Will Stellar Lumens (XLM) Continue its Upward Climb?

Stellar Lumens (XLM) is nearing the end of a Bullish formation and has potential for upward trend. TASCOMBANK has adopted the blockchain-based Stellar network for payments. Keep an eye on XLM's price and indicators for potential movements.

Stellar (XLM) Approaching the End of Bullish Formation

Stellar Lumens (XLM) is approaching the end of an 18-month bullish formation. A positive outcome, such as a breakout from the downtrend, could initiate an upward trend.

Stellar Network Developments

Stellar is a decentralized network created by the Stellar Development Foundation. On January 13th, TASCOMBANK, a Ukrainian bank, announced that it had successfully tested the use of the Stellar network and recommended the use of blockchain technology to improve the payment network in Ukraine.

XLM Price Movement

The XLM price began to lose value after reaching $0.798 in May 2021, but it has recently broken out of this downtrend and regained support, which is a positive sign. However, technical indicators such as the weekly RSI have not yet confirmed this bullish pattern.

Short-term Prediction

In the short term, there may be a pullback before a potential breakout from the downtrend. The next resistance level is $0.13, and if the price drops below $0.084, it could fall to $0.062. It is important to note that cryptocurrency prices are highly volatile and predictions of price movements are uncertain.

This article was originally published on BeInCrypto.