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XLM price forms a rare pattern as Stellar transactions jump
XLM plunges 23% from yearly high despite network growth and September upgrade
Stellar transactions and stablecoin growth
Nansen data shows that Stellar’s network is doing well. Its transactions rose by 14% in the last 30 days to 81.2 million, making it the eighth most active chains in the crypto industry.
Stellar’s active addresses jumped by 81% in the last 30 days to 515,000. Similarly, its network fees increased by 120% to $201,000, continuing a trend that has been ongoing this year.
XLM price technical analysis
The daily chart shows that the Stellar Lumens price formed a double-bottom pattern at $0.2177 and a neckline at $0.335, its highest point on May 12.
Stellar price then formed the highly bullish golden cross pattern on July 13 as the 50-day and 200-day moving averages crossed each other.
Most importantly, Stellar has formed a falling wedge pattern, which happens when there are two descending and converging trendlines.
Therefore, XLM price will likely have a strong bullish breakout to a high of $0.5183, which is up by over 31% above from the current level. A move above that level will point to more gains, potentially to $0.6365, which is 61% above the current level.
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