advertisement

XLM Price Analysis: Fresh Optimism Lifts XLM/USD Price Beyond $0.085 Barrier Following a Surge in Stellar Lumens Network Utility

XLM/USD

After a horrifying experience on Friday, cryptocurrencies across the board spent the weekend gaining stability and an opportunity to relaunch uptrends. Cross-border payment coin Stellar jumped over 10% at the start of the week which was initially fueled by the announcement of USDC joining the Stellar blockchain on October 15. A reversal came into the picture shortly after XLM sought formidable support at the $0.0791. As buyers emerged, fresh optimism lifts XLM/USD price beyond the $0.085 barrier. Stellar (XLM) is the 17th largest digital asset with a current market capitalization of $1.79 billion and an average daily trading volume of $284.01 million. Stellar lumen (XLM) price is showing bullish signs against the US Dollar trading at $0.0860. The price hike is attributed to a surge in Stellar Lumens Network Utility following the integration with USDC. The US dollar-pegged Stablecoin led by Coinbase and Circle will integrate with the Stellar blockchain at the start of next year. This milestone will mark the first time that a major stable coin trades on Stellar, and was met with a buzz of conversation on social media.

*A reversal came into the picture shortly after XLM sought formidable support at the $0.0791
*As buyers emerged, fresh optimism lifts XLM/USD price beyond the $0.085 barrier
*The price hike is attributed to a surge in Stellar Lumens Network Utility following the integration with USDC

Key levels
Resistance Levels: $0.1130, $0.1000, $0.0900
Support levels: $0.0850, $0.0770, $0.0685

XLM/USD Daily Chart: Ranging

XLM/USD Daily Chart

XLM/USD is trading above the MA 50 after discovering formidable support at the $0.0791. It seems that bulls are eying up the next horizontal resistance level at the $0.0900. The RSI remains bullish on the daily chart, and it’s gaining strength. On the other hand, the significant resistance at $0.0900 could pose a big threat to the bulls.

Rejection from this level can easily push the digital asset down to a notable support level at the $0.085 zone, which was a resistance point tested on September 12 as a strong bearish indicator. Although it is expected to not fail after been flipped initially, the present rally is an approval that could lead to a fresh advance beyond $0.0900 in the next coming sessions.

XLM/USD 4-Hour Chart: Bullish

XLM/USD 4-Hour Chart

On the 4-hour time frame, to the upside, bulls are on the path to $0.0900. This is the next price target in the short-term. A breakout above this point can easily lead XLM towards $0.10, the next resistance level. The current momentum of Stellar seems to be strong enough for this to happen. Medium-term technical analysis shows that the XLM/USD pair could rally towards the $0.10 level if the $0.90 level is broken.

XLM/USD bulls may now start to attack towards the $0.0900 level if the $0.085 immediate support level continues to hold downside attack. A sustainable move above this area is needed to mitigate the immediate bearish pressure and improve the technical picture. Otherwise, a sell-off may come into the picture towards the recent low of $0.0791 and to $0.0770.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

Image Credit: Shutterstock

Get Latest Cryptocurrency And Bitcoin News

Signup this form below to get latest Cryptocurrency and Bitcoin news, directly in your mailbox

Note:

Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.