke below the 100 SMA dynamic support to indicate that a bit of bearish momentum is returning. In that case, a deeper pullback could be in the cards, possibly until the 61.8% Fib at the area of interest marked and the 200 SMA dynamic inflection point.

RSI is already dipping into oversold territory to suggest a return in bullish pressure soon. Stochastic is already making its way up to signal that buyers are regaining the upper hand while sellers take a break.

XLMUSD Chart from TradingView

Cryptocurrencies have been in correction or consolidation mode after the past few weeks of rallies as bulls pause to reevaluate their holdings and wait for more positive catalysts. In addition, the dollar has drawn some support on GDP expectations and positioning for the FOMC statement and NFP release this week.

Still, Stellar Lumens could be poised to gather some momentum as one of its partners, SatoshiPay, is set to enter the London Stock Exchange through an IPO. In their announcement, SatoshiPay noted:

“We are preparing to go public on AIM, the market for growth companies at the London Stock Exchange, later this year. We are also happy to announce that London based crypto-investor Daniel Masters is supplying us with €566k in pre-IPO funding. This will be a major boost for Stellar (XLM) visibility and adoption.”

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