Stellar Lumens was able to keep its head above the area of interest visible on the 4-hour chart as a long spike formed. This suggests that the resistance turned support could keep holding, especially since it lines up with a rising trend line.
In that case, price could make its way back up to the next upside targets. The 38.2% level is just close by around .0903 and lines up with a short-term area of interest. Price could also move up to the swing high at the 78.6% level near the 0.1000 major psychological resistance while stronger bullish momentum could lift it to the full extension at 0.1040.
The 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. This means that the climb is more likely to gain traction than to reverse. However, the gap between the moving averages might be narrowing to reflect weaker bullish momentum. Still, the 200 SMA appears to have held as dynamic support.
RSI is also slowly climbing to reflect the presence of bullish momentum. This oscillator just recently climbed out of the oversold region, so there’s plenty of room to go before hitting the overbought zone. Stochastic is also heading up to show that buyers have the upper hand and is crossing the center line to confirm that bullish pressure could stay on.
Cryptocurrencies seem to have gotten strong support from upbeat forecasts by the likes of Steve Wozniak and Elon Musk in recent interviews. It also helps that the ethereum hard fork appears to be going smoothly and that Fidelity is gearing up to launch its institutional platform next month.
All in all these support the pickup in optimism in the cryptocurrency industry, which many are acknowledging to have already bottomed out. Of course any trends from here could hinge on whether or not actual developments support the change in sentiment.