Franklin

bullish

Wrapped Bitcoin

USDC

Stellar

<p class="is-style-lead">Stellar Lumens token drifted upwards, reaching its highest level since Oct. 1, as the Meridian Conference continued.</p> 
<p>Stellar (<a href="https://crypto.news/price/stellar/" target="_blank">XLM</a>), one of the biggest cryptocurrencies, rose to $0.096, pushing its market capitalization to over $2.8 billion.&nbsp;The main catalyst for the token’s rise was the announcement of a new partnership between the Stellar Foundation and Mastercard, the fintech giant valued at over $474 billion.</p> 
<p>This partnership will see Mastercard integrate its Crypto Credential solution on the Stellar network. The solution, which helps verify interactions between consumers and businesses using blockchain, will be embedded within the Stellar network.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Today at <a href="https://twitter.com/hashtag/Meridian2024?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Meridian2024</a> in London, we announced a new partnership with <a href="https://twitter.com/Mastercard?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">@Mastercard</a> to integrate the company’s Crypto Credential solution with the Stellar network. <a rel="nofollow" href="https://t.co/twivBHsrpt" target="_blank">https://t.co/twivBHsrpt</a></p>— Stellar (@StellarOrg) <a href="https://twitter.com/StellarOrg/status/1846318380342546461?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">October 15, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Mastercard becomes Stellar’s second <a rel="" href="https://crypto.news/stellar-buys-a-minority-stake-in-moneygram/">major partner</a> after MoneyGram. Stellar’s partnership with MoneyGram enables users to send and receive the USDC stablecoin in thousands of retail outlets globally.</p> 
<p>Stellar is one of the top blockchains on the USDC network. According to <a href="https://www.circle.com/en/multi-chain-usdc" target="_blank" rel="nofollow">Circle’s website</a>, over $176 million USDC coins circulate on the network.</p> 
<p>Stellar has also partnered with Franklin Templeton, an asset manager with over $1.5 trillion in assets under management. Through this partnership, the company launched the Franklin OnChain U.S. Government Money Fund, which has accumulated over $435 million in assets.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/kraken-announces-its-own-wrapped-bitcoin-on-ethereum/"> Kraken announces its own Wrapped Bitcoin on Ethereum </a> </p> 
<p>Stellar token also rose after the developers <a href="https://crypto.news/dune-unlocks-stellar-insights/" target="_blank">partnered with Dune Analytics</a>, one of the biggest data networks in the crypto industry. Data on the <a href="https://dune.com/scoffie/stellar" target="_blank" rel="nofollow">network shows</a> that Stellar’s network has completed over 4.12 billion transactions, while the number of users in the ecosystem has jumped to over 26 million.&nbsp;</p> 
<p>A key challenge for Stellar holders, however, is the potential for more dilution in the coming years. XLM has a total circulating supply of nearly 30 billion tokens compared to the maximum supply limit of 50 billion.</p> 
<h2 class="wp-block-heading" id="stellar-lumens-has-hit-resistance">Stellar lumens has hit resistance</h2> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/10/Stellar-Price.png" alt="Stellar price" class="wp-image-14304405">
 <figcaption class="wp-element-caption">
  Stellar price chart | Source: <a href="https://www.tradingview.com/symbols/XLMUSD/?exchange=CRYPTO" target="_blank" rel="nofollow">TradingView</a>
 </figcaption>
</figure> 
<p>The Stellar XLM token has gradually risen after bottoming at $0.0883 on Oct. 3. Its rebound has faced significant resistance at the 100-day moving average and the 23.6% Fibonacci retracement level at $0.096.</p> 
<p>On the positive side, the Relative Strength Index has crossed the neutral level of 50, indicating some momentum. The token has also formed an inverse head-and-shoulders pattern, a popular bullish indicator.</p> 
<p>Therefore, Stellar’s gains will be confirmed if it moves above the psychological level of $0.10, which coincides with the descending trendline connecting the highest swings since April.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/red-alert-as-ethereum-price-forms-several-dangerous-patterns/"> Red alert as Ethereum price forms several dangerous patterns </a> </p>

Stellar Lumens recovery stalls but more gains can’t be ruled out

Table of Contents

crypto.news

Other articles published on Oct 17, 2024

Solana Targets $1,000 as Analyst Eyes Ethereum Token Rally

Trump's Election Chances Rise to 59.5% on Polymarket as Whale Investor Bets Big

Decentralized AI Summit at MIT votes OriginTrail, powered by Polkadot, as the best decentralized ...

Top Upcoming Tokens to Unlock This Week with Big Market Potential

XYZVersus (XYZ) Gearing Up Against XRP and Solana (SOL) —Can XYZ Achieve a Top 10 Cap by 2025?

These altcoins could deliver 100x returns during alt season

Join our free newsletter for daily crypto updates!