Lorenzo Stroe
Independent Analyst
- Stellar price patiently waits for a potential bull flag breakout on the daily chart.
- Germany’s Bankhaus von der Heydt has announced the launch of a Euro stablecoin on the Stellar network.
In a press release on December 10, Germany’s Bankhaus von der Heyd announced a first of its kind token that will be issued by a banking institute to create the EURB stablecoin, fully backed by Euros.
The stablecoin is fully regulated and built on top of the Stellar network. Stellar price is currently around $0.157 inside a slight daily downtrend. Bulls are patiently waiting for the potential of a massive breakout.
Stellar price could be on the verge of a breakout to $0.43
On the daily chart, after a massive 177% rally that started on November 19, the digital asset has established a bull flag which seems to be on the verge of a potential breakout towards a price target of $0.43.
XLM/USD daily chart
Additionally, the TD Sequential indicator seems to be on the verge of presenting a buy signal on the 4-hour chart after bulls managed to defend a critical support level established at $0.1454. This adds credence to the bullish outlook.
XLM/USD 4-hour chart
Furthermore, it seems that the trading volume of Stellar has increased dramatically over the past two months, surging by more than 500% indicating huge interest in the digital asset and adding even more credence to the bull flag.
In the last 60 days, Stellar trading volume has surged by 517% on the back of numerous fundamental developments. $XLM (Powered by @TheTIEIO) pic.twitter.com/lUvnucM0Yx
— eToro US (@eToroUS) December 11, 2020
However, a breakdown below the support trendline of the bull flag could quickly push Stellar price towards $0.08 as there is very little support on the way down due to the magnitude of the rally.
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