Stellar (XLM) is posting a recovery on the cryptocurrency market as the price has registered a 7% uptick in the last 24 hours. The movement suggests that ecosystem bulls are actively pushing the price up from the $0.36 support level.
Can Stellar hit $0.52?
Notably, the $0.36 zone has been a critical support level for Stellar, and bulls’ ability to defend it shows a potential breakout is possible. If the asset is able to stabilize between $0.42 and $0.45, XLM could soar to $0.52.
However, to achieve this, the trading volume needs to stay up as the Relative Strength Index (RSI) divergence is signaling overextension — should volume suffer a decline.
As of press time, volume is up by 50.05% at $564.03 million. If Stellar bulls sustain the current trading activity, there is every likelihood that the XLM price could surge to the projected level.
Meanwhile, Stellar is currently changing hands at $0.4162, reflecting a 7.02% increase within this time frame. Interestingly, the asset had climbed to a peak of $0.419 in earlier trading sessions, indicating that the asset has potential for further growth.
Investors will need to monitor whether Stellar can sustain its bullish momentum amid a broader crypto market pullback.
Visa partnership boosts long-term sentiment
In the broader financial space, Visa recently added Stellar to its blockchain settlement network. This integration supports Stellar’s credibility in institutional adoption, a move that could boost XLM’s growth.
You Might Also Like
According to the update, Stellar’s collaboration with Visa will allow its partners to settle transactions using stablecoins. The overall impact on Stellar could include increased liquidity as more people adopt cross-border payments using XLM.
Meanwhile, Peter Brandt has predicted that Stellar could end up becoming renowned in the crypto space, like a “rock star.” The veteran trader based his prediction on a chart that showed that the asset was in the process of forming a large symmetrical triangle.
Source link
