Stellar spikes 22% in March ahead of Coinbase Pro support

Stellar has been on an incredible upward trajectory since the beginning of March. Investors have been steadily changing their sentiments positively towards XLM in the past few weeks following the news that Börsenmedien AG, a media firm in Germany is buying stakes in SatoshiPay. Similarly, the network is working on changing its logo to appeal more to the traditional financial sector.

Read more on Stellar logo transformation here.

In other recent news, Coinbase, a leading cryptocurrency exchange company in the United States announced plans to list Stellar (XLM) as a tradable asset on March 13. The exchange will list XLM on its Coinbase Pro platform. Coinbase has already begun accepting deposits and trading is set to begin as soon as there is enough liquidity.

Stellar price overview

Following the 22% rise in the first two weeks of March, Stellar is trading at $0.1092. It has maintained a bullish trend within an ascending channel as observed on the 4-hour chart. XLM/USD recently tested highs at $0.113159 before starting the current bearish correction. However, the bulls appear to have the energy to either stage an upward reversal or defend the support at $0.1050. Both the 50 SMA and the 100 SMA will offer support at $0.0950 and $0.0895 respectively.

According to the RSI at $65.71 and the MACD at +0.004745, Stellar is still primed for gains in the short-term. The bullish outlook is likely to continue especially with the bulls targeting $0.2.