• Stellar’s (XLM) price has shown a downward trend but displays a bullish pattern, suggesting a significant price increase, potentially reaching a new yearly high.
• Technical analysts are closely watching indicators that highlight probable significant price increase and a new yearly high.
• The integration of Soroban with Stellar enhances its smart contract capabilities and bridges the gap between traditional finance and DeFi.
Stellar’s Price Predictions
Stellar’s (XLM) price has been observed heading south since hitting a peak on July 13th. However, technical analysis suggests that the current wave count indicates that Stellar is in the fourth wave of a five-wave upward movement, characterized by a triangle pattern. If this wave count holds true, Stellar’s price is expected to break out from the triangle and advance towards the next resistance level at $0.23, representing over 60% growth from its current price.
Relative Strength Index (RSI)
The Relative Strength Index (RSI), an important momentum indicator used to gauge market conditions, sends mixed signals for Stellar. With the RSI still above 50 but falling, the trend remains undecided.
Soroban Integration to Revolutionize DeFi
The integration of Soroban into Stellar enhances its smart contract capabilities and bridges the gap between traditional finance and decentralized finance (DeFi). This integration is set to revolutionize Stellar’s ecosystem making it an attractive platform for developers looking for user-friendly experiences and scalability options within their projects.
Breakout From Resistance
After breaking free from a 616-day descending resistance line in early January and validating this line as support, Stellar embarked on an upward trend that gained momentum in June. While successfully crossing the $0.105 horizontal resistance area, it failed to touch the next resistance at $0.23 before falling back below $0.14 where it currently trades at today..
Conclusion
Overall, while Stellar has recently shown bearish trends overall there are many reasons to be optimistic moving forward due to its promising technical analysis which could see prices reach up over 60%. Additionally with its recent integration with Soroban this highlights how much potential there is within the network as well as how attractive it can be for developers looking for user friendly experiences when launching DeFi projects on top of it