Stellar price on the brink of a breakout as Euro stablecoin launches on the network

In a press release on December 10, Germany’s Bankhaus von der Heyd announced a first of its kind token that will be issued by a banking institute to create the EURB stablecoin, fully backed by Euros.

The stablecoin is fully regulated and built on top of the Stellar network. Stellar price is currently around $0.157 inside a slight daily downtrend. Bulls are patiently waiting for the potential of a massive breakout.

Stellar price could be on the verge of a breakout to $0.43

On the daily chart, after a massive 177% rally that started on November 19, the digital asset has established a bull flag which seems to be on the verge of a potential breakout towards a price target of $0.43. 

XLM/USD daily chart

Additionally, the TD Sequential indicator seems to be on the verge of presenting a buy signal on the 4-hour chart after bulls managed to defend a critical support level established at $0.1454. This adds credence to the bullish outlook.

XLM/USD 4-hour chart

Furthermore, it seems that the trading volume of Stellar has increased dramatically over the past two months, surging by more than 500% indicating huge interest in the digital asset and adding even more credence to the bull flag.

However, a breakdown below the support trendline of the bull flag could quickly push Stellar price towards $0.08 as there is very little support on the way down due to the magnitude of the rally.