Stellar price rose higher late Thursday following its integration into the Samsung Blockchain Keystore.
The XLM/USD exchange rate logged a 12 percent increase on a 24-hour adjusted timeframe, a move that took the pair out of a one-year-long consolidation range.
The standout performance appeared despite a bearish mood across the top cryptocurrency tokens.
Stellar was stellar in the last 24 hours.
The fourteenth-largest blockchain asset (Ticker: XLM) rose by more than 12 percent to $0.1053, its highest level since July 2019. The jump came as a part of a prevailing upside trend that earlier saw XLM leaping by circa 80 percent from its local bottom.
Stellar (XLM) price surged by circa 80 percent from its June low. Source: TradingView.com
The intraday rally also took cues from a favorable fundamental catalyst. On Wednesday, the Stellar Development Foundation (SDF), a nonprofit that oversees the support and development of the Stellar network, announced its integration into the Samsung Blockchain Keystore.
A press release confirmed that the collaboration would allow Samsung smartphone users to store XLM private keys on their devices. It would also enable Stellar ecosystem developers to build and deploy services on Samsung Galaxy phones.
“With this integration, we’ve opened up to a new network of users that can benefit from the combined innovation of Stellar and Samsung,” said Denelle Dixon, CEO and Executive Director of SDF.
Cashing the News
The inclusion of a globally recognized brand like Samsung helped XLM’s interim bullish bias. The cryptocurrency jumped by as much as 14.60 percent on the day of the announcement, albeit choppily. Nevertheless, the upside trend picked momentum heading into the next daily sessions.
As of Friday, XLM’s net week-to-date gains were 6.78 percent. In contrast, the top cryptocurrency Bitcoin was trading 1.80 percent lower. It is also safe to assume that traders looking to take a break from a flat Bitcoin opted to migrate part of their holdings to XLM for short-term returns.
The capital outflow from Bitcoin to Stellar, meanwhile, helped XLM/USD flip a crucial resistance level into support. That improved the pair’s short-term bullish bias, with an analyst predicting a continued upside trend in the coming sessions.
Stellar market outlook. Source: Credible Crypto, TradingView.com
“We are literally just getting started. Flipped key weekly resistance into support. Upwards and onwards,” the daytrader commented on Twitter.
Next Coin to Pump: Stellar?
Veteran trader Peter Brand also raised speculation over the XLM rise with a chart that pointed to a major price reversal to the upside.
Will $XLM Stellar Lumens be the next alt-coin to pump? pic.twitter.com/7YUjUdqhCj
— Peter Brandt (@PeterLBrandt) July 15, 2020
The chart showed XLM breaking out of a Descending Channel, a move that typically transforms into a breakout if accompanied by a rise in volume. Mr. Brandt did not discuss any upside targets for the token. origin »
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The Stellar (XLM) market has registered a price boost in the past day gaining by 10. 77% according to data from CoinMarketCap. This price bounce comes after a rather bearish week marked by significant losses across the general crypto market.
Over the past few trading sessions, Stellar has attempted to advance on its chart. Within the last 24 hours, XLM experienced a close to 4% appreciation in value. However, on the weekly chart, Stellar did not observe any price increase.
Stellar price has continued to travel south over the last 24 hours. On the last day, XLM lost more than 6% of its market value. Stellar has recorded positive price sentiment recently, owing to an update that spread optimism across the XLM community.
XLM price picked up momentum after the coin retraced on its chart over the past week. Over the last 24 hours however, XLM appreciated by 3. 6% and was successful in toppling over its immediate resistance mark.
The Stellar (XLM) Development Foundation celebrated the launch of a preview for their upcoming smart contract platform, called “Soroban”. As part of their “Project Jump Cannon”, the initiative behind the development of the platform, the organization has invited developers to create their own contracts.
Stellar (XLM) has been following the general sentiment in the market and trending to the downside in the last 24 hours. Bitcoin, Ethereum, and other larger cryptocurrencies were rejected at critical resistance levels and now seem poised to push the sector into support.
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