At the time of publication, Stellar (XLM) was trading up 1.11% at $0.09. About 350 million people in Africa don’t have access to bank accounts, and only 20% of families have formal bank accounts. Fonbnk provides a real-world solution to this problem by turning 8 billion active prepaid SIM cards globally into virtual debit cards with Stellar. Once users load prepaid airtime credits onto Fonbnk wallets, those credits are on-ramped onto the Stellar network and digitized into tokens named MIN, which can then be turned into USD Coin (USDC). “I think this is an opportunity for solutions like ours, in combination with Stellar, to make a big difference and help the next two billion humans join the digital financial world,” says the fonbnk CEO. In other news, the world’s first regulated digital JPY asset and trusted digital USD asset are now available on Stellar. GMO Trust and the Stellar Development Foundation recently announced that GYEN, the first regulated Japanese yen stablecoin, and ZUSD, a U.S. dollar stablecoin, are available on the Stellar network.
Key Levels
Resistance Levels: $0.1400, $0.1150, $0.0990
Support Levels: $0.0800, $0.0600, $0.0400
The continued new selling around the greenback helped the XLM/USD pair recover from an early drop toward the $0.0800 range. The XLM/USD is currently hammering toward a psychological barrier of $0.0990 level, with the pair trading at a low of $0.0830 during the session.
Despite the selloff from the prior week’s high of $0.1000 to $0.0830 levels, the subsequent rebound to $0.0907 levels shows that the initial correction process has concluded and consolidation with an upside bias continues for recovery to $1.1150 levels and beyond. Nonetheless, resistance at $0.0990 may remain unchanged and eventually surrender to the rebound.
XLM/USD 4-Hour ChartXLM/USD continues its recovery traction from support at $0.0800 but stays well below resistance at $0.0990. First and foremost, the intraday bias remains neutral. Further rally is encouraged as long as it maintains the $0.0800 support level.
The breach of the $0.0990 level could restart the full $0.1000 level climb. Nonetheless, the robust violation of the $0.0800 near-term support level may verify short-term topping to the downside. The intraday tendency might shift to a downward zone in the direction of the top support (now at level $0.0800).
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