The Stellar Foundation-SDF, a nonprofit focused on Stellar-based blockchain solutions, recently announced that the Stellar blockchain has been upgraded to Protocol version 18, a major milestone for the Stellar ecosystem.
What’s new in Stellar (XLM)?
After this update, it became possible for Stellar owners and users to create liquidity pools without smart contracts and high “gas” fees, making Stellar the only Tier-1 platform to enable native AMM (automated market maker) functionality.
After this update Stellar (XLM) holders can leverage products and inject liquidity for cross-asset conversions.
According to a recent report, Stellar’s liquidity pools will initially charge a negligible 0.3% from liquidity providers.
XLM Price Forecast: XLM/BTC Weekly Chart
XLM/BTC chart shows high demand for BTC compared to XLM. Besides, we may see a change in trend polarity later in the week with higher RSI values above 75th level and 25th level.
XLM Price Forecast: XLM/USDT Weekly Chart
Entering the oversold zone on June 21, 2021, XLM fixed a price base at $0.1988 and slowly caught an uptrend as the RSI broke above the 75 level on August 9.
A one-week close above the recent bearish resistance at $0.4207 will confirm the decision to enter a long position in the XLM/USDT pair.
A collapse of the 0.1988 support will create more bearish sentiment for XLM against USDT.
XLM Price Forecast: XLM/USDT Daily Chart
It is possible to see a resistance level formed by the bearish trend patterns on the daily chart on October 16. XLM currently has three scenarios ahead, the first scenario being a break above the crucial $0.4207 resistance. The second scenario could be for the price to trade in the $0.4207 and $0.3083 price range. The third scenario would be a breakdown of the $0.3081 support to further correct the current price recovery.
The upside against the USDT pair will continue after the initial scenario for an upside breakout.
XLM Price Forecast: XLM/USDT 4HR Chart
Looking at the intraday 4HR chart, it looks like a possible price floor is in the works, following the recent breakout of a normal bullish divergence and bearish resistance on Nov.
Looking to confirm our bullish bias, XLM could rise higher with a break above the $0.3987 resistance.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.