- Stellar Development Foundation has invested $3 million in a stablecoin-based exchange platform, Settle Network.
- Settle Network chose to build on Stellar because of its global interoperability feature.
- Stellar price was rejected from price levels above $0.2 and is currently seeking support at $0.18.
Stellar swung upwards in tandem with other cryptocurrencies in the market mid this week. The cross-border token hit price levels above $0.20 but left $0.22 untested. A correction has come into the picture, forcing XLM to seek support at $0.18. However, declines are likely to continue in the coming sessions, perhaps retest $0.165.
Stellar Development Foundation invests $3 million Settle Network
A Latin American cross-border payment platform called Settle Network is a proud beneficiary of an investment made by Stellar Development Foundation. The $3 million investment will be utilized in the development of a stablecoin payments platform.
Settle Network has recently released StableX, an exchange platform mainly for stablecoins. The cryptocurrency firm wants to gain ground as the go-to platform for fiat-to-crypto in the Latin American region. The team chose to build on Stellar because it offers global interoperability, which will allow Settle Network to be competitive.
Stellar fights for higher support as declines to $0.16 beckon
XLM was rejected slightly above $0.2 amid the widespread cryptocurrency gains. A falling wedge pattern breakout also contributed to the bullish price action. However, a correction followed, pulling the token under $0.2.
Meanwhile, Stellar is attempting to find support at $0.18. Stellar is trading at $0.18 amid a bearish building momentum. Closing the day under the immediate support ($0.18) would trigger further losses. The bearish leg may retest the support at $0.16, but if push comes to shove, XLM/USD could revisit the 50 Simple Moving Average currently at $0.132.
%20(15)-637438714382015600.png)
XLM/USD daily chart
It is essential to realize that Stellar will resume the uptrend if support at $0.18 holds firmly. Stability in the market will go a long way in encouraging more buyers to join the market. On the other hand, price action past $0.2 would shift the attention to the next crucial target at $0.24.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum Price Forecast: ETH ETFs total net assets plummet over 60%; Justin Sun says he won't sell ETH
Ethereum traded just below $1,600 on Thursday following a 60% plunge in the total net assets of US spot Ether ETFs.
Binance Coin price nears $600 breakout as CZ reacts to BNB listing on Kraken
Binance Coin price posted considerable gains on Thursday, fuelled by investor optimism tied to its upcoming listing on the U.S.-based crypto exchange Kraken.
Binance CEO affirms company's involvement in advising countries on Bitcoin Reserve
Binance CEO Richard Teng shared in a report on Thursday that the cryptocurrency exchange has advised different governments on crypto regulations and the need to create a strategic Bitcoin reserve.
Slovenia moves to impose 25% tax on crypto traders
Slovenia has become the latest European Union member state to crack down on untaxed crypto gains, unveiling a proposal to impose a 25% tax on personal profits from digital asset disposals starting in 2026.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin (BTC) price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.