Stellar is among the crypto market outperformers increasing higher than 12.5 percent from the previous session to the high of $0.0713 on Wednesday. The price of Stellar has gained 0.96 percent daily and has changed marginally since the day’s start. The token sits 11th overall in the cryptocurrency ratings, with an approximate market cap of $1.4 billion. At the time of publication, XLM shifts hands to $0.0700. XLM’s uptrend has been very remarkable as buyers recently regained bullish interest from the recent low level around $0.0617 pushing past $0.0680 as sellers run out of motivation. Stellar has been exploring how to execute CBDCs implying that it’s the intended type of digital money despite continuing consultations among various governments on its projects. Stellar’s next milestone progress towards becoming a global payment standard is the updates to Protocol 13 and Horizon 1.0, which validators are scheduled to vote on in early June.
*XLM’s uptrend has been very remarkable as buyers recently regained bullish interest from the recent low level around $0.0617 pushing past $0.0680
*The price of Stellar has gained 0.96 percent daily and has changed marginally since the day’s start
*Stellar’s next milestone progress towards becoming a global payment standard is the updates to Protocol 13 and Horizon 1.0
Resistance Levels: $0.0888, $0.0770, $0.0700
Support Levels: $0.0600, $0.0550, $0.5000
XLM/USD Daily Chart: Bullish
XLM/USD Daily Chart
Notwithstanding the cryptocurrency market’s rapid sell-off, XLM/USD recovered from March 13 low and its hovering within the upside-looking chart. Consistent support provided by merging the ascending trendline with the level of the horizontal lines at $0.0617 acted as a bounce-off floor that propelled XLM to rebound from the recent lows.
Besides, the sell-side volume appears to be much smaller than the buying volume at the moment as buyers’ interest propelled price past $0.0680, stellar lumen price is on track to accumulate bullish traction beyond $0.0736 and $0.0770 versus the US dollar. The key support is close to the level of $0.0600. Unless the bulls continue to maintain the $0.0600 support, there is a possibility of a further decline in the sessions to follow. The next key support can be seen close to the level of $0.0550.
XLM/USD 4-Hour Chart: Bullish
XLM/USD 4-Hour Chart
XLM’s 4-hour chart reveals further bullish drive to the upside, and perhaps even a $0.70 region test. There had been a significant support zone in the $0.0600 psychological zone in which the price bounced off. Then there was the MA 200 and ascending trendline combined with horizontal lines of support functioning as buyers’ convergence regions.
After this, the market is assumed higher although there are some few zones of resistance to note. First of all $0.0736 however it was gross. The consolidation before had considered the area to be such a pivotal region. Further than that, the upward horizontal line of resistance at $0.0770 may also be fairly challenging, however, if that splits a test of fresh highs, the cards might be undoubtedly played. Once it’s out of the way, the positive side probably gains traction.
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