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- XLM broke out from a falling wedge, now sitting above key moving averages.
- Large holders keep accumulating while RSI climbs, hinting at more upside if $0.435 breaks.
Stellar’s native token XLM climbed above $0.40, posting a 7% gain in a previous trading session. The rise followed a breakout from a falling wedge structure, confirming a three-week consolidation phase.
This momentum pushed XLM past the upper trendline, with analysts now eyeing higher levels.
Fueling the optimism is Stellar’s recently announced partnership with Visa. The payments giant has committed to integrating Stellar’s distributed ledger tech in its stablecoin settlement network. That now makes Stellar the only non-proof-of-stake blockchain inside Visa’s infrastructure.
Stellar has been created to facilitate rapid and cheap cross-border payments. The integration with Visa reinforces that role and provides a route to more adoption. With big players such as IBM, Franklin Templeton, and MoneyGram already on board with Stellar, the move by Visa provides more influence behind the project.
Stellar Key Price Levels and Technical Signs in August
From a technical standpoint, XLM has strong support at $0.36 and recently created a breakout above the upper boundary of the falling wedge near $0.40. That concludes a consolidation process spanning almost three weeks and indicates an uptrend may begin. Technically, this setup has been interpreted by analysts as an opportunity to gain in the long term.
The price currently stands at approximately $0.4135. Indicators remain bullish as the Relative Strength Index (RSI) has increased to 53, showing increased strength but not yet in overbought levels. XLM now trades above its 50-period EMA ($0.36) and 200-period EMA ($0.30) levels, converting previous resistance levels to support.
Analysts and Whale Activity Support Bullish Case
Seasoned trader Peter Brandt commented that Stellar could be a “rock star” following the development of a large symmetrical triangle pattern. Upward breaks from similar configurations in the past tend to register sharp moves.
On-chain indications also affirm the case. Addresses with more than 10 million XLM have grown, demonstrating accumulation by large holders. Exchange inflows have been steady, meaning such holders aren’t panicking to sell following the price gain.
AltCryptoTalk, another analyst, warned that the token must overcome $0.435 to regain bullish momentum. Should that level fail, focus might return to the $0.35 support range.
