Highlights
- XLM / USD corrects higher after lifting off lows at $ 0.4220
- Stellar lumens can be used by the EU to introduce CBDCs
XLM price found support near $ 0.4000 and started rising against the US dollar at press time. The price rose above the moving average (MA 50) at $ 0.4220 and attacked the resistance levels of $ 0.4830 to enter a positive zone. This is mainly due to increased demand as more and more institutional investors bought the coin.
Stellar is a service that makes it easier to make payments between people and companies. The Rangar market valuation ranks 16th at $ 10.34 billion on a 24-hour trading volume of $ 2.04 billion at the time of writing.
Lots of users in the Stellar community on Reddit recommended that the CBDC could be used on the Stellar Lumens blockchain. As per Christine Lagarde, The President of the European Central Bank, one position on the CBDC initiative, will be represented until the middle of the year. When it comes to cryptocurrency, CBDCs and digital assets, Lagarde has taken a negative stance. The president of the banking institution preferred stablecoins.
XLM Daily Chart: Range
XLM / USD daily chart. Source: TradingView
The XLM / USD pair climbed above the moving average (MA 50) at $ 0.4220, trading as high as $ 0.4822 on the daily timeframe. Stellar’s price is correcting higher and trading above the previous week’s high of $ 0.4683. On the downside, there is important support near the USD 0.4000 level. There is also a large bullish trendline with support near $ 0.3420.
Also read: Ripple (XRP) Price Analysis: Sellers fail to beat bullish tone on new highs above $ 0.73
If there is a downside break below the trendline, the price could fall towards the $ 0.3400 support and next in the moving average (MA 200) at $ 0.2350. On the upside, the price is encountering resistance near the $ 0.4830 level. A sharp break above $ 0.4830 could open the doors for a move towards $ 0.5400 in the short term. Although the pair broke key support at $ 0.4000, aggressive traction appears to have been dampened from the lows.
- Offer levels: $ 0.6083, $ 0.5400, $ 0.4820
- Demand levels: $ 0.4410, $ 0.4000, $ 0.3804
Stellar (XLM) corrected to $ 0.4830. When it’s over, we expect the trend to continue to $ 0.5400. After hitting that level, we expect a growth link to a high of $ 0.6083 on February 13th. Technically, the scenario is confirmed by the still overbought relative strength index (RSI).
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