- Stellar developers teased of an upcoming important news in the ecosystem.
- Stellar Foundation will host its annual Meridian event later this month.
- XLM price has retested an important resistance level on the 4H chart.
Stellar Lumens (XLM) price made a spectacular comeback during the weekend as demand for the token jumped. The XLM coin rose to $0.1221, the highest point since August 30th. At its peak, it was up by almost 10% from the lowest level on Friday.
Why is XLM soaring?
Stellar is a leading player in the payments industry. It is a blockchain project that is mostly known for powering USD Coin (USDC), the second-biggest stablecoin in the world after Tether.
USDC has become relatively popular in the past few months as companies look for ways to incorporate crypto in their platforms. For example, Airtm, a payment company, moved to USDC on the Stellar network to facilitate cross-border payments.
In June, Coinbase, the biggest crypto exchange in the US, added support for USDC on Stellar. Other companies using the platform are Bitso, Wirex, and MoneyGram.
Read more: How to buy Stellar.
It is unclear why Stellar price jumped during the weekend. A likely reason is that the developers teased of an important news that will come next week. It is still unclear what that news will be and how it will impact the XLM coin.
The other possible reason is that Stellar will host Meridian later this month in Spain. Meridian, its flagship annual event, will feature tens of speakers who could move the market.
Some of the top speakers in this year’s event will be Idris Elba, Teana Baker-Taylor of Circle, and Amy Fisher of Plaid.
Stellar price prediction
The 4H chart shows that the XLM crypto price made a strong bottom at $0.1117 on August 17th and September 1. It has now bounced back and moved slightly above the 50-period moving average. Stellar has also retested the descending trendline shown in black.
At the same time, the two lines of the MACD have formed a bullish crossover.. Therefore, there is a likelihood that Stellar will continue rising as buyers target the key resistance level at $0.1327. The stop-loss of this trade is at $0.1117.
