What to know:
- XLM consolidates near the $0.17 level after a recent downtrend
- RSI shows gradual recovery, signaling improving momentum
- Protocol 26 “Yardstick” upgrade timeline boosts investor sentiment
As anticipation grows for the upcoming Protocol 26 ‘Yardstick’ upgrade, Stellar (XLM) seems to be holding steady near the support zone, with stable price action in this market.
Stellar (XLM) is a fast and inexpensive blockchain network that can facilitate the transfer of funds from one country to another and provide financial services to consumers throughout the world.
At press time, the coin is trading at approximately $0.1719, reflecting a 2.75% increase over the past 24 hours.
XLM Holds Key Support Amid Consolidation Phase
On the daily chart, XLM is trading near the $0.17 mark, above a major horizontal support at around $0.157 but hitting resistance at approximately $0.173.
The price action represents an area of consolidation after a steep decline, demonstrating that selling pressure may be diminishing. Volume continues to be moderate, which demonstrates that traders remain cautious.
The RSI has been in the mid-range (around 52) and is slowly working its way back up, suggesting the potential for a change in momentum.
However, for any confirmatory breakout to occur, it will require a strong move by price, moving above the immediate resistance area. Moreover, if buyers enter in larger volumes, then XLM will have the opportunity to make a move upward in price over the short term.
Also Read: Stellar (XLM) Breaks Long-Term Downtrend: Momentum Signals Rally to $0.27
Stellar “Yardstick” Upgrade Underway
The following information was provided in an update from the Stellar Development Foundation (SDF). They indicated that Protocol 26, also referred to as “Yardstick,” will be implemented through a series of phases.
Target completion dates for the various phases of implementation can be identified as follows: April 8, for stable releases to be made available to the public; April 16, to upgrade the testnet; and May 6, to vote on the main net protocol.
The implementation of new systems will provide various levels of flexibility, usability, and performance to developers using the Stellar Network. The introduction of innovations into the ecosystem will create continued development over time, in addition to simply adding new innovations.
Overall, though XLM has not finished consolidating, the indicators based on historical methodologies should continue to improve, and once the new protocols are rolled out, XLM may have a chance to escape the current resistance zone.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Stellar (XLM) Tests Resistance as Breakout Setup Targets $0.43
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