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Stellar (XLM) Breaks out With 13% Increase Following This Promising Sign

Fri, 07/21/2023 - 15:19
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Tomiwabold Olajide
Stellar (XLM) extends rally with 13% gains
Stellar (XLM) Breaks out With 13% Increase Following This Promising Sign
Cover image via stock.adobe.com

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Stellar (XLM) is among the few altcoins recording gains in the last 24 hours as the market engages in lackluster trading ahead of a major move.

At the moment, the price of XLM is $0.158, up 12% from the previous day. In the past seven days, XLM has increased 11%.

A promising sign for the XLM price is the bullish crossing of the daily moving averages MA 50 and MA 200, also known as the "golden cross."

TradingView
XLM/USD Daily Chart, Courtesy: TradingView

A chart pattern known as a "golden cross" occurs when a short-term moving average crosses above a long-term moving average. A golden cross, which frequently refers to the strong confirmation of a long-term trend, denotes a long-term bull market going forward.

Following XLM's climb to highs of $0.18, a bull flag pattern is also developing on the daily XLM chart.

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Stellar's (XLM) Impressive 10% Rally, Here's Probable Cause

Traders should keep an eye out for the rally to continue in the coming days. A breach above $0.20 could mark the beginning of a new rise for Stellar XLM.

Bitso taps Stellar Network

Bitso, a Latin American-based crypto exchange, has announced its partnership with Stellar to facilitate international payment services.

This implies that companies from all over the world that operate on the Stellar network will be able to carry out transactions in Mexico, Colombia and Argentina thanks to this alliance with Bitso.

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Ripple Rival Stellar (XLM) Benefits from XRP's Recent Run with 17% Weekly Gains

The partnership allows transactions in dollars through USDC, the stablecoin issued by Circle, in the countries in which Bitso has a direct connection to the local banking system, opening new possibilities for trade and financial inclusion.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.