Prices of Stellar (XLM) have shown a sharp rise following a breakout from a declining channel, with a new resistance level at $0.39.
Stellar (XLM) Growth After Breakout
Stellar (XLM) has exhibited a sharp increase after breaking out of a prolonged descending parallel channel that lasted several months. Analyst Ali Martinez reported that XLM broke out of this channel, hinting at a possible trend shift. Following the breakout, the price surged above the $0.30 resistance and is currently hovering around $0.39301, reflecting a daily gain of 16.04%.
Bearish Sentiment Supported By Outflows
CoinGlass data shows increased net outflows of XLM from exchanges in early July. The uptick in outflows indicates growing long-term accumulation. This behavior supports the current bullish sentiment and reinforces views of a potential upward continuation.
Launch of PYUSD on Stellar Platform
PayPal has announced the launch of its stablecoin, PYUSD, on the Stellar network as part of its PayFi initiative, aimed at faster and lower-cost transactions. The launch is set to expand the platform's reach to over 170 countries, increasing investor interest in XLM.
The outlook for Stellar (XLM) is positive, particularly with the upcoming PYUSD launch and sustained investor interest.
