Altcoin Stellar (XLM) has recently made significant moves. Accordingly, it has become one of the top 5 altcoins in terms of price gains amid a wider crypto market rally. What is the reason for the increase in XLM prices? The growing interest can be attributed to the optimism surrounding institutional adoption within the cryptocurrency ecosystem.
Price predictions and analysis for the future movements of Altcoin Stellar
To learn more about Stellar’s potential price action in the near term cryptocoin.com Additionally, he sought help from PricePredictions, a crypto tracking and forecasting platform that uses machine learning algorithms. According to his predictions, the price of altcoin Stellar is likely to reach $0.1083 by July 31. Accordingly, this indicates a modest 1.5% price change from its current value. These forecasts are based on various technical indicators such as moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB) and more.
For comparison, we also asked for predictions from Google Bard, Alphabet’s artificial intelligence bot. There is a forecast for the price of altcoin Stellar by the end of 2023. The average estimate of the chatbot is around $0.10. On the other hand, the low and high estimates came in at $0.08 and $0.12, respectively.
Key insights and analysis of Stellar’s recent performance
At the time of writing this article, altcoin Stellar (XLM) was at $0.11. It has shown a remarkable increase of over 6.6% in the last 24 hours. Over the previous week, the cryptocurrency experienced a notable increase of over 23%. Accordingly, it contributed to a market capitalization growth of over $600 million during this period.
This impressive upward move was due in part to altcoin Stellar’s announcement that it has integrated support for USD Coin (USDC) into Coinbase’s blockchain network. This development enables fast and cost-effective transactions in more than 180 countries. Year-to-date, XLM witnessed a significant price increase of over 57%.
Key support and resistance levels for XLM
Altcoin Stellar (XLM) currently has a support level of $0.0976. Accordingly, this means that the buying pressure tends to outweigh the selling pressure. On the other hand, it shows a price point potentially preventing further downside moves.
On the other hand, the cryptocurrency is facing a resistance level at $0.11403, which represents a price threshold where selling pressure tends to outweigh buying pressure, potentially blocking further upward movement. Additionally, altcoin XLM is currently trading above its 200-day simple moving average (SMA). It held positive territory in 16 of the last 30 days, making up 53% of the month.
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