Stellar Lumens (XLM) is on the comeback as markets brace for a highly anticipated announcement from the Stellar organisation tomorrow (September 12).
Speculation is writhe following a cryptic tweet from Stellar, which teased just 10, then 5, and now 1 day until a significant Stellar Lumens project announcement.
Eagled-eyed XLM holders have been desperately scouring for clues, with one breakout rumour that the Stellar Lumens announcement could entail an integration with Apple Pay.
XLM Price Analysis: Is it Too Late to Buy Stellar?
Amid the anticipation, price action has been choppy, with small pumps and retracements dominating price action on the short-time frame as XLM trades at a current market price of $0.125 (representing a 24-hour change of -6.5%).
The retracement move comes overnight after XLM climbed up for 9 consecutive-days as excitement in the XLM community surged.
Price topped out at a local high of $0.1345, just above the $0.13 historical support level.
Despite the retracement, XLM remains in strong technical form, retaining support under footing from the 20DMA.
This is critical after the 20DMA triggered major downside moves through a sustained period of 34-days resistance.
With markets bracing on edge for the announcement from Stellar tomorrow, the retracement move could be a welcome move.
This is because the recent push-up and overheated XLM’s RSI to a significant degree at 59.79 – which would have limited XLM’s upside potential post-announcement.
By retracing ahead of the announcement, the RSI has cooled-down to a neutral signal at 49.4 – leaving plenty of room for a dramatic upside move is the Stellar announcement catalyzes market anticipation.
The MACD reflects this strengthening retracement move, with continued bullish divergence at 0.00168 – in spite of the sudden -6.72% drop.
Overall, XLM remains technically poised, with the localised downside move leaving price in strong position to take best advantage of any strong fundamental news that emerges from Stellar’s announcement tomorrow.
To the upside, XLM is targeting $0.15 (a potential +26.22% move).
While to the downside, if the announcement underwhelms, XLM could see a return to $0.11 (a potential -10.83% move).
This leaves Stellar Lumens with a risk: reward ratio of 2.42 – an attractive entry ahead of the announcement, although be wary of ‘buy the rumour, sell the news’ outcomes.
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