News

Stellar has been a lot in the news recently. Development-wise Stellar recently announced the integration of state channels and a unique implementation of Lightning Network that will allow scalable low-fee transactions for instant settlement.

Moreover the world’s first Zero-Fee decentralized exchange was launched recently labeled StellarX. The new exchange will feature fiat deposits and a wide variety of tokens for trading.

Partnership news include Kbank, Thailand’s largest bank, which is testing Visa’s cross-border B2B blockchain platform that is built by Chain, which is a company that has been recently acquired by Stellar.

Stellar seems to rival big brother Ripple with the fast expansions through crypto space.

Charts

The XLM/BTC chart usually follows Ripple when it comes to market cycles. Now Stellar’s price has exited a bull pennant that has been building since January earlier this year.

Now the price action formed a cup & handle that made XLM break out of the pennant and, which resulted in a small correction afterwards.

A bullish continuation is to be expected, especially since there is growing average volume on the daily chart coupled with a bullish MACD cross.

Price target for the breakout from the double top is around 4300 satoshi with the next target being 4500 sats and 5000 sats at the respective resistances.