Stellar’s XLM up 82% in 7 days despite market correction
Stellar has increased by 82% in the past 7 days, indicating bullish sentiment despite recent market corrections. XLM trading volume has increased significantly, hitting its highest level since May 2021.
XRP and XLM have a similar composition, their prices have always been closely linked. The project was founded by Jed McCaleb, whose prior project was Ripple. Stelar focuses on cross-border payments as well.
The recent surge in XRP’s value brought on by the new regulatory approval and increased whale activity has also helped the XLM tokens.
Stellar has risen to number 20 on the CoinMarketCap crypto index because of its recent surge, and it will easily break into the top 20 with a few more days of growth. It currently has a $7 billion market valuation
Stellar and IBM have already teamed up to incorporate a decentralized financial system. IBM began accepting cryptocurrency payments, and their collaboration with XLM was finalized. This payment protocol, which American Express has tested, is a direct rival of Ripple’s xRapid. Its dual goals are to ease international payments and address the banking industry’s liquidity issues. These collaborations may contribute to Stellar’s $1 mark by 2025.
XLM technical analysis
The price of Stellar has risen sharply since the beginning of September. In November, XLM reached a new yearly high of $0.255, marking the end of its upward trend.
The token had broken above multiple important resistances and reached the long-term horizontal resistance of $0.25. The token’s price is presently trading within the $0.25 long-term horizontal resistance area.
The next resistance at $0.400 could be reached by XLM if there were a breakout from this region, which would quicken the increase. Before the 2021 high of $0.8, this is the last area of resistance.
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