Stellar (XLM) started a strong increase above the $0.100 resistance against the US Dollar. XLM price is trading nicely above $0.110 and it could continue to rise towards $0.120 or $0.1250.

There was a steady increase in Stellar’s token price above $0.100 against the US dollar.

It is now trading above $0.1080 resistance and settle above the 100 simple moving average (4-hours).

There is a major bullish trend line forming with support near $0.098 on the 4-hours chart of the XLM/USD pair (data source from Kraken).

The pair is likely to continue higher towards $0.1200 and $0.1250 as long as it is above $0.0980.

Stellar (XLM) is Gaining Bullish Momentum

After forming a strong support base above $0.0750, stellar (XLM) saw a strong increase above $0.080 against the US Dollar, similar to Bitcoin and Ethereum.

The price gained over 20% in a few days and was able to clear the $0.10 resistance zone. It even cleared the $0.110 level. A high is formed near $0.1108 and the price is now consolidating gains. XLM price is now trading above $0.1080 resistance and settle above the 100 simple moving average (4-hours).

It is positioned above the 23.6% Fib retracement level of the recent increase from the $0.0998 low to $0.1108 high. There is also a major bullish trend line forming with support near $0.098 on the 4-hours chart of the XLM/USD pair.

On the upside, an immediate resistance is near the $0.1108 level. The next major resistance is near the $0.1150 level, above which the price could test $0.1200. A close above the $0.1200 level might start a steady increase towards the $0.1250 and $0.1265 levels. The next major stop could be $0.1300 or even $0.1320.

Dips Supported in XLM?

If XLM price struggles to continue higher, it could start a downside correction. An immediate support on the downside is near the $0.105 level or the 50% Fib retracement level of the recent increase from the $0.0998 low to $0.1108 high.

The next major support is near the $0.100 level or the trend line. A clear break below the $0.0980 support zone could spark a fresh decline. The next major support on the downside is near the $0.0900 level.

Technical Indicators

4-hours MACD – The MACD for XLM/USD is gaining pace in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for XLM/USD is currently well above the 50 level.

Major Support Levels – $0.1050, $0.1000 and $0.0980.

Major Resistance Levels – $0.1108, $0.1200 and $0.1250.

#xlm #Binance #BTC #BNB #xrp

Stellar XLM is a decentralized blockchain platform that aims to facilitate cross-border payments and exchange of currencies. Launched in 2014, the platform was founded by Jed McCaleb, the co-founder of Ripple, with the goal of providing a more efficient and affordable alternative to traditional banking systems.

Stellar uses its native cryptocurrency, Lumens (XLM), as a bridge currency to facilitate the exchange of other currencies. The platform supports both fiat currencies and cryptocurrencies, allowing users to send and receive payments in a variety of currencies, including USD, EUR, BTC, and ETH.

One of the main features of Stellar is its fast and low-cost transaction processing. The platform uses a consensus algorithm known as the Stellar Consensus Protocol (SCP) to validate transactions, which enables faster transaction times and lower fees compared to other blockchain platforms.

Another important aspect of Stellar is its focus on financial inclusion. The platform aims to provide access to financial services for people who are unbanked or underbanked, particularly in developing countries. Through partnerships with various organizations, Stellar has launched a number of initiatives to provide affordable financial services, including microfinance and remittances, to people in these regions.

Stellar's governance structure is also unique, as it is overseen by the Stellar Development Foundation (SDF), a non-profit organization that is responsible for the platform's development and maintenance. The SDF is funded through donations from various sources, including the initial distribution of Lumens and grants from organizations such as the Bill and Melinda Gates Foundation.

In conclusion, Stellar XLM is a promising blockchain platform that aims to revolutionize cross-border payments and promote financial inclusion. Its fast and low-cost transaction processing, support for multiple currencies, and unique governance structure make it a strong contender in the blockchain space. With continued development and adoption, Stellar has the potential to transform the way we think about global finance. #Binance #BTC #BNB #crypto2023 #xlm

The Stellar (XLM) price has fallen since a long-term resistance area rejected it at the end of May.

Even though there are signs of a potential bounce developing, the majority of long- and short-term readings suggest that the trend is still bearish.

Stellar Price Fails to Sustain Breakout

Since the start of the year, the value of Stellar has been steadily increasing. In January, there was a notable breakthrough when the price moved above a descending resistance line that had been in place since its all-time high.

This kind of breakout from a long-term structure often leads to significant upward movements and indicates the end of a correction.

Afterward, the XLM price rose to the long-standing resistance level at an average price of $0.105. However, it failed to break out and instead created a bearish engulfing candlestick during the week of April 17-24.

This type of candlestick is bearish and negates the entire previous period’s decrease in the next one, which is confirmed by a close below the previous period’s opening price.

The weekly RSI also provides a bearish reading. When evaluating market conditions, traders use the Relative Strength Index (RSI) as a momentum indicator to determine whether a market is overbought or oversold and whether to accumulate or sell an asset.

If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true. The current RSI reading is bearish and supports the continuation of the decrease.

XLM Price Prediction: Mixed RSI Signs Cause Confusion

The bearish prediction for the XLM price aligns with the technical analysis from the daily timeframe. However, the RSI provides a bullish reading that causes some confusion. The bearish signs come from the price action and wave count.

While the XLM price broke out from an ascending parallel channel on March 29, it fell below its resistance line afterward. This deviation is considered a bearish sign that often leads to future price decreases.

Moreover, the wave count shows a completed A-B-C correction, which aligns with the bearish price action. To determine the direction of a trend, technical analysts use the Elliott Wave theory.

