- XLM failed to break above the 100-day SMA on Saturday.
- Key support seems to have formed near $0.0800 area.
- XLM could target $0.0933 if near-term outlook turns bullish.
After struggling to find direction and spending the majority of the day in a relatively tight range, Stellar Lumens gained traction on Saturday and climbed to a weekly high of $0.0843. However, XLM struggled to preserve its bullish momentum and closed the day in the negative territory before edging slightly higher on Sunday. As of writing, XLM was up 1.35% on the day at $0.0821.
100-day SMA keeps bulls in check
XLM price has been moving below the 100-day SMA since early September and the latest attempt on Saturday showed that this moving average continues to hold as a stiff resistance at $0.0840. With a daily close above that level, $0.0870 (Fibonacci 38.2% retracement of the latest downtrend) could be the next hurdle ahead of $0.0933 (Fibonacci 50% retracement).
On the downside, the Fibonacci 23.6% retracement near $0.0800 is reinforced by the 20-day SMA as the first technical support. The 50-day SMA located at $0.0780 could be seen as the next support.
XLM/USD daily chart
Stellar Lumens’ near-term outlook remains neutral as the price seems to be stuck between key technical levels. A decisive break out of the horizontal range will provide a fresh clue regarding XLM’s next direction.
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