Stellar Outlook: XLM Aims to Break $0.13 Barrier Amidst Growing Adoption

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Stellar (XLM) is on a highway to record new year highs with massive price movements in the last 24 hours. The bulls intend to facilitate a remarkable recovery for Stellar after a few pullbacks triggered by the bearish sentiment in the broader crypto market over the past weeks.

Its latest strides suggest the token aims to surpass the monthly peak of $1.45 and break the July 20 record high of $1.1633. At 4:47 AM EST on September 4, XLM traded at $0.1254, with an over 10% 24-hour price increase.

Stellar Soars Amid Improved Market Sentiment – Are the Bulls Back?

Despite brief pullbacks, Stellar recorded notable gains over the past few weeks. The most remarkable was the dramatic price increase recorded mid-July when Ripple secured a partial win in its multi-year-long legal battle with the US Securities and Exchanges Commission.

At the time, XLM surged over 65% from $0.0986 to $0.1633. The token rode the bullish wave for a few more days before acceding to the bears. After regressing to a low of $0.1117 last month, XLM picked up on August 29 following news of Grayscale Investments’ win against the SEC over its BTC fund conversion to spot BTC ETF.

As a result of the bullish news, XLM surged nearly 15% to a peak of $0.1243. While this performance is impressive, XLM has refused to settle for less, as it has surpassed $0.124, recording approximately $0.13 in value, with a potential for more gains before the day ends.

Moreover, its trading volume has increased by over 157%, evidence of increased network activity amid increased adoption of blockchain-powered payment solutions. However, given the increased volatility in the crypto market, how long can XLM hold this rally?

Stellar XLM Rebounds Following Days of Bearish Pressure: What’s Fueling It?

The crypto community is excited to see the US securities regulator, the SEC, crumble. The blows that the watchdog received in its case against Ripple and Grayscale have fueled the excitement. However, the excitement dwindles as the hype around Grascale’s victory gradually fades.

Moreover, the SEC has delayed its decision on approval of all spot Bitcoin ETF applications for the next 45 days. This fading hype, alongside the SEC’s delayed decision, contributed to the bearish sentiment in the crypto market.

This bearish sentiment resulted in a massive retracement across crypto assets, including Bitcoin and Ethereum. Bitcoin lost nearly $3,000 from its valuation within two days, receding to an eleven-week low of $25,410. Ethereum followed a similar trend, regressing to a low of $1,606.

But while the delayed approval of spot BTC exchange-traded funds (ETFs) has obscured investor sentiment and increased market uncertainty, most people are optimistic about the outcome.

In an August 30 statement, Bloomberg Intelligence analysts Eric Balchunas and James Seyffat said the chances of a Bitcoin ETF launching this year have risen from 65% to 75%.

The analysts said they factored Grayscale to their previous 65% odds. According to them, the recent ruling leaves the SEC with little room to refuse to approve the applications.

NEW: @JSeyff & I are upping our odds to 75% of spot bitcoin ETFs launching this yr (95% by end of '24). While we factored Grayscale win into our prev 65% odds, the unanimity & decisiveness of ruling was beyond expectations and leaves SEC w "very little wiggle room" via @NYCStein pic.twitter.com/IyEGmWjuHa

— Eric Balchunas (@EricBalchunas) August 30, 2023

Should the regulator approve the ETFs after the 45-day timeframe, chances are high that the crypto market will witness a rapid, massive surge, boosting XLM’s price.

However, the market has slightly recovered, with BTC and ETH climbing a few inches above the record lows. This rebound translated to other coins across the market, including XLM.

But besides the slight improvement in market sentiment, Stellar has witnessed increased adoption following the USDC’s transition to the Stellar network. This transition allows businesses to carry out seamless and unhitched cross-border payments.

We are thrilled to announce our groundbreaking transition to USDC on Stellar. This first crucial step aims to provide enterprises with unparalleled access to the cutting-edge infrastructure of Web 3.0 for cross-border payments. pic.twitter.com/C3NG6GnePa

— Airtm (@airtminc) August 25, 2023

Also, Stellar’s recent partnership with MoneyGram must have contributed to boosting investor interest and confidence in the project, evident in the price increase.

StellarXLM Market Outlook: Bulls Triumph Over Bears in Attempt to Break $0.13 Price Barrier

Following the above chart, Stellar’s (XLM) market condition is that of a frog, half-dipped in water with its head on the surface, looking for more opportunities to soar. XLM trades above the 200-day Simple Moving Average, demonstrating a long-term bullish sentiment.

However, the coin is below the 50-day SMA, suggesting a short-term bearish market condition. The market setup shows a stiff resistance around the 50-day moving average at $0.1360, a roadblock preventing XLM from surpassing the $0.13 price level since mid-August.

However, there is a strong bullish momentum in the Stellar market today, evident in the long green candlesticks formed as the bulls intend to break this 50-day MA resistance.

Also, the Relative Strength Index has increased from 42.40 to 50.19, approaching the overbought area, a sign of growing buy pressure. The MACD line has crossed above the signal line, depicting a shift from bearish to bullish momentum.

If more buyers join the market at the current price, XLM could record more gains before the day ends since it has yet to be overbought. Traders should remain cautious as the price could deviate from the touted trajectory due to unforeseen factors.

Sonik Coin Raises Over $1.3 Million in Ongoing Meme Frenzy – Too Late to Buy?

Sonik Coin is a new meme token that has attracted the attention of several crypto and meme coin enthusiasts after launching its presale phase in mid-August. Due to increased investor interest, Sonik Coin (SONIK) has raised over $1.3 million of its hard cap of $2.098 million.

This brings the project’s presale a few steps away from closing down to give room for the token (SONIK) to list on cryptocurrency exchanges.

Sonik Coin Aims to Become the Fastest-Growing Meme Token

SONIK aims to become the fastest meme coin to record a $100 million market capitalization. Drawing inspiration from the popular multi-million-dollar video game franchise, SEGA, featuring the speedy Sonic the Hedgehog character, SONIK intends to hit a $100 million market cap at the speed of light.

SONIK will debut on the Uniswap exchange in a few days if it accomplishes its presale hard cap. The hedgehog-themed meme coin plans to mirror the performance of its predecessor, HarryPotterObamaSonic10Inu (BITCOIN), which recorded a $200 million market cap in just 100 days of its listing on Uniswap.

However, Sonik Coin might achieve at an even higher speed. But while it remains uncertain whether SONIK will replicate BITCOIN’s success, the token’s presence on social media is increasing steadily, suggesting massive community support. Sonik Coin currently boasts a Twitter following of thousands of meme coin enthusiasts.

In addition, the project introduced a staking protocol that allows SONIK holders to harvest yields of up to 58% annually by locking their tokens in a pool. So far, Sonik Staking has attracted much attention, with over 41.6 billion SONIK coins staked.

The team allocated 50% of the total token supply for presale, 40% for staking rewards, and 10% for locked liquidity. Sonik Coin trades at $0.000014 with only a day remaining before the token sells out. This means interested investors have limited time to log into the project’s official website and purchase the token before the presale wraps up.

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