Which involves studying recurring long-term price patterns and investor psychology. The corrective structure and deviation both align with a bearish reading.

However, the RSI casts some doubt on the overall bearish sentiment. Even though the RSI is below 50, it has generated a bullish divergence (green line).

A bullish divergence occurs when a decrease in momentum does not accompany a price decrease. This often leads to upward movements. In this case, it could lead to an increase toward the channel’s resistance line at $0.105.

Afterward, whether the XLM price breaks out or gets rejected will determine the future trend’s direction.

This bullish XLM price prediction will be negated if the price closes below the channel’s midline.

A decrease toward its support line at $0.080 can occur in that case.

#xlm #crypto2023 #crypto #Binance #cryptotrading

MoneyGram has launched the MoneyGram service in Chile.

Stellar partner MoneyGram International has launched the MoneyGram Online (MGO) service in Chile. According to a press release today, residents in Chile can utilize the solution to send money from the country to friends and families worldwide.

Commenting on the development, MoneyGram Chairman and CEO Alex Holmes said the company is thrilled to launch the MGO service in Chile, one of South America’s largest remittance markets.

“After our recent successful launch in Brazil, we are especially excited about our strong momentum in Chile,” said Holmes.

Remittance Service in Chile

It is noteworthy that over the past 25 years, MoneyGram has offered diverse ways for Chileans to send money worldwide. Chile is one of the largest remittance corridors in South America.

In 2021, a migrant population of 1.5 million people sent a whopping $762 million through traditional means. However, there is a new demand for online cross-border settlements in Chile. MoneyGram hopes to address these demands through the MGO solution.

MoneyGram Service

MoneyGram is a major fintech company that enables users to move and manage money across various parts of the world. Through its set of fintech offerings, MoneyGram clients can send funds directly into bank accounts and mobile wallets.

Through the MoneyGram mobile app, MoneyGram users can also buy, hold, and sell cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.

The company has been taking key steps to offer the best fintech services to its clients. One of such move includes partnering with Ripple’s rival, the Stellar Development Foundation (SDF). MoneyGram collaborated with SDF in 2021 to utilize blockchain technology for cross-border settlements.

Under the partnership, MoneyGram’s network integrated with the Stellar blockchain to enable cash funding and payout in local currency for consumers using USD Coin (USDC).

Ripple’s Rivalry With Stellar

It bears mentioning that Ripple and MoneyGram were once involved in a partnership in 2019, where the former acquired a $30 million stake in the fintech company.

However, shortly after Ripple was taken to court by the U.S. SEC over its alleged illegal XRP offering, MoneyGram terminated its partnership with the crypto behemoth in March 2021.

A few months later, MoneyGram partnered with Stellar Development Foundation to utilize the Stellar blockchain for cross-border settlements.

It is worth noting that Stellar was launched by Ripple’s co-founder Jed McCaleb, who received 8 billion XRP for his role in creating OpenCoin (later renamed to Ripple Labs).

#xlm #crypto2023 #askbinancesensei #crypto #Binance

With holders keen on booking profits, XLM failed to react after the Stellar Development Foundation (SDF) announced that it had invested in MoneyGram International.

Stellar Development Foundation announced its investment in MoneyGram International on 15 August.

XLM Daily traders, however, continue to exit their positions for profit.

The price of Stellar Lumens [XLM], the native token of the Stellar network, has failed to impress investors with its stagnant trajectory. As of this writing, XLM traded at around $0.12, a 4 % decrease from the day before.

The Stellar Development Foundation’s (SDF) announcement on 15 August also failed to strike a response from the token. The foundation said it has invested an undisclosed amount in MoneyGram International, a major money transfer company.

In the announcement, the foundation behind the open-source, decentralized protocol noted that its investment in the financial institution would be channeled towards:

“Expanding its digital business, exploring blockchain technology, and contributing to the many other ways this financial technology company enables consumers and businesses to move and manage money in nearly every country around the world.”

All’s well that ends well

Between 15 June and 13 July, XLM’s value rallied significantly. It experienced a 104% growth in its market capitalization and a corresponding uptick in price from $0.07 to $0.15 during that period, data from Santiment showed. 

This led it to rank as one of the best-performing top cryptocurrencies in June and July, per data from CoinMarketCap. 

The price began its descent as buyers’ exhaustion beset the XLM market shortly after. Trading at $0.12 at press time, the alt’s value has since fallen by 20%.

Although SDF’s investment in MoneyGram represented a significant milestone toward achieving the network’s objective, XLM’s daily traders remain unmoved by the news.

An assessment of price movements on a 12-hour chart revealed significant selling pressure. A look at XLM’s Directional Movement Index (DMI) showed that sellers controlled the intraday trading session. 

At press time, the positive directional movement index (green), which tracks the strength of an asset’s uptrend, rested below the negative directional movement index (red), which measures the strength of the downtrend. This signaled that XLM that sellers had forced buyers out of market control.

Moreso, key momentum indicators rested at oversold positions as of this writing. For example, XLM’s Relative Strength Index (RSI) was far from its 50-neutral line at 30.23. Likewise, the alt’s Money Flow Index was 24.25 at press time. These suggested increased XLM sell-offs in the last 24 hours. 

Voteof no-confidence

As XLM’s price craters in the last month, its Open Interest in the futures market has also plummeted. When an asset’s Open Interest declines in this manner, it means that traders have become less confident in the market and are reducing their exposure.

Profit-taking activity has climbed in the XLM market as investors take to exiting their positions.

#dyor #xlm