Stellar (XLM) surges while major coins decline.
The price of Stellar (XLM) has continued to rise while the broader cryptocurrency market experiences a correction. Over the past seven days, the token has surprised market participants with interesting price movements. Stellar is leading the top-gainers with a 4.19% growth in the past 24 hours and a 19.55% increase in price on the weekly chart.
Stellar Price Outlook
Stellar is a peer-to-peer (P2P) decentralized network that was launched by the Stellar Development Foundation in 2015. It provides a protocol that connects global financial systems by linking payment providers and financial institutions. Stellar transactions are powered by its native token, XLM.
Over the past weeks, Stellar (XLM) has performed well, showing noticeable gains amid dips and rallies in the last seven days. XLM has seen a 23.6% increase in price over the past 14 days, with a 19.55% gain in value over the past seven days.
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What’s even more remarkable is the token’s trading volume, which has increased by 287.57% within a 24-hour period. The change in trading volume over the past week suggests that XLM bulls have been active within these few days. XLM’s trading volume has gone from less than $60 million to over $200 million in seven days. At the time of writing, the token’s trading volume stands at $224 million, according to CoinMarketCap data.
With this bullish signal, XLM has surpassed the critical threshold of $0.1, as observed in Pseudonymous crypto trading expert Nebraskangooner’s chart pattern analysis on June 27.
Stellar’s (XLM) price is currently at $0.09974, trading above the 50-day and 200-day Simple Moving Averages on its TradingView daily chart.
This current trend suggests more bullish moves in the short and long term. Additionally, its Relative Strength Index (RSI) at 76 suggests price movements above the overbought region.
It has broken through crucial resistance and support levels, finding support at $0.102456 in the early hours of June 28, and it may soon reach $0.105 if the uptrend continues.
XLM Breaks New Grounds As Stellar Accelerate Network Development
One of the factors fueling the bullish momentum is Coinbase’s recent integration with Stellar.org. On June 23, Coinbase integrated the USD Coin stablecoin on Stellar. Following this development, Coinbase fully supports USDC deposits and withdrawals via the Stellar network.
Millions of users can now access instant remittance and real-time payments to global fiat and cryptocurrency on/off ramps through USDC on Stellar.
This news has contributed to a boost in XLM market sentiment, as evidenced by the rising trading volume. Increased trading volume signifies higher demand for the asset, which drives up its price.
In addition, Stellar has announced another partnership with MoonPay, a leading crypto payments infrastructure company. According to the Stellar team, this partnership enables users to seamlessly buy and sell crypto assets, including Stellar assets, across over 160 countries.
Furthermore, on June 22, Stellar partnered with MoneyGram to support streamlined cash deposits and withdrawals from crypto wallets via USDC without a bank account. These partnership deals must have boosted XLM’s user base, leading to an increase in its price.