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Stellar (XLM) bursts into gains: Up 20% amid the ongoing Stellar Meridian Conference

  • The Meridian Conference on Stellar’s blockchain is ongoing in Mexico.
  • Stellar’s remarkable upward correction sends it to highs around $0.0881.
Stellar (XLM) bursts into gains: Up 20% amid the ongoing Stellar Meridian Conference
John IsigeJohn IsigeFXStreet

The cryptocurrency market is relatively in the green on the second day of this week’s trading. However, for Stellar (XLM) the picture is amazingly bullish having corrected a higher 20% in the last 24-hours. Only selected cryptocurrencies are in the red among the top 20 and they include NEO, Dash (DASH) and Bitcoin Gold (BTG).

Stellar’s remarkable movement is taking place in the course of the Meridian conference on the network’s blockchain. According to Stellar’s official Twitter account, the conference held in Mexico had a great turn out on the first day. The second day of the conference is expected to be bigger and better.

Meanwhile, Stellar price was able to sustain gains above the trendline I explored last week. Moreover, the price recovered its position within the rising channel. The incredible gains have blasted above the channel resistance and XLM is trading at $0.0824 after adjusting from highs around $0.0881. The technical picture is strongly positive but the traders should be on the lookout for a reversal by watching the Relative Strength Index.

XLM/USD 240' chart

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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