Stellar (XLM) is seeing a sharp rebound from near 6 month lows of $0.1688 attained on Jan. 22 XLM is exchanging hands at $0.20, up 2.60% in the last 24 hours. In a newly released roadmap for 2022, Stellar (XLM) notes that the year 2021 provided the direction for where it needs to go next. It, therefore, states that as part of its 2022 strategy, SDF reveals its commitment to supporting the development of smart contracts on Stellar. Tomer Weller, VP Technical Strategy at Stellar says ”we’re taking DeFi on Stellar to the next level. Smart contracts will lower the barrier of entry and allow developers to build new trust-minimized functionality without protocol changes”. On the date, he says ”We’re aiming for a feature-complete test network by the end of 2022. Ultimately, the ecosystem will decide if and when to turn on smart contracts on Stellar”. With smart contracts intended to arrive on the Stellar blockchain, XLM will join the likes of Ethereum, Polkadot, Cardano, Cosmos with smart contracts enablement.
Key Levels
Resistance Levels: $0.3500, $0.3000, $0.2500
Support Levels: $0.1688, $0.1250, $0.1083
XLM/USD Daily ChartXLM/USD has been in a bearish market and unstable oscillating between gains and losses within the $0.1688 – $0.2085 territory since the drop to a recent low of $0.1688 on Jan. 22. Yet, despite the fluctuations, the pair might continue to build a soft upward trajectory in the near-term picture with the help of a strong-supportive horizontal zone at $0.1688.
The daily chart remains constructive and supports a scenario of an end of shallow correction, as the relative strength index remains attempts to rebound to the positive territory away from the south while moving average (MA 50) bear-cross and resistance level at $0.2500 underpin the action. On the downside, the near-term supportive line of $0.1688 preserves some optimism.
XLM/USD 4-Hour ChartOn the 4-hour Chart, the short-term oscillators are indicating a minor decrease in positive momentum, which could prolong the consolidation in the pair after rebounding from the low at $0.1688. The relative strength index (RSI), not too far beneath 50 thresholds, has stepped below its midline, attempting to creep higher.
Attempts in the pair to improve could encounter prompt upside constraints at the 4-hour moving average (MA 50) around $0.2100. If buyers push higher, resistance may then arise at $0.2200 before the bulls face the $0.2400-$0.2500 ceiling of the two-week sideways trend. In summary, the short-term rebound pattern could feed buying interest.
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