Despite the recent negative market trend, XLM, the governance token of the Stellar blockchain, is defying the odds in the crypto market.

According to CoinGecko, the token has experienced substantial gains in all timeframes, with the highest increase seen in the bi-weekly timeframe at nearly 29%.

This recent market rally can be attributed to on-chain developments that have propelled XLM to new heights.

Related Reading: This Little-Known Crypto Is Shooting Up Nearly 90% – Here’s Why

Source: Coingecko

Recently, the official Twitter accounts of Circle and Stellar announced that USDC, one of the largest stablecoins in the market, is now available on the CoinMe wallet. This move significantly expands the reach of both organizations and highlights the advantages of the Stellar ecosystem and potentially give a boost in price to XLM.

ICYMI: #USDC on @stellarorg is now available in the @Coinme wallet. 🔥

Excited to help additional communities experience reduced costs and faster settlements for peer-to-peer transactions. https://t.co/JqS7t4gbbZ

— Circle (@circle) March 28, 2023

Stellar Links With Polkadot

Adding to the bullish momentum, Stellar has now been connected to Polkadot through the Pendulum parachain, which is being touted as the final link between fiat and DeFi.

USDC will also flow between Polkadot and Stellar, further advancing Stellar’s position as a bridge between the traditional financial system and the crypto market. This position was already strengthened by its 2021 partnership with Moneygram, a fiat cash transfer platform.

Stellar’s recent efforts to position itself as a money transfer and payments platform could help restore USDC’s reputation as a safe asset for investors. However, it may take some time for the market to fully regain trust in USDC as a stablecoin, and caution may still prevail.

XLM total market cap currently at $2.8 billion on the daily chart at TradingView.com

Related Reading: Bitcoin Investors On Edge As Whales Take Profits, Ending Price Rally

XLM: Upbeat In Overcoming Bearish Sentiment

Meanwhile, XLM has encountered resistance at the $0.1129 level, which could lead to potential downside in the coming days. If the bulls succeed in overcoming this resistance, we may see further upside for the token. However, given the current bearish trend in the market, this outcome is uncertain.

For now, monitoring the momentum of the general market would be beneficial for the bulls. As of writing, XLM can enjoy a high correlation with Bitcoin if the latter picks up momentum again. At $0.1097, can XLM bulls continue the rally?

Overall, the XLM team is confident in its ability to navigate the bearish market sentiment and continue to grow in value. By focusing on adoption, technology, and community engagement, they believe that XLM will remain a strong investment opportunity in the cryptocurrency market.

#XLM #Stellar #Binance #crypto2023 #crypto

Stellar (XLM) started a strong increase above the $0.100 resistance against the US Dollar. XLM price is trading nicely above $0.110 and it could continue to rise towards $0.120 or $0.1250.

There was a steady increase in Stellar’s token price above $0.100 against the US dollar.

It is now trading above $0.1080 resistance and settle above the 100 simple moving average (4-hours).

There is a major bullish trend line forming with support near $0.098 on the 4-hours chart of the XLM/USD pair (data source from Kraken).

The pair is likely to continue higher towards $0.1200 and $0.1250 as long as it is above $0.0980.

Stellar (XLM) is Gaining Bullish Momentum

After forming a strong support base above $0.0750, stellar (XLM) saw a strong increase above $0.080 against the US Dollar, similar to Bitcoin and Ethereum.

The price gained over 20% in a few days and was able to clear the $0.10 resistance zone. It even cleared the $0.110 level. A high is formed near $0.1108 and the price is now consolidating gains. XLM price is now trading above $0.1080 resistance and settle above the 100 simple moving average (4-hours).

It is positioned above the 23.6% Fib retracement level of the recent increase from the $0.0998 low to $0.1108 high. There is also a major bullish trend line forming with support near $0.098 on the 4-hours chart of the XLM/USD pair.

Source: XLMUSD on TradingView.com

On the upside, an immediate resistance is near the $0.1108 level. The next major resistance is near the $0.1150 level, above which the price could test $0.1200. A close above the $0.1200 level might start a steady increase towards the $0.1250 and $0.1265 levels. The next major stop could be $0.1300 or even $0.1320.

Dips Supported in XLM?

If XLM price struggles to continue higher, it could start a downside correction. An immediate support on the downside is near the $0.105 level or the 50% Fib retracement level of the recent increase from the $0.0998 low to $0.1108 high.

The next major support is near the $0.100 level or the trend line. A clear break below the $0.0980 support zone could spark a fresh decline. The next major support on the downside is near the $0.0900 level.

Technical Indicators

4-hours MACD – The MACD for XLM/USD is gaining pace in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for XLM/USD is currently well above the 50 level.

Major Support Levels – $0.1050, $0.1000 and $0.0980.

Major Resistance Levels – $0.1108, $0.1200 and $0.1250.

#Stellar #XLM #crypto2023 #crypto #cryptotrading

#Stellar Lumen is presently above the $0.1250 mark in its trading against the US Dollar, reflecting a similarity to Bitcoin. To initiate a new upward movement, XLM's price needs to surpass the $0.1400 mark. In the previous week, XLM witnessed a significant surge, breaking through the $0.10 resistance level against the US Dollar. It even reached above $0.150 before experiencing a corrective decline.

After reaching a peak of $0.1977, the Stellar Lumens (XLM) price retreated below $0.1500. A bottom was established around $0.1241, and currently, the price is stabilizing after experiencing losses. It is currently trading below $0.1300 and the 50-hourly simple moving average. On the 4-hour chart, a significant bearish trend line is developing, indicating resistance around $0.1300.

XLM is encountering a resistance area around $0.1350, followed by a significant hurdle near $0.1400. A decisive breakthrough above $0.1400 could potentially propel the price towards the $0.1600 mark, which aligns with the 50% Fibonacci retracement level. Further upward momentum might drive the price towards $0.180 or possibly even $0.1950.

If XLM is unable to overcome the resistance zone at $0.1600, it may find initial support around the $0.1240 level. The primary support lies near the $0.110 zone. If further losses occur, the price could potentially drop to the $0.1000 level in the near future. If the decline continue, a retest of $0.0908 may even come into play.

According to CoinGabbar Price Analysis, estimates that the market capitalization of this #XLM is $3,464,051,761. The 24-hour trading volume of the coin is around $210,855,850.

KEY LEVELS :

RESISTANCE LEVEL : $0.1350-$0.1420

SUPPORT LEVEL : $0.1240-$0.1180

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

#GOATMoments #Binanceturns6 #coingabbar $XLM