Crypto Technicals: Stellar Lumens' (XLM) phenomenal rise halts shy of 200-DMA resistance, break above to see further upside

XLM/USD chart - Trading View 

Exchange - Bitfinex

Support: 0.07239461; Resistance: 0.08911584

Technical Analysis: Bias turning bullish

XLM/USD corrects lower from session highs at 0.08795500 and was trading 1.88% higher at 0.08091143 at 10:10 GMT after closing over 16% higher in the previous session.

Stellar Lumens spiked higher on Monday's trade as a reaction to the announcement made by Stellar’s CEO Denelle Dixon at the Stellar Meridian conference.

The Stellar Development Foundation (SDF) revealed that it destroyed half of its XLM tokens.

The foundation has burned 55 billion of its XLM tokens, cutting down its supply from 105 billion XLM previously to 50 billion.

Price on XLM spiked as markets positively reacted to the announcement. Technical studies are also showing a slow shift in trend.

XLM/USD has paused shy of 200-DMA resistance at 0.08911584. Breakout above will see further gains.

GMMA has shown a shift in short-term trend. And compression in long-term MAs signals possible shift in long-term trend.

Breakout above 200-DMA will confirm bullish bias. Retrace below 110-EMA negates near-term bullishness.