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Bulls have managed to gain some momentum across the cryptocurrency market after Tuesday’s widespread declines. Stellar (XLM) is climbing for the 3rd consecutive day amid bullish news surrounding the Stellar Development Foundation. At the time of writing, XLM was exchanging hands at $0.259, up 18.02% in the last 24 hours and 13.14% weekly. Ranking 17th largest, Stellar market valuation stands at $6.19 billion with a 24-hour trading volume of $922 million. Stellar Development Foundation is in talks with MoneyGram International about a potential purchase of the 81-year-old remittance giant, Bloomberg reported on Wednesday. Stellar is partnering with private equity firm Advent on the possible deal, according to unnamed sources.
Key Levels
Resistance Levels: $0.5000, $0.4000, $0.3000
Support levels: $0.2000, $0.1250, $0.1083
XLM/USD Daily Chart: Ranging
XLM/USD Daily Chart
XLM/USD recorded its third day of gains after a failed attempt to break significantly beneath a low of $0.199 on Tuesday. The price is approaching the MA 50, which is acting as strong resistance around $0.2802. The momentum indicators are confirming the recent bullish movement with the RSI jumping above the neutral threshold of 50. A successful attempt above the MA 50 could take the XLM/USD pair towards the $0.397 high before flirting with the $0.47 handle.
More increases could send the bulls to retest the $0.53 ahead of the $0.70 level. Overrunning this, and the $0.53 barrier, the XLM/USD pair may hit the $0.71 high before challenging the yearly peak at $0.797. Alternatively, a dive beneath current levels may see to a retest of the $0.19 support from where the bulls could give the upswing another attempt.
XLM/USD 4-Hour Chart: Ranging
XLM/USD 4-Hour Chart
Stellar trades higher today, continuing the upward trend seen since Wednesday. The rebound-off of the lows of $0.199 on July 20 sent the price slightly above the $0.25 psychological mark, surpassing the MA 50 ($0.23) and MA 200 ($0.2499). In case of a continuation of the rebound and a successful climb above $0.2680, the XLM/USD pair could flirt with the $0.44 and the $0.70 resistance. Another step higher could enable the pair to reach the yearly peaks at $0.797.
On the opposite side, if traders sell the XLM/USD pair and the market extends the negative move below the moving averages, Stellar could see a flirt with the $0.21 level ahead of the $0.20 level. More losses could find support at the July 20 low of $0.199. All in all, XLM price needs a strong push higher to create further gains above $0.28 in the near term.
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