The Stellar (XLM) price was down 6.24% in the last 48 hours, in line with the general crypto market drop. At the time of publication, XLM was trading at $0.116. Wirex has expanded its ecosystem to enable 5 million users to access USDC on the stellar blockchain. At Stellar’s 4th annual Meridian conference, Wirex, a leading payments platform, announced the launch of USD Coin (USDC) on the Stellar blockchain within the Wirex app. In addition to expanding access to Stellar-based digital assets, this announcement is an important milestone in an ongoing collaboration between Wirex and the Stellar Development Foundation (SDF), the non-profit organization that supports the growth and development of the Stellar network. Wirex’s partnership with SDF dates back to 2019, and the collaboration has enabled Wirex users to access Stellar-based USDC and Lumens in 39 countries, including the US, the UK, and across Europe.
Key Levels
Resistance Levels: $0.153, $0.140, $0.129
Support Levels: $0.115, $0.099, $0.030
XLM/USD Daily Chart
Stellar (XLM) has experienced a pullback following its recent climb to a weekly high of $0.129, and it is currently trading at $0.115. On the XLM/USD market daily chart, the spot price relative to the MA 50 is used as a trend guidepost. If XLM/USD violates the moving average (MA 50) main support level around $0.112, the bears might prevent XLM from a broader rebound to the $0.140 level.
Although the price has fallen past the support at $0.120, it might recover some ground, but the potential for a rebound might fade if it reaches $0.115. XLM has struggled to hold above the daily MA 50 (currently around $0.112), adding to the ranging market sentiment. The ranging pattern may continue as long as spot prices remain between the daily MA 50 and MA 200.
XLM/USD 4-Hour Chart XLM/USD remains vulnerable to further losses as the pair trades below the technical key $0.120 mark. On the lower time frame, the bearish relative strength index (RSI) price is currently indicating a steeper drop below the $0.120 mark. To avoid further selling below this psychological zone, bulls must keep the XLM/USD pair above the 4-hour moving average (MA 200).
A consistent step below this region may indicate that the anticipated rebound has ended and that the price is willing to return to the range that prevailed in the 2nd quarter of 2022. The XLM/USD pair is only bullish when trading above $0.129; the primary resistance levels have been identified as $0.140 and $0.153. If the XLM/USD pair falls below $0.15, sellers may consider selling.
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