Stellar (XLM) price performance is not looking promising, as technical indicators suggest a loss of momentum. However, the Stellar network is becoming a hub for other ecosystems, with Bitstamp integrating Circle’s USD Coin (USDC). This integration will provide users across Europe with access to fast and affordable transactions within the global ecosystem powered by the Stellar blockchain.
The current price of Stellar is $0.1129, and it is trading within a tight range due to reduced volatility. The price action has formed a triangle pattern, which is also a result of the decreasing volatility. However, resistances from the 50-day and 100-day Exponential Moving Averages (EMA) are putting pressure on Stellar’s price at $0.1151 and $0.1137 levels respectively. Momentum indicators, such as the Relative Strength Index (RSI) and the Awesome Oscillator (AO), also indicate a negative outlook.
The RSI is below the 50 level and declining, indicating diminishing buying pressure even at its weak price strength. The odds currently favor a downside move for Stellar’s price, potentially breaking below the immediate support at $0.1126 and revisiting the range low of $0.0879.
However, there is a possibility that this impending slump could be a quick liquidity grab that fills orders for shorts targeting the uncollected liquidity around $0.1063. This liquidity sweep could stabilize the market and attract sidelined buyers, leading to upward pressure on Stellar’s price.
To confirm a more positive outlook, Stellar’s price would need to break above the 50-day and 100-day EMAs and close above the 200-day EMA at $0.1326. Such a move would signify a 17% increase from current levels and mark an important point of validation.
In an extremely bullish scenario, Stellar’s recovery rally could push its price above the range high of $0.1439, which was last seen on August 8. However, this bullish case may be a stretch, and it might be worth considering alternative cryptocurrencies like Meme Kombat (MK), which aims to revolutionize passive income earning through its staking function.
Meme Kombat is a GameFi/GambleFi project that competes with meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB). What sets it apart is its utility features in gaming. The project targets the highly lucrative sectors of gaming, meme coins, and gambling in the crypto realm. It offers a fully decentralized Web3 architecture that ensures trust and transparency.
The Meme Kombat project is currently in its presale phase and has gained popularity among gaming enthusiasts and investors. It allows users to bet on battles between popular meme icons and offers the opportunity to grow income. The presale tokens are selling out quickly, indicating strong demand.
Investing in Meme Kombat early can provide the opportunity for significant gains before it goes live on exchanges. Additionally, staking MK tokens can generate passive income with high Annual Percentage Yields (APY) reaching up to 112%. Don’t miss out on this opportunity.
Hot Take: Stellar’s price outlook is currently bearish, with technical indicators suggesting a loss of momentum. However, the integration of Circle’s USD Coin on the Stellar network expands access to fast and affordable transactions for users across Europe. Meanwhile, Meme Kombat presents an alternative investment opportunity in the meme coin space, targeting gaming and offering high APY through staking. Consider diversifying your portfolio by exploring these options.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies.Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.
