Stellar's native cryptocurrency, XLM, has seen a remarkable surge in recent times. According to data from CoinGecko, XLM's price has risen by over 32% in the past week, bringing it to approximately $0.45 at the time of writing. This increase has pushed XLM's market capitalization to over $13 billion, showcasing growing investor confidence in the cryptocurrency.
Several factors are contributing to this bullish momentum for XLM. One key aspect is Stellar's strategic partnerships that aim to enhance its real-world utility. For instance, MoneyGram's integration of Stellar enables users to seamlessly convert and send various fiat currencies across borders. Another notable partnership is with Fonbnk, a mobile financial services provider in Africa, that leverages Stellar to power its digital wallet and payments platform.
Technical indicators also provide further support for this trend. As XLM's price continues to surge, the Relative Strength Index (RSI) has entered overbought territory, indicating strong buying pressure. Additionally, the formation of a golden cross pattern, where the short-term moving average crosses above the long-term moving average, suggests the potential for sustained upward movement.
However, it is worth noting that some recent movements might be indicating that some investors are looking to take profits. According to data from Santiment, around $36 million worth of XLM was moved to exchanges on Friday. This could be a sign that some holders might be planning to sell their holdings soon.
As XLM continues its ascent, several crucial levels are being watched. Resistance is expected around the $0.63 mark, while support could be anticipated at approximately $0.41.
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