- The UN decides to deploy Stellar Blockchain to transfer crypto in financial aid for the Ukrainians.
- A boom after the FTX debacle as the persistent pattern may break.
- The volume fell by 10% to $29.36 million.
It’s been a month since FTX crashed, and the market can still feel the shockwaves. The FTX debacle has eroded the trust of evangelists from the crypto market, which was expected to weigh on XLM’s performance in the future. But this trend ends now, the new disclosure about the UN using Stellar blockchain for the Ukraine war relief fund. It’s a perfect example of the optimal use of Stellar’s salient feature– suitable for small-amount transactions. People already love Stellar for its user-friendly interface, and now it is being supported by the UN, it may be a boon for the Stellar ecosystem.
The chart session
The price of XLM was hitherto forming a descending triangle, for which the analysts predicted an abrupt fall. The prices were condemned a little, but the recent update uplifted the price and broke the convention by setting the XLM price in the uptrend. The price currently tries to rise, taking the aid of the positive news and hoping to greet new users due to the munificence aimed toward the Ukraine sufferers. The crucial EMAs lie closely above the price and can soon be reclaimed. The XLM volume recently faced a sell-off situation when the prices fell (blue circle) but was soon retraced as the tables turned. The OBV is currently downwards but can soon rise as unhurriedly new users may enter.
The recent price action of the native coin of Stellar, XLM, has set the CMF indicator to oscillate around the baseline, but now it may rise as the price may move in an uptrend. The MACD indicator has documented some heavy sellers as the prices dropped, making users’ hearts drop, but may soon retrace as the fall pattern is paused. The RSI indicator pivoted around the floor range and had tiptoed slightly to the oversold zone but is now back and may rise from here.
The closer look
The recent time frame shows that the CMF indicator plunged a little more before increasing with greater acceleration. The MACD indicator diverged in a bullish swing with the lines sloping up, hoping to be more vigorous and infiltrate the zero-histogram mark. The RSI indicator has risen from the floor margin and slopes up to transition to buyer-active from this point.
Conclusion
The price of XLM may surge up to $0.15 and exhibit positive volume as the users may use the ecosystem to help the war victims and help Stellar rise from its existing spot. The reason for the UN opting for Stellar could be the resilience it retained during the debacle and how it upheld its principles amid the downfall.
Technical levels
Support levels: $0.07 and $0.06
Resistance levels: $0.12 and $0.15
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/12/19/stellar-to-outshine-again-ukraines-war-relief-to-relieve-xlm-price/