Stellar Lumen (XLM) Making a Move Higher on VISA, Tala Announcements?
Aiswarya Gopan • 2 min read
Stellar Lumen (XLM) is enjoying a bullish momentum as we head into the weekend, in line with the positive sentiment in the overall crypto market and global financial markets in general. At the time of writing, XLM/USD is trading around $0.64.
Recent fundamental developments have been supporting the recent uptrend in XLM, as the USDC token functioning on the Stellar reports an increase in liquidity. In addition, one of the companies behind the USDC – Tala, has confirmed that it will offer users the ability to access this stablecoin within their digital wallets, which can increase its use for conducting cross-border transactions and even purchase encryption services.
Stellar is also seeing increased interest after VISA – another company backing the USDC stablecoin, announced that it will issue cards with funds tied to the wallet, potentially allowing its customers to purchase goods and services using their crypto funds worldwide.
So far this year, the Stellar Lumen digital token has gained almost 400% of its value, with the uptrend strengthening this week over hopes that VISA and Tala will help drive mainstream adoption of the cryptocurrency. The technology behind this blockchain network will not only increase access to cryptocurrencies among a wider set of users but could become an attractive proposition for conducting cheaper remittances around the world.
Key Levels to Watch
The MACD and momentum indicators point to a bullish bias in XLM/USD on the 4-hour price chart. Keep an eye on the $0.80 level which is working as the next important resistance level. A break above this can extend the uptrend, but in case buyers are unable to push past this level, Stellar can see its value dropping down to $0.56 and then $0.51 in the near-term.