Stellar Lumens (XLM) Climbs Amid Network Upgrade
Stellar Lumens (XLM) Gains Ground
Stellar Lumens (XLM) has seen a 3% increase over the past 24 hours, demonstrating resilience against selling pressure and pushing the token towards key resistance levels. Between September 1st and 2nd, XLM rose from $0.36 to $0.37, with a volatility of 5% indicating strong market activity.
Following a brief dip, XLM found support around $0.35 and consolidated near $0.36. Resistance was observed at approximately $0.37, where the price faced rejection twice. However, trading volumes exceeded the daily average of 31.2 million tokens, suggesting continued institutional interest.
The bullish trend strengthened in the final hour, with XLM gaining 2%, briefly surpassing the $0.37 mark before stabilizing above $0.36. A volume spike of 2.7 million units at 14:00 UTC fueled this movement.
Protocol 23 Upgrade Imminent
Major South Korean exchanges, including Bithumb and Upbit, have announced the suspension of XLM deposits and withdrawals starting September 3rd at 09:00 UTC. This action is in anticipation of Stellar's Protocol 23 upgrade, which aims to modernize the network's infrastructure and enhance interoperability.
Protocol 23 is designed to expand Stellar's utility for real-world assets, with approximately $460 million already circulating on the network. This upgrade may pave the way for more complex smart contract development, potentially increasing demand for secure contract audits from providers like Codeum.
Market Analysis
Technical analysis suggests that the consolidation above $0.36, along with consistent accumulation around crucial support levels, indicates ongoing institutional positioning. This could set the stage for a sustained push beyond the $0.37 resistance.
Key Observations:
- Support established at $0.35 during heightened selling on September 1st.
- Accumulation activity between $0.36-$0.36 following market recovery.
- Resistance identified at $0.37-$0.37.
- Trading volume above the 24-hour average validates institutional participation.
- Consolidation within an ascending price channel.
- Potential breakout above $0.37 dependent on sustained volume.
- Enhanced support around $0.36-$0.36.