Stellar Soars 13.5% Outperforming Bitcoin: What Triggered The Rush?
Arslan Butt • 2 min read
- Stellar Lumens is one of the best and most consistent assets in the crypto top 30 by market cap, up 13.5% on the daily chart.
- SDF published a Whitepaper outlining how Stellar was developed to let Central Bank Digital Currencies be deployed more easily (CBDCs).
- Steller’s next resistance stays at 0.3871 and 0.4044. In contrast, the support continues to stay at 0.3585 and 0.3401 levels.
Stellar Lumens is one of the best and most consistent assets in the crypto top 30 by market cap. Stellar soars 13.5% on the daily chart and 36.3% on the two-week chart. In comparison, Bitcoin, Ethereum, and other significant coins in the top ten have all underperformed the cryptocurrency.
Stellar Soars 13.5%, What Triggered The Rush?
The upward trend in XLM corresponds to exponential growth in its ecosystem. According to the Stellar Development Foundation (SDF), the network achieved substantial progress in Q3, 2021, according to the Stellar Development Foundation (SDF).
Furthermore, it acquired crucial relationships, such as the one with MoneyGram, a payment behemoth. Users will be able to link their wallets to the company’s worldwide retail platform due to this.
As a result, customers will be able to use cash funding and rewards in USD Coin (USDC) with Stellar’s ability to settle transactions instantaneously. In this way, the network has increased its principal use case and its capacity to enroll millions of new members.
Stellar Continues to Grow Towards Realizing its Vision
In addition to the MoneyGram agreement, the SDF published a Whitepaper outlining how Stellar was developed to let Central Bank Digital Currencies be deployed more easily (CBDCs).
The SDF says that the network has unique properties that enable it to handle various assets and how a central bank may use Stellar to implement them.
CBDCs are rising in the priority list of foreign governments, thanks to the rapid development of the digital Yuan. The CBDCs of the European Union, developing countries in Africa, and others could benefit from the network in the future.
Furthermore, SDF’s move is part of a series of strategic venture-style investments aimed towards expanding the Stellar ecosystem. The Enterprise Fund will invest in or fund early-stage companies developing on the Stellar blockchain and are in the pre-Series B stage.
Stellar (XLM/USD) Price Analysis – Stellar Soars 13.5%
Stellar price analysis suggests solid bullish bias, as XLM/USD has soared to $0.3800. On the 4-hour timeframe, XLM/USD has crossed over the 50-day simple moving average at 0.3400 level. This level is now operating as support and supporting the chance of a bullish trend continuation.
During the early Asian session, Stellar has violated the intraday pivot point resistance level of $0.3610. The formation of a bullish engulfing candle above this level supports the chances of a bullish trend continuation.
On the higher side, Steller’s next resistance stays at 0.3871 and 0.4044. In contrast, the support continues to stay at 0.3585 and 0.3401 levels. Let’s consider staying bullish above 0.3585 today. Good luck!