Stellar might be done with its long-term slide as it moves to complete a double bottom on its daily time frame. Price is making its way closer to the neckline around the 0.3500 mark, and a break higher could mean more upside.
Price has also moved above the 100 SMA dynamic inflection point to signal that bullish momentum is picking up. A break above the neckline resistance could spur a rally that’s the same height as the chart formation, which spans around 0.2000 to 0.3500.
RSI is already indicating overbought conditions, though, or that buyers are feeling exhausted and might let sellers take over. Stochastic has some room to climb, so bulls might stay in control for a bit longer, but is also nearing overbought levels. Turning lower could lead to another dip for Stellar price.
News of adoption by UNICEF and Goldman Sachs-backed firms for Stellar led to a strong pickup in price, allowing it to overtake some of its peers to clinch the top five spot in terms of market dominance.
Last Friday, the French division of UNICEF announced that it is accepting donations in Stellar and Ripple, expanding the list of cryptocurrencies that it accepts, namely Bitcoin, Bitcoin Cash, Litecoin, Dash, Ripple, Stellar, Monero, and EOS. To add to that, Circle also announced that it would be adding four crypto assets to its “Invest” platform. Circle is backed by financial giant Goldman Sachs, which was previously said to be delving into cryptocurrency offerings by creating a Bitcoin trading desk.
Circle head of product and SVP Divya Agarwalla announced that EOS, Stellar, 0x, and Qtum are part of the mix of crypto assets in their platform. Furthermore, the blog post noted:
These 4 assets were selected specifically based on their potential to contribute powerful infrastructure to the broader crypto ecosystem.
Images courtesy of TradingView.