- Stellar price rises after the partnership with the Ukrainian government
- Stellar price aiming to break past $0.195 key resistance
- Market sentiment shifts towards XLM following Ripple lawsuit
XLM price prediction: General price overview
Stellar Lumens has heavily benefited from a new partnership with the Ukrainian government. XLM price surged by 30 percent to successfully enter the altseason in 2021. Market sentiment in the battle for blockchain payments development against embattled Ripple has massively shifted in XLM‘s favor. XLM has indicated signs of decoupling from XRP in with market sentiment shifting in its favor. As a result, the XLM/USD pair has gained about 40 percent to reach $0.178.
XLM price prediction: price movements over 24 hours
Stellar opened the day trading at $0.164320 after closing the previous day near $0.16425. The altcoin dropped to a low of $0.149610 before rallying to reach a daily high of $ 0.179940 so far. The current price of the XLM/USD pair at the time of writing is $0.1700.
The proximity between XRP and XLM slackened massively after the United States Securities and Exchanges Commission (SEC) filed a lawsuit against Ripple for selling unregistered securities. Panicking traders started disposing of XRP, which dragged Stellar price down with it due to the positive correlation between the two tokens. Stellar price has been trading around $0.11 since December 23.
The XLM/USD pair sank amid traders’ concerns that the SEC could also go for Stellar and its officials. However, industry experts later cleared the air that XRP and XLM are dissimilar.
Stellar price prediction: Is XLM/USD breakout imminent?
The XLM/USD has been trading within a falling wedge pattern. A falling wedge is usually a bullish pattern that starts wide at the top and contracts as the price falls. At the time of writing, the XLM/USD pair is more than 40 percent above the breakout wedge.
The bulls face resistance near the $0.180 and $0.196 price levels. However, the pair has formed support near $0.1550, and the next support is near $0.140. The above chart indicates the XLM price has gained momentum, and after moving above the $0.160 price level and the bulls are targeting to test the key resistance at $0.195.
Stellar price prediction: Conclusion
The Stellar Foundation received massive support this week after reaching an agreement with the Ukrainian government to develop a digital hryvnia. On top of that, Stellar will help the government create a regulatory framework for stablecoins and digital assets. The altcoin began surging on Tuesday to reach its highest price in about three years.
From a fundamental and technical point of view, the future looks bright for Stellar investors and traders as momentum builds up. A break past the $0.195 sell-off zone may pave the way for more gains. The cryptocurrency, which ranks position 13 by market capitalization, is now up by more than 40 percent within the last 24 hours, and the momentum appears to carry on. Notably, the breakout comes when bitcoin has slowed down after reaching a new all-time high at $34,800. The top crypto dropped to $27,800 for a short while before it surged back above the $30,000 mark.
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