- The XLM’s price has risen by almost 5% to $0.095.
- Stellar looks set to test resistance at $0.10 which could allow bulls to move towards $0.13.
- Positive sentiment after the recent news regarding Stellar Development Foundation as well as Coinme, an American crypto-focused company, is evident.
Stellar (XLM), which is currently trading at 4.5%, has seen a few altcoins in top 50 by market capital record slight gains amid a slowdown for Bitcoin (BTC).
XLM currently trades at $0.095, which is 9.3% higher than the previous week. According to CoinGecko data, $128 million worth of XLM has been traded in the past 24 hours, with the coin’s daily trading volume increasing by 27% in that period.
XLM price prediction by crypto cash exchange Coinme, adds USDC to Stellar
Stellar Lumens’ price is not as high as XRP but it could be a breakout after recently validating new support lines.
Stellar could also benefit from broader gains for crypto as bulls look to bounce from the downside catalysed by this week’s regulatory related news.
Stellar also received some positive news.
Coinme, an American cryptocurrency cash exchange provider, announced on Tuesday that it had partnered up with the Stellar Development Foundation for the integration of the stablecoin USDC onto the Stellar network.
Details in a press releaseThis collaboration will increase financial inclusion for millions. Users of Coinme now have access to USDC on Stellar for borderless digital cash and payment-to-pay (P2P) payments. You can send, receive, and cash out USDC at thousands upon thousands of Coinme locations throughout the US.
“By enabling USDC on Stellar in the Coinme wallet, anyone with cash can now utilise the Stellar blockchain to access a fully-backed dollar digital currency. People can now swap their cash for USDC on Stellar and send it in seconds for the cost of a penny,” Coinme CEO and co-founder Neil Bergquist said in a statement.
Bergquist added that the collaboration is a “game changer for the cash remittance and payments market.”
Technical analysis: XLM Price
On the daily chart, the technical outlook for XLM prices suggests that bulls will face strong resistance around $0.10. While buyers attempted to penetrate the massive supply wall with buying pressure, bears have a slight advantage because there has not been a decisive move.
Prices are still above the ascending trendline support, which suggests a possible bullish breakout if buyers buy out sellers at $0.10. This will likely increase upside momentum, which is currently indicated by the daily RSI at 50. Also, the daily MACD is slightly bullish.
XLM Price on the Daily Chart. Source: TradingView
The horizontal resistance line could become the next major obstacle for XLM if it breaks higher than the horizontal support line. The downside is that immediate support is at $0.084 (then$0.07).
