Stellar price Up by 3.5% – Time to Buy XLM Coin?
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- El Salvador’s president believes the price of Bitcoin might reach $100,000 by 2022.
- Stellar price prediction remains bullish above the $50% Fibonacci retracement level and above $0.2820.
- Traders are likely to look for a buy trend until the 0.2880 or 0.2940 level
Stellar price is trading with a bullish bias at $0.28, soaring over 3.5% on Sunday. The XLM/USD is heading towards a 61.8% Fibonacci retracement at the $0.2880 level after completing a 50% retracement at $0.2825. Moreover, the crypto market is exhibiting a bullish bias after El Salvador’s president predicted that Bitcoin prices could reach $100,000 in 2022.
With growing interest in blockchain and crypto as a whole, this might be a good opportunity to buy Stellar and rise with the market.
El Salvador’s president predicts
El Salvador’s president believes the price of Bitcoin might reach $100,000 by 2022. Nayib Bukele believes that more governments will recognize Bitcoin as legal cash this year. Furthermore, El Salvador’s president, Nayib Bukele, tweeted earlier today that the price of Bitcoin may reach $100,000 by 2022. This helped to promote an optimistic narrative for Bitcoin’s price.
Bukele predicts that Bitcoin will become legal tender in two big countries. First, the asset is on its way to becoming a big political problem in the United States. The Salvadoran forecast said that volcanic bonds will be issued, with half of the proceeds going to Bitcoin. The other half to the volcano-powered mining infrastructure.
SDF puts downward pressure on XLM/USD.
In a recent YouTube broadcast, Coin Bureau’s host, “Guy,” stated that $ XLM’s price lagged other crypto assets this year despite nearly doubling in value. Guy believes that the Stellar Development Foundation’s (SDF) sell pressure is primarily to blame for poor performance.
According to the show’s host, the Stellar Development Foundation (SDF), a non-profit organization dedicated to developing and strengthening the Stellar network, has only received $3 million since its establishment, prompting the foundation to sell $XLM to raise revenue. Guy praised SDF for its transparency, noting that it lists its $XLM sales on the mandate page, but he also observed that the foundation sold 3 billion $XLM in 2021.
Guy cited a dearth of demand, combined with SDF selling pressure, as a major impediment to Stellar’s pricing. He said that institutional investors avoided $XLM because of its resemblance to $XRP, which the US Securities and Exchange Commission claims is non-registered security.
Despite portraying a bleak outlook for Stellar, Guy said that the SDF might capitalize on its 2018 collaboration with MoneyGram, potentially resulting in a “very positive image” for $XLM in 2022. If the arrangement succeeds, Coin Bureau’s host forecasted that $XLM might re-test early 2018 price highs.
Stellar technical outlook – 61.8% Fibonacci retracement in focus
The Stellar price prediction remains bullish above the $50% Fibonacci retracement level and above $0.2820. The XLMUSD is heading towards the next resistance level of 61.8% Fibonacci retracement at the $0.2935 level. The RSI and stoch RSI suggest an uptrend in Stellar.
Alongside, the 50-day exponential moving average (EMA) is supporting the pair at the $0.2703 level. The formation of candles above the 50-day moving average (EMA) is supporting an uptrend in XLM/USD. Furthermore, on the higher side, a break above the 0.2935 level can lead the XLM/USD coin towards the $0.3065 level.
On the flip side, a surge in the selling trend could lead the XLM/USD price towards the 0.2770 or 0.2700 support levels. Furthermore, on the lower side, the violation of a downtrend can extend the selling trend until the 0.2596 level. Since most of the indicators are in support of an uptrend, traders are likely to look for a buy trend until the 0.2880 or 0.2940 level. All the best.
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