Crypto News

Stellar Eyes Strong Rebound This Weekend as XLM Tests Dependable Support Range

Stellar Lumens appears to be heading for a bullish rally this weekend. XLM, Stellar’s native token, has recovered well in the past two weeks. Market recovery, after bitcoin’s disastrous fall, has been led by altcoins.

Stellar is an open-source, decentralized protocol, which helps in transferring digital currency to fiat money. It uses the consensus method to settle transactions. As a result, it has a minimal environmental impact. Another plus is the transaction speed of stellar.

Why XLM Is Rallying

Various indicators predict that XLM will continue the uptrend. XLM had a high of $0.426 today, with a low of $0.365. At the time of writing, the token was trading at $0.386.

The 200-day SMA for XLM supports a bullish run. As the chart shows, prices have gone below the SMA only twice in 2021. This indicates bullish winds in the sails of Stellar’s XLM. The price fell below the SMA level on May 19, which was the worst market crash since 2017. Thereafter, the prices have grown steadily and remained above or very near the 200-day indicator. Thus, XLM seems to enjoy the support of strong fundamentals as well.

XLM has maintained support near $0.333. Its price has rarely gone below the mentioned mark. In the last two weeks, this price level was breached only twice, on the same days as the SMA level. XLM has avoided any serious downside move below this level since the crash.

RSI of the token has stayed between 45-70 for 2021. Recent RSI forecasts a bullish uptrend.

XLM, Stellar Eyes Strong Rebound This Weekend as XLM Tests Dependable Support Range
XLM Price Trends for 2021. Source: XLMUSD on Tradingview.com

Wyre, the leading crypto infrastructure provider, has partnered with Stellar Lumens to provide a new savings API. The company will ‘use Stellar network to offer new yield-earning savings products leveraging Stellar USDC token.’ This product will offer higher yields than traditional U.S. savings accounts.

Also Read: Elon Musk’s Favorite Dogecoin Among the Biggest Victims of His Manipulative Tweets

Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation believes that Wyre provides Fintech firms an easy way to accept funds, and also offers better savings options. As such, the company is encouraging development on Stellar and strengthening the network as well.

What Comes Next

Elon Musk, CEO of Tesla and SpaceX, shared a cryptic tweet regarding bitcoin today. It was Tesla’s announcement that it will not accept bitcoins as payment that led to the May 19 crash. Even though today’s tweet did not say anything directly about his views on BTC, the OG token did stutter. Since in crypto-verse, there is no tribalism, other tokens followed suit as well.

Also read: Is Elon Musk breaking up with Bitcoin? BTC took the hint and dipped either way

XLM suffered from the backlash of this tweet as well, as its prices fell by 14%. However, with the Wyre partnership and different indicators in its favor, XLM will probably spend its weekend on a bullish rally.

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Anshuman Roy - CoinChapter
Anshuman Roy

A Delhi based content writer, I did my bachelors in engineering with major in electronics and communications. I first heard of bitcoin while writing an article about blockchain technology a few years back, and have been following it ever since. Bitcoin may well be current big thing happening in the finance industry, and it feels like the right time to join the crypto bandwagon.

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