Stellar (XLM) spiked on IBM partnership news; the upside is fading away

Stellar (XLM) joined the group of bet performing cryptocurrencies with double-digit growth on a day-over-day basis amid positive fundamental developments spurred by general excitement on the cryptocurrency markets. 

XLM/USD is changing hands at $0.0871, 2% higher from this time on Tuesday. The coin bottomed out at $0.0665 on February 6. Since that time, Stellar’s market value increased by 36%. Now it takes the 8th place in the global cryptocurrency rating compiled by CoinMarketCap.

Meanwhile, the Head of Blockchain Development & Digital Currencies in IBM Jesse Lund mentioned that the company might announce a partnership with Stellar Development Foundation
Speaking at IBM Think 2019 conference, he said that he was going to speak at a major event in Singapore with his friend Jed McCaleb, a co-founder and the CTO of Stellar.org

They are expected to outline the existing partnership between the companies and potentially announce a future product that may come out of it.

"World-Wire is differentiating itself from other solutions… in our approach to supporting a whole variety of digital assets which range from cryptocurrencies…[to] central bank-issued digital currencies.” – he said.

These vague hints set Stellar on fire and helped the coin to surpass several technical barriers.

Stellar’s technical picture

XLM/USD is supported by SMA200 (1-hour chart) at $0.856. Once it is cleared, the sell-off may be extended towards $0.0790-$0.0770. This support area is created by a confluence of SMA50 and SMA100 (1-hour). On the upside, the recovery is likely to be limited by the recent high of $0.0900.