In a dramatic turn of events, the Stellar Development Foundation’s (SDF) upcoming announcement has set XLM on an impressive 12% comeback. The cryptic announcement on Twitter’s Stellar Lumens account sparked joyous anticipation among the XLM community. Stellar Lumens, also known as XLM, is currently trading at $0.126, marking an increase of +1.8% within 24 hours. This robust recovery rally represents a 16% increase from a double-bottomed support at the $0.10 price level, showing significant improvement in the technical structure.
As a key backbone to USDC, Stellar Lumens has made a name for itself as a dominant Layer-1 for stablecoin blockchains. The network is quickly gaining traction within payment companies, including Airtm and Bitso. Stellar Lumens XLM hasn’t been left out in the cold by support, with its price action now holding firmly over the 20DMA despite RSI indicators not yet reaching overheat. This might necessitate a brief pause at this level, allowing the RSI to cool sufficiently.
Meanwhile, MACD has taken a bullish turn, signalling bullish divergence at 0.000845. XLM’s underlying strength paves the way for an upside target of $0.1675 – potentially a whopping 32.68% increase. Meanwhile, downside risk remains contained by local support at $0.11, limiting potential losses to a manageable -12.87%. This potential growth positions Stellar Lumens as an attractive entry point. Its trading suggests a risk to reward ratio of 2.54, painting a bright picture of Stellar as the announcement from the Stellar Development Foundation looms.
In contrast, Launchpad XYZ is a pioneering platform aiming to dismantle barriers of entry to Web 3.0. They offer a medley of beneficial features such as NFT discovery and insights, a decentralized exchange (DEX), and a Web3 wallet. Tied together with this is the $LPX token, which offers holders plentiful advantages such as substantial fee discounts and exclusive early access.
The burgeoning cryptocurrency platform plans to list $LPX on major cryptocurrency exchanges, leading to an anticipated surge in demand for the token. In the third quarter of 2023, Launchpad XYZ expects to launch a suite of key features, propelling $LPX to launch on crypto exchanges with a projected market cap of $70 million.
This promising opportunity caters to both new entrants and experienced investors in the crypto space. With ever-evolving technological barriers, platforms like Launchpad XYZ continue to forge headway in the crypto world, incubating an inclusive Web3 ecosystem.
As we go forward, the technical patterns continue to play themselves out. Both Stellar Lumens and Launchpad XYZ stand their ground as key players in the crypto industry, with investors keenly monitoring potential movements. As the announcement from the SDF draws nearer, anticipation remains palpable in the air. Regardless of the outcome, the developments within the crypto realm are proving to be nothing short of exciting. As always, our advice: tread cautiously in the volatile world of cryptocurrencies.
Source: Cryptonews
