Stellar (XLM) is up more than 22% in the last four days as it printed four green candles since August 5. Its latest listing on the stock brokerage app, Robinhood, added to its further climb today. At the time of publication, XLM was changing hands at $0.1316. In an August 8 announcement, Robinhood stated it had listed Stellar (XLM) and Avalanche (AVAX). On August 1, the stellar team announced the launch of its smart contract platform, Soroban, in preview mode. This makes it possible for developers to write contracts with initial versions of the Soroban environment, SDK, and CLI. Soroban’s design is particularly suited to Stellar, being built on well-established technologies like WASM and Rust, although its goal is that it doesn’t depend on or require Stellar at all. Soroban can be used by any transaction processor—other blockchains, L2s, and even permissioned ledgers. In June of this year, the Stellar network was upgraded to Protocol 19.
Key Levels
Resistance Levels: $0.1850, $0.1680, $0.1400
Support Levels: $0.1250, $01183, $0.0990
Stellar has risen from its July 13 low of $0.0990 to a high of $0.1385 nearly one month later. The XLM/USD pair is currently at a tipping point, with the RSI just at the 70 overbought lines, indicating that the bulls’ advantage is not total. Stellar is currently striving to recoup long-term losses sustained during the market sell-off, trading slightly above its June 11 peak.
If the bulls can break through the next barrier at $0.1539, a move to the daily moving average (MA 200) at $0.1630 is possible. On the other hand, if the XLM price closes below $0.1183 on the daily candlestick, it could lead to further falls below $0.1130. In the event of further drops, the MA 50 support at $0.1132 could operate as a stop loss.
XLM/USD 4-Hour ChartOn the 4-hour chart, Stellar (XLM) attempted to break through its upside barrier at the $0.1400 round number, which is seen as a nearby cap and resistance for the bulls. A decisive break above the barrier is the key to further gains to the upside. In this situation, XLM may retest resistance at $0.1600, followed by $0.1850.
If the price fails to hold above its nearby support at $0.1250, XLM will be forced to seek support at the MA 50, which is positioned near $0.1200. To confirm a bearish reversal, the XLM price may need to fall below the MA 200 support. In this scenario, reductions might reach $0.1100. The XLM/USD pair is only positive when trading over $0.1250; significant resistance levels are located at $0.1400 and $0.1850.
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