Stellar Price Prediction: Will XLM maintain its bullish momentum to hit the $1 mark?

TL;DR Breakdown

• Stellar price prediction shows the crypto coin registered a 37 percent price surge during today’s trading session to settle above the $0.61 region.
• On the ascending triangular pattern, the $0.61 region rests on the upper range.
• Increased buying pressure could make Stellar surge by another 30 percent towards the $0.9 mark.
• A price consolidation is likely to occur around Stellar’s current demand region at $0.59 to $0.64.

As we head into the weekend, Stellar is currently enjoying massive buying pressure hence its current bullish momentum. The crypto coin is not the only currency enjoying the ongoing positive outlook as the entire cryptocurrency market and the global financial markets are also basking in the glory. At the time of writing, Stellar is exchanging hands at around $0.66.

Stellar Price Prediction: General price overview

Recently, Stellar has been receiving fundamental developments on its platform, supporting its current bullish posture. For instance, USDC token recently announced their collaboration with the Stellar platform. Additionally, one of the companies associated with USDC, Tala, also announced the ability of their users to access Stellar within their virtual wallets. All these developments are increasing cross-border transactions with Stellar.

On the other hand, convectional companies such as VISA and PayPal are also showing interest in incorporating USDC in their operations. This means that PayPal and VISA users will be able to buy goods and services using their crypto assets globally. At present, Stellar has appreciated by almost 450 percent in value, with its bullish trend strengthening this week following Tala and VISA announcement. These 2 companies can drive Stellar into mainstream adoption, increasing its availability to a broader set of users and, in turn, help users incur inexpensive remittance tariffs globally.

Stellar price movement in the past 24 hours

According to Stellar’s 12-hour chart, the crypto coin has surged above its local range at $0.61 to form a demand area that ranges from $0.58 to $0.64. As for the MRI technical indicator, it has signaled a yellow down arrow, representing an anticipatory top. This means that if Stellar continues to record positive surges, a price reversal is imminent in the near term.

Therefore, it is worth noting that a price consolidation around the $0.58 to $0.64 demand region is the most likely setup. At present, Stellar is recording a sideways price movement, a trend that will allow buying pressure to soar, triggering a massive bull run. This bullish momentum is likely to lead to a significant price surge in price towards the $0.85 mark.

Stellar 4-hour chart

According to the 4-hour chart, Stellar’s bullish momentum depends on the ability of the demand range to cushion any Stellar price decline. However, any breakdown past this region would lead to a 7 percent price correction to push the crypto towards the $0.57 region. Additionally, if the crypto coin manages to record a 12-hour candlestick close below the $0.57 region, Stellar’s bullish narrative will vanish, and a bearish season will start. Under these circumstances, Stellar could witness a price dip towards the $0.51 region, which coincides with the 50 percent Fibo retracement level.

Conclusion

Earlier today, German second-largest stock exchange, Borse Stuttgart, announced Stellar’s and Cardano’s exchange-traded notes on their platform. This brings the total number of virtual assets on their platform to 22. During their announcement, the stock exchange platform announced these cryptocurrencies would be tracked based on the euro. This is another development that is sure to have a positive effect on cryptocurrency.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.