Stellar (XLM) Price: Could It Increase Another 50% If This Key Level Holds?

The price of Stellar (XLM) has experienced a decline since reaching its yearly high on July 13. However, it's currently trading within a continuation pattern, which indicates the potential for a breakout in the future.

Timeline of Stellar

Amidst the artificial intelligence (AI) frenzy ignited by OpenAI's ChatGPT, the tech landscape has witnessed fierce competition among industry giants eager to unveil their own cutting-edge AI products. One such formidable contender is Google Bard, a generative AI offering brought to the fore by Alphabet (NASDAQ: GOOGL).

At a time when Bitcoin (BTC) and most altcoins are wriggling out of their bearish dive with slight gains, Stellar (XLM) is notably charting an impressive rally across the board. The cryptocurrency is trading at a price of $7.96, up by 10.2% at the time of writing.

The much-awaited TOKEN2049, Asia's leading Web3 and crypto conference, is back in Singapore with a bang. Scheduled to take place from 13th to 14th September 2023 at Marina Bay Sands, this year's event promises to be the largest of its kind, attracting over 10,000 attendees from more than 3,500 companies.

Bitso, a leading cryptocurrency exchange in Latin America, has partnered with Stellar Development Foundation to enhance the global payment corridor between Latin America and the rest of the world.

Chainlink rose by as much as 20% earlier in today's session, as markets reacted to the release of its Chainlink Cross-Chain Interoperability Protocol (CCIP). Traders were buoyed by the news, pushing the token to its highest level since April in the process. Stellar rose to a one-week high today.

Stellar (XLM) has registered a surprise surge, catapulting itself into the forefront of the crypto market frenzy. Beginning July 18, this surge has taken the digital asset on a solid price rally, propelling its value to new heights.

In the ever-changing cryptocurrency landscape, XLM, the native digital currency of the Stellar blockchain, has recently experienced an enormous surge in its price. Over the past few weeks, Stellar has been gaining widespread recognition as an efficient and low-cost digital payment network, attracting a growing number of users and businesses.

The broader digital currency ecosystem is seeing a return to a bullish trend, with specific altcoins, including Stellar (XLM), helping to push the rally to new pedestals. The Stellar payment protocol has been on a steady positive run since the start of the week, but today, it has added a massive 23% growth in overnight trading to peg its price at $0.1683.

While Bitcoin price recedes from the $30,000 support, payment solutions Stellar (XLM) and XRP continue riding the bullish wave, with Stellar (XLM) outranking top gainers today amid impressive ecosystem developments. Determined to break all barriers to the $0.2 target, XLM painted all charts green, with a whopping 43.29% gain in value on the week.

XLM, the native cryptocurrency of the Stellar blockchain, witnessed an impressive surge in recent weeks, soaring by a remarkable 104% to reach $0.196 on July 13. However, as profit-taking ensued, the price retraced.