Stellar (XLM) continues to rally as major coins turn red

Stellar (XLM) Price It continues to grow as the broader crypto market sees improvements. The coin surprised market participants with interesting price movements over the past seven days. stellar leads top gainers With an increase of 4.19% in 24 hours and a 19.55% price increase on the weekly chart.

Stellar Price Outlook

Stellar is a peer-to-peer (P2P) decentralized network launched by the Stellar Development Foundation in 2015. It provides a protocol that connects global financial systems by connecting payment providers and financial institutions. Stellar trading is powered by its native token, XLM.

Stellar (XLM) has performed well over the past weeks, with notable gains between declines and rallies over the past seven days. XLM price saw an increase of 23.6% over the past 14 days, with a seven-day gain in value of 19.55%.

Related Reading: Here’s Why the Bitcoin Price Has Stalled Up for Now

Even more remarkable is the trading volume of the coin, which increased by 287.57% in a span of 24 hours. The change in trading volume over the past week suggests that XLM bulls worked overtime within these few days. XLM trading volume went from less than $60 million to over $200 million in seven days. At the time of writing, the token has a trading volume of $224 million according to CoinMarketCap. statistics,

With this bullish sign, XLM crossed the crucial $0.1 barrier seen by pseudonymous crypto trading expert, Nebraskangooner. chart pattern analysis On 27 June.

Stellar price (XLM) is now trading at $09974, trading above its 50-day and 200-day simple moving averages. trading view Daily Chart.

The current trend suggests more bullish moves in the short and long term. Also, its Relative Strength Index at 76 suggests that the price has moved above the overbought zone.

It has broken key resistance and support levels, claiming support at $0.102456 in the first hours of June 28, and may soon reach $0.105 if the uptrend continues.

XLM Hits New Dimensions, Accelerating Stellar Network Growth

Among the factors fueling the bullish momentum is Coinbase’s recent integration with Stellar.org. On June 23, Coinbase integrates USD Coin stablecoin on Stellar, Following this development, Coinbase fully supports USDC deposits and withdrawals through the Stellar network.

Millions of users can now access instance remittances and real-time payments via USDC on Stellar, a global fiat and crypto on/off ramp.

This news contributed to a boost in the XLM market sentiment, as evidenced by the increasing trading volume. And, of course, increased trading volume reflects higher demand for the asset, which drives up its price.

In addition, stellar announced Another partnership with Moonpay, a leading crypto payment infrastructure company. According to the Stellar team, the partnership enables users to seamlessly buy and sell crypto assets, including Stellar assets, in over 160 countries.

Also on June 22 Stellar partners with MoneyGram Supporting streamlined cash deposits and withdrawals from crypto wallets via USDC without a bank account. These partnership deals would have increased the user base of XLM, which would have increased its price.

Featured Image from Pixabay and Chart from Tradingview.com