Stellar Price Prediction: XLM Boosts by 5% – Will It Surpass Its All-Time High?

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The Stellar financial protocol shows rising market activity with a 26.56% increase in its trading volume today, August 24. However, the trades are likely short positions.

XLM’s market value at 6:55 a.m. EST is $0.12, with a 3.8% gain in the last 24 hours. The increase in its price and trading volume sparked investors’ interest in further price increases.

XLM’s Price Pattern Indicates Rally Might Be Short-Lived

Although XLM is rallying today, its historical price behavior suggests that the bears are still active and will likely force another downtrend for the asset.

Data from Tradingivew.com reveals a price decline from August 9-17. Although the bulls attempted a rally on August 18, the bears returned on August 21 to force another price decline.

Also, XLM has lost 12.5% of its price gains in the past 30 days and 9.4% in the past 14 days. Its seven-day increase is modest at 0.2%, showing the early signs of a potential recovery.

XLM Still Trades Below 50-Day SMA; Will Investors See Trend Reversal Soon?

XLM trades below its 50-day Simple Moving Average (SMA). It dropped below the indicator on August 16, expressing a short-term bearish sentiment.

The Relative Strength Index (RSI) is in the neutral zone, displaying a value of 45.69 and moving sideways. It shows that the buyers and sellers compete for dominance, leading to uncertainty regarding XLM’s next price move.

The Moving Average Convergence/Divergence still shows a sell signal dropping below its signal line. However, it is retracing to the upside. Also, the Histogram bars fade from red, suggesting a possible trend reversal for the asset in the coming weeks.

XLM still trades above its 200-day SMA, suggesting a long-term bullish recovery ahead for the asset.

Stellar XLM’s Support Resistance Levels Indicate Struggle for Dominance

XLM faces bearish resistance at the $0.127 price level, with the upper wick testing the resistance. The $0.120 support has proved critical to its ascent as it attempts a recovery.

If XLM closes above the $0.127 resistance level, the next realistic price target is $0.137, offering investors a chance to profit. However, the small-sized candle today suggests fading interest from the buyers as sellers dominate.

XLM will likely move into a downtrend in the coming days until it flips the $0.127 resistance level, turning it to support.

Stellar Bytecode Alliance Likely Driving Gains Today

We are officially members of @bytecodeallies! Our goal? To shape the future and development of WebAssembly for blockchain developers.

Time to get to work 🧠https://t.co/MBLkWoNlDl

— Stellar (@StellarOrg) August 21, 2023

On August 21, Stellar Product Manager Tomer Weller announced that the Stellar Development Foundation has joined forces with Bytecode Alliance. This group supports the development of WebAssembly (Wasm).

Wasm is a direct rival to the Ethereum Virtual Machine (EVM) used by Ethereum. Wasm supports native browser applications with no blockchain framework.

Stellar developers implemented intelligent contracts on the network in April 2022, choosing Wasm as their computation engine.

In a blog post, Weller stated that linking up with Bytecode Alliance is a step toward improving blockchain apps. This partnership is likely contributing to XLM’s price gains today since it exposes Stellar to a broader user base.

Soroban’s Impending Launch Could Positively Influence XLM’s Price

The innovative contract platform of the Stellar Development Foundation, Soroban, is close to its Mainnet launch following a series of reviews.

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Watch here 👉 https://t.co/XtCW07MHQT pic.twitter.com/fOFsTrmPUy

— Soroban (@SorobanOfficial) August 21, 2023

Soroban’s launch could mark a positive turning point in XLM’s price pattern, as it will likely attract more investors to the platform.

According to a report from the Stellar developers, Soroban is considered feature complete with auditing and documentation as the only outstanding areas after ten preview releases.

Over 70 projects are already building decentralized applications in the Soroban ecosystem, including Oracles, DeFi protocols, and DAO. Also, this platform will utilize XLM as gas for executing smart contracts, which will significantly boost its price and the value of the Stellar ecosystem.

Soroban’s eventual launch will likely record success as the crypto market seeks platforms with less intensive gas fees to replace the expensive Ethereum model.

These developments immediately impacted the ecosystem as Stellar Foundation noted dominance in their tokenized treasuries dashboard, outperforming ETH and Polygon today.

This impressive development reflects progress in the ecosystem and will likely translate to a long-term recovery for XLM.

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