Stellar is currently exhibiting new support levels and positive events occurring on the network for XLM coins, due to a rise in their momentum as a cryptocurrency. This could indicate that breakouts may occur in the near future based on its current price. At press time, the coin is trading at approximately $0.17 with an increase of around 3% over the past 24 hours.
XLM Eyes Breakout Above $0.18 Resistance
According to the TradingView chart, XLM remains in a solid structure after bouncing off the support area at $0.16. The price is continuously exhibiting higher low candles, which shows that there is an increase in buying pressure.
There is also immediate resistance seen right around $0.18, where in the past it has acted as a rejection point. If bulls can push XLM above this level, it could create momentum for a larger bullish rally towards the $0.20 area.
Traders are also seeing that the narrowing price range is indicating consolidation, which is a typical phenomenon prior to a breakout move.
Additionally, the Bollinger Bands are tightening, indicating reduced volatility and a potential breakout phase. Meanwhile, the RSI is moving above the 50 level, suggesting strengthening bullish momentum.
Also Read: Stellar Breakout Above $0.179 Could Trigger Rally Toward $0.22 Target
Partnership With MoneyGram Improves Sentiment
Recent news has reported that Stellar has entered into a long-term extension of its previous partnership with MoneyGram, which is a large player in cross-border payments. This news illustrates how Stellar has established itself as a trusted source for real-world payment solutions.
As a result of this type of partnership, market participants often perceive this positively since it creates longer-term confidence in an asset class and increased institutional adoption, and could lead to an appreciation of value in XLM.
XLM is in a structure that has support from technical and fundamental factors. If the price can continue to hold above key support and break resistance, the near-term target for XLM appears to be $0.20-$0.21.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Stellar Builds Strong Base: Is a 12% Breakout Toward $0.19 Next?
