XLM Breaks Resistance Amid Crypto Market Downturn
Despite the overall bearish trend in the crypto market, Stellar (XLM) has managed to surpass the $0.12 resistance level, indicating growing demand for its payment solution. This strength can be attributed to the anticipation surrounding an upcoming game-changing announcement from the Stellar network. Since September 2, XLM has been bullish, with its price increasing by 10%. It reached a high of $0.134 on September 10, marking a 20% increase from its low in August. The countdown to the announcement has generated excitement and speculation within the Stellar community, with some suggesting a potential partnership with Apple. Stellar’s dominance in tokenized treasuries by market cap further supports its price increase.
XLM’s Price Outlook: Slip and Potential Rebound
Although XLM has experienced a 3% decline in the last 24 hours, it still retains a 1.78% gain over the past week. The token has slipped from its support level at $0.134 and currently trades at $0.1272. This indicates a possible decrease in hype around the upcoming announcement and susceptibility to bearish pressure in the broader crypto market. However, the next 24 hours will be crucial in determining XLM’s price trajectory. If the announcement proves to be bullish, XLM could experience a significant upward movement, potentially surpassing the $1.3 price level.
Hot Take: Stellar’s Resilience Amidst Market Downturn
Stellar (XLM) has shown remarkable resilience compared to other cryptocurrencies during the recent market downturn. While many coins have lost their previous gains, XLM has held on to its strength and even reached new highs. The anticipation surrounding the upcoming announcement from the Stellar network has contributed to XLM’s positive performance. As the cryptocurrency market continues to face bearish pressures, XLM’s ability to maintain its gains and break resistance levels demonstrates its growing demand and potential for future growth. Investors and enthusiasts are eagerly awaiting the announcement, which could have a significant impact on XLM’s price and further establish Stellar as a leading payment solution in the crypto ecosystem.
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