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- 1 The Stellar price (BITFINEX: XLM) increased by 2.09% over the last 24 hours.
- 2 At press time, Stellar is trading at $0.14944, and the 52-week price range is $0.070 – $0.196.
Stellar, a cross-border payment cryptocurrency, has launched a new cross-chain bridge with Allbridge, a bridge provider, and SDF, the non-profit behind Stellar. The bridge enables easy asset transfers between Stellar and other chains like Ethereum, Solana, Celo, and Polygon. The bridge supports XLM and other tokens and charges ABR as a fee.
The bridge aims to improve cross-chain compatibility, market depth, and creativity in the Stellar network and beyond. The press release claims that the bridge will make XLM more versatile and valuable across different use cases, raise the demand and price of XLM, and enhance the adoption and innovation of Stellar and its cross-chain connections.
The market reacted positively to the news, as XLM soared 55% from $0.09648 to $0.15749 in a few hours, hitting its highest level since June.
Stellar coin surged 53.57% in market value and 3046.39% in trading volume in 24 hours, per Coinmarketcap which is a crypto data and info website. Its market value is $3,996,509,483 and its trading volume is $1,173,452,145. There are 27,123,501,742 XLM in circulation.
At the time of publishing, as per Coinglass (a website which analyzes crypto derivatives data), Stellar coin open interest is $61.03 Million, and it rose by 134.14% yesterday. The long versus short ratio for the last 24 hours is 1.0113. The average volume of Stellar coin increased by 4787.47%, and it is at $1.92 Billion.
The coin did well this month as it climbed 77.08% and by 67.55% in the past six months. Also, the year-to-date return of XLM price is positive with a 106.49% rise.
Stellar Price Technical Analysis in 1-D Timeframe
XLM coin has been in a downtrend for over two years, dropping 92% from its peak price of $0.79562. The coin has been making lower highs and lower lows, hitting a major demand zone at $0.07402.
However, the price could not rise significantly, as the buyers’ volume was low and the price stayed flat in the demand zone for six months. The coin tried to bounce from the demand zone three times, but met strong resistance and could not change the trend direction, and moved within the bounds of the trendline channel.
Moreover, the price soared by more than 50% with positive news on July 12th, showing a surge in buying interest and trading at $0.14944 at the press time. Therefore, to continue its upward momentum, the coin needs to attract more buyers to break above the resistance levels.
The Stellar coin price (XLM) is above the 20, 50, 100 and 200-day EMAs (exponential moving averages). The EMAs are acting as supports pushing the price trend up. Therefore, the coin is likely to move higher, giving bullish signals on the daily time frame chart.
As per the Stellar price prediction, the MACD line at 0.000953 and the signal line at 0.005065 are above the zero line, a bullish crossover is observed. The current value of RSI is 77.32 points, and the 14 SMA is above the median line at 62.17 points. Essentially, the indicators are giving positive signals for the coin.
Conclusion
The XLM coin has a bullish sentiment in the 1-D time frame. The price action shows a bullish outlook at the time of publishing. The technical parameters of Stellar price also support the bullish trend. The major indicators – MACD, RSI, and EMA are giving positive signals and imply that the uptrend may continue in the short term.
Technical Levels:
- The nearest support: $0.09648 and $0.07402.
- The closest resistance: $0.15749 and $0.20279.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
