XLM price has experienced a roller-coaster ride over the past few weeks. The price dipped 12% and immediately started a recovery, surging as high as $0.257 in just 2 days in the last week. Since then XLM had retraced back and even fell below $0.20 psychological level. But, the price has picked up the pace again and is on an uptrend currently.
By the looks of it, XLM is again making a quick recovery like it did last week. Hence, a surge towards $0.24 and further testing the crucial resistance at $0.25 is definitely plausible.
The Moving Average Convergence Divergence (MACD) indicator confirmed the bullish trend as The 12-day EMA passed over the 26-day EMA. When MACD crosses above the zero lines and enters the positive region, the bullish momentum will be validated.
At the time of writing, XLM is trading at $0.247 up by 12% in the last 24 hours. Thus, the 50 Day SMA at $0.228 is breached, meaning a push towards $0.3 is now on the cards.
Stellar Foundation is mulling to acquire MoneyGram!
The non-profit payment system behind the Stellar cryptocurrency, the Stellar Development Foundation, has something in store. MoneyGram, an 81-year-old remittance behemoth, is currently being considered for acquisition.
People familiar with the matter said Stellar has partnered with Advent International, a worldwide private equity group, to acquire the biggest money transfer company.
Although speculation is still at an early stage, if the acquisition goes through, it will be nothing short of a watershed moment for Stellar, which has long been overshadowed by Ripple.
This development along with the bearish sentiment in the market has pumped the XLM price higher. However, how well will the price hold up from here is to be watched out for.