Stellar Lumens Price has increased by 15% from yesterday’s open at 0.1946$ to 20 pm on the same day when the price was trading at 0.2274$.
This increase was potentially caused by the partnership announcement with SHIFT Markets a provider of “a turn-key solution to launch your own FX and crypto exchange”. that will supposedly accelerate global adoption.
Ian McAfee, SHIFT’s CEO and Founder, said:
“This is an exciting partnership for us as many of our exchange clients would like to offer Lumens trading on their exchange. Their commitment to provide low-cost financial technologies in developing nations makes them a good fit for our market. We aim to increase Lumen liquidity and usage for both major and exotic fiats,”
Paul Arnautoff, Director of Sales and Partnerships at Lightyear.io with whom the partnership was officially made said:
“We are very excited to partner with Shift Markets to help expand the utility and reach of the Stellar blockchain network. With Shift Market’s technology platform and the customers, they work with, Stellar users will now have access to a growing network of liquidity providers in new and emerging markets,”
As you can see from the hourly chart the price broke out from the downtrends resistance line, and judging by the second wave which is currently developing the price is not going to go back below the resistance line like the last time which resulted in a bull trap.
Zooming out to the daily chart we can see the significance of the level from which the price bounced.
This was actually the key turning point for Stellar as the price action now determined which pattern is in play and it was the ascending triangle and not the descending one which would be validated if the price broke this significant level and went lower to approximately 0.15$ area.
As the price bounced off this significant support level and is currently showing signs of strength indicated by the large green candle on the daily chart I believe that more upside is be expected for this cryptocurrency in the following days.
The current wave is impulsive in nature and the target that I have projected for it to finish is at the 0.382 Fibonacci level or in tears of the price 0.28288$.
XML against BTC daily chart indicates the same.
As the first WXY correction has finished another in the opposite direction is developing which is why more upside is expected to the triangles resistance line also at the 0.382 Fibonacci level which is the perfect correlation.
XLM technical indicators are dominantly signaling a buy – XLM/BTC technicals from 1 minute to 4-hour time frame are signaling a buy as well as on the XLM/USD chart.
More upside is to be expected for the Stellar Lumens price but the momentum might be short-lived and hype based much like in the case of Ethereum Classic that we have seen amid the Robinhood and Coinbase listings.