All eyes are on Stellar (XLM) as it breaks the $0.12 resistance despite the massive onslaught in the crypto market. The token managed to hold on to last week’s gains, while Bitcoin and other top coins maintained consistent bearish momentum.
Stellar’s current price reflects the growing demand and interest in its payment solution, which is a plausible reason behind its strength. Additionally, excitement is high among XLM investors as the Stellar Network prepares for a game-chaining announcement on Tuesday.
XLM is rising amid increased speculation in the stellar ecosystem
XLM has been bullish since September 2, following Stellar.org announcement that “something nice” will come to the network within ten days. After this announcement, the price of XLM rose 10%, from $0.1135 to $0.126.
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It maintained momentum, albeit with a few dips, reaching $0.134 on September 10. This price move marked an increase of almost 20% from the monthly low of $0.1117 on August 17.
Moreover, Stellar Network continued to tease the community with the countdown to the mysterious announcement, which is September 7 tweet also teased that change is afoot as it will introduce emerging brand Stellar into the real world.
The Stellar community is buzzing with anticipation as enthusiasts await the mystery to be unraveled. Some community members speculate that the upcoming announcement could be related to a partnership with Apple.
In a recent report, Stellar dominated all layer 1 networks in tokenized treasuries by market capitalization, surpassing Ethereum and Polygon. The 23 August tweet shows that Stellar registered a tokenized treasury market cap of $304 million. Ethereum, on the other hand, recorded a government bond market cap of $291 million, while Polygon followed with $24 million.
This report presents Stellar as a leading real-world asset tokenization network, providing a plausible reason behind XLM’s price increase.
Price Outlook: XLM down $0.13. Will it bounce back?
Over the past 30 days, Stellar’s XLM has embodied the resilience that has been missing from the broader crypto market. While most coins gave up all their past gains, XLM held strong, overcoming negative market sentiment and reaching new highs.
However, the rally has stalled and the token is currently down over 3% in price in the last 24 hours. But it still maintains a 1.78% gain over the past seven days.
Stellar has left the new support at $0.134 and is now trading at $0.1272. This decline indicates two things. Firstly, the hype surrounding the mysterious announcement must have died down. Second, XLM could have succumbed to the bearish pressures present in the broader crypto market.
Nevertheless, XLM is in critical conjecture as the outcome of the next 24 hours will determine the price trajectory. If the announcement is bullish enough, XLM could witness a positive momentum shift with a massive surge above the $1.3 price.
Featured image from Pixabay and chart from TradingView.com