Stellar (XLM) Turns Bullish: Can Price Reclaim $0.13?

The Stellar (XLM) price has broken out from a descending resistance line but failed to reclaim the $0.13 horizontal area. Whether it moves above it or gets rejected can determine the future trend.

Timeline of Stellar

As the general crypto market experiences a slight gain in total market cap, Stellar (XLM) stands out with a substantial amount of price increase over the last week. According to data from CoinMarketCap, the XRP competitor is up by 17.61%, outperforming every other top 100 cryptocurrency in the past seven days.

Stellar Lumen (XLM) reached an all-time high price of $0.88 on January 3, 2018, but its all-time high market cap of $18.366 billion only came three years later, on May 16, 2021, at a price of $0.71, due to the token's supply inflation. XLM had a market capitalization of $17.55 billion in 2018, during its ATH.

Stellar (XLM) has experienced a robust resurgence, bouncing off a crucial support level at $0.11. Chart indicators are pointing towards a promising outlook for bullish investors, marking a significant shift in momentum since mid-August.

Significantly, Stellar's XLM has been capturing headlines with its impressive increase, confidently trading beyond the $0.12 mark. This surge sets Stellar apart from many other top-performing cryptocurrencies and raises eyebrows in the investment community.

Stellar (XLM) is one of these rare altcoins that boasts a long and positive trading history. Created in 2014 and launched a year later, the protocol for payment providers and financial institutions has been at the top of the cryptocurrency rankings for years.

One of the first decisions made when building Soroban, the Stellar network‘s smart contract platform, was “choosing a platform for it to run on.” The developers say they decided “to build on WebAssembly (Wasm) in April of 2022.

The Stellar Development Foundation recently became a member of the Bytecode Alliance, the key group championing the progress of WebAssembly, more commonly known as Wasm. An announcement on August 21 by Tomer Weller, the foundations product leader, brought this information to light.

Frankfurt-listed shares of Nvidia jumped 8.7% on Thursday, lifting tech shares around the world, after the company forecast quarterly revenue that smashed expectations and announced a $25 billion buyback.

In the aftermath of a significant crypto market sell-off last week, which temporarily drove the total market capitalization to $1.1 trillion, this week began with a promising rebound for several altcoins.

In a recent post on the Stellar website, Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation (SDF), announced that Stellar had made a financial investment into MoneyGram (MGI). Stellar and MGI have worked together since 2021 and as early as 2019 on projects like stablecoins and money settlement in USDC on the Stellar blockchain.