The XLM network falls 23% from the annual high despite the network growth and September upgrade
Summary
- The Staller Lumines Price has formed the Falling Wage Chart Pattern.
- Its transaction increased by 14% in the last 30 days.
- The Stellar Protocol will improve a significant upgradation in September.
The Staller Laomes (XLM) was trading at $ 0.3972 on 5 August today, which was about 97% of its lowest point this year.
Stellar transaction and stabelcoin hike
Nansen data suggests that the Steller’s network is doing well. Its transaction rose 14% to 81.2 million in the last 30 days, making it the eighth most active range in the Crypto industry.
The active addresses of the steller increased by 81% to 515,000 in the last 30 days. Similarly, from its network fees from 120% to $ 201,000, a trend continues that is going on this year.
Artemis’ data shows that the staller is on a path towards achieving its goal of simplifying global payments. Its stabechoin supplement rose 21% to $ 209 million in the last 30 days.
Similarly, the number of transactions increased by 17% to $ 9.8 million, which increased by 22% to $ 1.9 billion. The stallers have space to grow due to rapid transaction speed and low cost.
The next potential catalyst for XLM value will be upgraded the upcoming Potocol 23. In an X post, the devilopers, not that the testnet reset and stable build will be available on August 14, which will be the main vote which will be on 3 September.
XLM price technical analysis
The daily chart shows that the price of the stellar lumines created a double-bottom pattern at $ 0.2177 and its highest point on 12 May created a double-botum pattern at $ 0.335.
The steller price then formed a highly bullying Golden Cross pattern on 13 July, as 50-day and 200-day moving averages crossed each other.
The most important thing is that the staller has formed a falling wedge pattern, which are two descending and converted trendlines.
Therefore, the XLM value will prefer a strong rapid breakout at a high level of $ 0.5183, which is 31% above the current level. A motor above that lead will point to more profit, painfully up to $ 0.6365, which is 61% above the current level.
