Previous article Is Stellar Lumens a buy after weekly gains? Next article Home Latest Cryptocurrency News Is Stellar Lumens a buy after weekly gains? Is Stellar Lumens a buy after weekly gains? By Motiur Rahman - min read 05 October 2022 Stellar Lumens has posted 7% gains in a week. The cryptocurrency trades near the lowest levels in nearly two years. XLM, Stellar Lumens native token, is recovering but faces a likely resistance. Stellar Lumens XLM/USD has added 7% in the past one week. We remain in a large bear market, suggesting that the cryptocurrency is on its way to recovery. The gains are driven by momentum rather than market developments.Stellar Lumens claims to be an open network for transactions involving all forms of money. The network is designed to connect financial entities and people across the world. The potential for growth of Stellar Lumens caught the eye of investors in 2021. The token capped a high of nearly $0.8 in May 2021 from merely $0.11 at the start of the year. However, a crypto crash this year has forced XLM to near the lows at the beginning of 2021. Stellar Lumens initiates recovery but faces a resistance Plus500 Plus500 is a leading provider of Contracts for Difference (CFDs), delivering Leveraged trading on +2,000 financial instruments, including Forex, Commodities, Indices, Shares, Options and Cryptocurrencies. CySEC license number (#250/14) Buy XLM with Plus500 today 82% of retail CFD accounts lose money. eToro eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users. Open Account Source – TradingView A technical outlook of XLM shows a moving average crossover. The short-term 20-day moving average has recovered above the 50-day moving average. A bullish MACD crossover also reinforces a bullish view of cryptocurrency. However, the momentum is still weak. Thoughts on XLM Technical indicators remain bullish on Stellar Lumens. The cryptocurrency has room for further upside. However, $0.12 is a key resistance to watch. If XLM is to remain bullish, buyers must overcome the $0.12 resistance. The level has contained the price since June making it important for price action traders. If bulls outwit bears at the resistance, it could set XLM to the next resistance at $0.14. Based on the above, XLM does not present an attractive buy opportunity despite the indicators sounding bullish. We need a break above the resistance to buy the token. Share this article Categories Analysis Tags Altcoins Cryptocurrency News Stellar Lumens News