Stellar Price Analysis: XLM/USD soars 10% higher amid a drab weekend session
|- Stellar to expand its payment service to Southern Asia using the $31 million funding secured by Lightnet.
- Stellar ignores the bearish wave in the crypto market to post over 10% in gains.
Stellar is still flying the bullish flag high on Saturday in spite of the market being generally bearish. The cryptocurrency is trading more than 10% higher on the day. Stellar is the tenth largest cryptocurrency on the market with a market capitalization of $581.32 million. The trend has remained bullish since the beginning of the week; from a low around $0.0477 to the current market value of $0.0613.
The surge is a ripple effect of the news that Lightnet, a Stellar owned blockchain-based in Thailand landed over $31 million in funding. The funding is aimed at growing Stellar’s payment systems in Southern Asia. Lightnet says that more payment services will be added onto the platform including MoneyGram. The platform aims at supporting more than $50 billion in transactions by the year 2023.
Stellar technical picture
Stellar is grinding higher even though the climate across the crypto landscape remains bearish. The bullish reversal from the trendline support seems to be getting ready for a break above the next resistance at $0.0620. XLM is currently trading at $0.0615. In support of the ongoing upward correction is the RSI, currently at 64 and the MACD (attempting to correct the bearish cross).
The immediate downside is supported by the 21 SMA on the 1-hour chart, the 38.2% Fib level and $0.0520. For now, the momentum is likely to maintain an upward outlook.
XM/USD 1-hour chart
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