The price of Stellar (XLM) has been on a downward trend, trading around $0.10 on Friday. The cryptocurrency has experienced a 7% drop in the past 7 days and a 15% drop in the past 30 days. However, there is positive news for the Stellar Development Foundation as they have partnered with Certora to enhance security for their Soroban platform.
Stellar Price Fails to Hold Key Support Level
The recent increase in the price of Stellar comes after the announcement of their collaboration with Certora to strengthen the security of the Soroban platform. This partnership aims to fortify the foundation of blockchain security and increase trust within the ecosystem.
Despite this positive news, the overall trend for Stellar remains bearish. The price of XLM has struggled to break above the downtrend resistance line of a descending triangle pattern since July. As a result, the bearish outlook remains strong, and buyers are finding it difficult to keep prices above $0.10.
Can Bulls Make a Comeback?
In order for the bull market to regain control, the price of XLM will need to see a sustained push towards the descending trendline and potentially break higher. If XLM breaks above $0.13, buyers may target the immediate resistance level around $0.16.
However, the technical indicators on the chart currently favor sellers. Both the daily RSI and MACD suggest that sellers have the advantage, indicating that a potential dip to $0.09 or even $0.07 could be possible.
Overall, the collaboration between Stellar and Certora brings a ray of hope to the ecosystem’s security. However, the bearish market conditions continue to challenge the price of XLM.
What is the current price of Stellar (XLM)?
The current price of Stellar (XLM) is around $0.10.
What is the partnership between Stellar and Certora about?
Stellar has partnered with Certora to enhance security for their Soroban platform. The collaboration aims to fortify the foundation of blockchain security.
Why is the Stellar price struggling?
The price of Stellar is struggling due to a bearish market trend and the inability to break above the downtrend resistance line of a descending triangle pattern. Sellers currently have the advantage, leading to a potential dip in price.
Can the bull market regain control?
In order for the bull market to regain control, the price of XLM will need to make a sustained push towards the descending trendline and potentially break higher. A break above $0.13 could indicate a potential shift in market sentiment.
What are the immediate resistance levels for XLM?
If XLM breaks above $0.13, buyers may target the immediate resistance level around $0.16.
How does the partnership with Certora enhance Stellar’s security?
The partnership with Certora enhances security by providing cutting-edge formal security verification for the Soroban platform. This helps to ensure trust within the ecosystem.