Stellar price prediction: XLM up 5% as bulls eye major resistance area
XLM price is up nearly 5% as it trades around $0.095.
The Stellar price looks poised to retest resistance at $0.10, which could open a path for bulls to target $0.13.
Sentiment is positive after latest news involving Stellar Development Foundation and US-based crypto-focused company Coinme.
Stellar (XLM) price is up 4.5% as a number of altcoins in the top 50 bracket by market cap record slight gains amid a lull for Bitcoin (BTC).
XLM is currently trading just above $0.095, about 9.3% up in the past 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 as crypto cash exchange Coinme adds USDC on Stellar
The Stellar Lumens price, though not gaining as much as XRP, which spiked nearly 10% on Tuesday morning amid fresh upside momentum, could see a breakout of its own after recently validating a new support line.
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.
There has also been positive news for Stellar.
On Tuesday, US-based cryptocurrency cash exchange provider Coinme announced it had partnered with the Stellar Development Foundation to integrate the stablecoin USDC on the Stellar network.
According to details in a press release, the collaboration will strengthen financial inclusion for millions of users. With USDC on Stellar, users of Coinme can now easily access borderless digital cash and P2P payments. People can send, receive and cash out USDC at thousands of Coinme locations across 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.”
XLM price: technical analysis
The technical outlook for XLM price on the daily chart suggests bulls are facing stiff resistance near $0.10. While buying pressure that has characterised the crypto market in 2023 has seen buyers attempt to breach the massive supply wall, the lack of a decisive move means bears retain a slight advantage.
However, prices are above an ascending trendline support to suggest a potential bullish breakout should buyers take out sellers at $0.10. This will likely strengthen upside momentum that is currently indicated by the daily RSI above the 50 line. The daily MACD is also slightly bullish.
XLM price on the daily chart. Source: TradingView
If XLM break higher from the horizontal resistance line, the next major hurdle could be $0.13. On the downside, immediate short term support is at $0.084 and then$0.07.
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