Stellar Lumen may close the current intraday session as the top gainer. It is currently up by more than 19% at the time of writing.
However, a closer at the charts suggests that it made attempts at several resistances with some yielding results and one failing.
One such level is the $0.15 barrier that XLM lost last week. Following the surge that started in the earlier hours of the day, the altcoin tested and flipped this critical mark at 16:00 UTC.
During this period, it also broke through $0.16 and edged toward $0.17. However, it failed as it faced strong rejections a little closer to the said mark. It made another at the highlighted barrier in less than two hours and failed to break it.
Following both failed attempts, the altcoin gradually lost momentum. As a result, it is currently struggling at $0.15. Nonetheless, the day may end with significant improvement in value.
What Caused Stellar Lumen Hike?
A search through major newsfeeds failed to produce any huge fundamentals. This may mean that the most recent jump in price was induced by a whale or a group.
As per reports from Coinmarketcap, the asset’s trading volume was up by more than 350% percent. This furthers the previous paragraph’s conclusion that the sudden surge may be coordinated.
What Indicators Say
Last week, Stellar Lumen had a bullish divergence on MACD. Both the 12-day EMA and 26-day EMA are still on an uptrend at the time of writing. This attests to the positive trend the coin is seeing.
However, the Relative Strength Index is showing signs of an impending correction. Due to the most recent increase, the metric is back on its uphill pattern. As a result, it is above 70 which means XLM is overbought at this time.
As per RSI rules, the altcoin may retrace in response to the most recent readings
