Stellar (XLM) Is Grabbing Traders’ Attention for All the Right Reasons

With strong fundamentals driving the narrative, recent partnerships like its collaboration with MoneyGram and a growing role in cross-border payments are preparing XLM

Stellar (XLM) continues to attract attention as it eyes a potential price surge, while the new PlutoChain ($PLUTO) project aims to revolutionize Bitcoin's capabilities.

XLM price action is forming a falling wedge on the daily chart, a technical pattern that often indicates a potential bullish reversal.

Currently, XLM is trading at around $0.38, having slipped slightly from the previous close. Its price action on the daily chart reveals a falling wedge pattern, a technical formation that is usually interpreted as a bullish development.

This pattern emerges when the price encounters support at the 50-day moving average and faces resistance at a descending trendline. A breakout from this pattern often occurs to the upside, suggesting a potential price increase if the price manages to decisively breach the upper trendline.

Chart: TradingView

As XLM price action attempts to break out of this falling wedge, key resistance levels to watch are at $0.45 and $0.50.

A successful breach of these levels could pave the way for further gains, potentially leading XLM price toward the $0.55 mark.

The Relative Strength Index (RSI) for XLM is currently at 43.78.

Meanwhile, the Fear & Greed Index is displaying a score of 70 (Greed), indicating a strong bullish sentiment among investors.

In related news, Stellar Development Foundation announced a collaboration with MasterCard to integrate Mastercard’s Crypto Credential solution into the Stellar network.

This integration aims to simplify cryptocurrency transactions by enabling users to send crypto to a recipient's email address instead of using complex blockchain addresses.

Furthermore, Franklin Templeton, a global investment firm, has adopted the Stellar network for its OnChain U.S. Government Money Fund, which now boasts over $270 million in assets.

This move showcases the growing confidence in Stellar's blockchain technology for managing and tokenizing real-world assets.

Jovon Marks, a crypto analyst on Twitter, mentioned in his latest post that XLM has real potential to reach $0.68 soon.

The overall market sentiment for XLM appears cautiously optimistic. The Fear & Greed Index is displaying a score of 70 (Greed), which means that investors are leaning toward bullishness.

However, it's important to note that crypto markets are inherently volatile, and any price predictions should be taken with a grain of salt. Conducting thorough research and exercising caution is always advisable when making any crypto-related decision.