The Stellar (XLM) price increased after a Ukrainian bank completed a successful pilot. The Stellar Lumens (XLM) price is nearing the conclusion of a nearly 18-month bullish trend. A favourable outcome might initiate a bullish turnaround.
Stellar was developed by the Stellar Development Foundation as a decentralized network. TASCOMBANK, the central commercial bank of Ukraine, declared on January 13 that it has successfully executed a trial utilizing the Stellar network. In turn, it has suggested the implementation of blockchain technology to overhaul the Ukrainian payments network.
Since reaching a peak of $0.798 in May 2021, the Stellar price has dropped inside a declining wedge pattern. The falling wedge pattern is bullish. Therefore, it is anticipated that it will lead to breakouts the majority of the time.
The bullish indicators extend beyond the falling wedge. While the Stellar price fell below the $0.084 support region at the start of December, it rebounded at the wedge’s support line and recaptured it. This is a positive event since it invalidates the prior decline. Currently, the price of XLM is trading quite near the resistance line.
If a breakthrough happens, $0.13 would be the next point of resistance. A decline below the $0.084 level might result in an XLM price decline toward $0.062.
While the weekly RSI is climbing, it has not yet formed a bullish divergence or above 50. Therefore, bullish indicator readings do not accompany the bullish pattern and regain.
The most probable Stellar price prediction is a short-term pullback followed by a breach of the long-term descending wedge. A breakthrough from the wedge would maintain the bullish trend for the long term. A collapse of the rising short-term support line, on the other hand, would indicate that the trend remains negative.
Also Read: Nearly Half A Billion XRP Transferred By Binance And Whales As XRP Skyrockets To The Green
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
- Advertisement -
Comments are closed.