Lumen XLMUSD Jumps At Three-Month Highs, Now 239% Higher Since March Lows

Lumen XLMUSD is 9.90% higher at 0.0828 as the rally in cryptocurrencies continues after the bitcoin breached the 10,000 mark. Lumen has gained over 239% since the March lows, as it managed to quickly reverse the negative trend as it managed to break above the 50-day moving average in early April. The corrections managed to test and bounced from the 50-daily several times, while yesterday XLMUSD boosted by the strong move in bitcoin.

Starting yesterday the Canadian firms operating with virtual currencies (Cryptocurrency exchanges and payment processors) will be recognized as Money Service Businesses in Canada after the enactment of amendments to Canada’s Proceeds of Crime, Money Laundering and Terrorist Financing Act passed in June 2019 to address loopholes in the existing framework.

Canadian crypto trading companies must report all transactions exceeding 10,000 Canadian dollars and register and comply with the Financial Transactions & Reports Analysis Center of Canada (FINTRAC).

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Lumen Technical Analysis

Lumen is almost 10% higher today, making fresh three month highs following sharp gains yesterday. The XLMUSD market capitalization stands today at 1.69 billion while the volume in the last 24 hours has reached 752.68 million. The technical picture is clearly bullish now for Lumen and an attempt to yearly high looks possible. 

On the technical analysis side, the first resistance for the XLMUSD stands at 0.855. If the bulls break higher, then the next hurdle will be met at 0.0876 the high from February 14. The yearly high will be the next supply zone at 0.8955.

On the other hand, immediate support for Lumen will be met at 0.0744 the daily low. Next support area stands at 0.0689 the low from yesterday trading session. A move below the 50-day moving average at 0.6556 would cancel the bullish momentum and might open the way for lower levels. 

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