The Stellar price may be on the verge of a strong bullish breakout as the number of addresses and transactions on its network have surged. XLM was trading at $0.25 on Monday, up slightly from this month’s low of $0.20.
Stellar Transactions and Addresses Have Surged
Stellar, a blockchain network known for peer-to-peer payments, is doing well. Data shows the number of transactions and active addresses has gone parabolic in the past few weeks.
Nansen data shows that in the last 30 days, it has had over 1.4 million active addresses and continues to attract users to its network. The growth in addresses has also led to a significant increase in the number of transactions on the network.
Stellar’s network had over 74 million transactions in the last 30 days, making it the seventh most active network in the crypto industry. Its activity count was higher than that of other popular networks, such as Ethereum, Optimism, Tron, and Sonic.
Stellar is known for its low transaction fees. However, its total fees increased by over 210% in the last 30 days, reaching $73,000. These numbers mean that Stellar is doing well as demand for cross-border payments rises.
XLM Price Technical Analysis
The daily chart shows the Stellar price has been in a strong downtrend in the past few months. It has formed a falling wedge pattern, a popular bullish signal. This pattern has two descending trendlines converging, indicating a strong bullish breakout soon. The convergence has happened along the 78.2% Fibonacci Retracement level.
Furthermore, there are signs that a bullish divergence pattern may soon form. The Relative Strength Index (RSI) is about to move above the descending channel. Also, the Percentage Price Oscillator (PPO), a unique form of MACD, is about to move above the zero line.
Therefore, the token will likely have a strong bullish breakout. The next point to watch is $0.3590, the 50% retracement point, which is about 50% above the current level. A decline below the support level of $0.20 may indicate additional downside potential.
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