Stellar Lumens ($XLM) experienced a big jump in its price, rising by 15% in the past day.
This increase occurred during a small rally in the overall crypto market, leading to renewed optimism among investors.
Another cryptocurrency, BTC20 ($BTC20), is gaining traction and catching the interest of investors due to its unique stake-to-earn model.
$XLM Bulls Aim for Further Upside Surge
As of now, the price of $XLM is around $0.168, showing a 15% increase from its lowest point on Wednesday.
After reaching that low, $XLM has risen above the 20-day and 50-day Exponential Moving Averages (EMAs), suggesting a return of bullish momentum.
If the rally keeps going, a potential goal for Stellar buyers would be the resistance area near $0.165, which the price previously rejected on July 22.
Adding to the positive momentum, $XLM has broken above a small trendline that was limiting its price movement since July 20, based on the 4-hour timeframe.
If $XLM returns to the top of this trendline, it could mean another 15% increase from the current price.
Stellar’s strong performance is influencing investor sentiment, with more than 85% of CoinGecko users feeling positive about $XLM, according to the data.
Furthermore, there have been over 2.32 million transactions on Stellar’s ledger in the past 24 hours, indicating that user activity is contributing to the price surge.
$XLM Leverages $XRP’s Momentum for Price Boost
It’s worth noting that there are no clear reasons or events driving the recent upward movement in $XLM’s price.
The value of $XLM is closely tied to the value of XRP ($XRP) because they share similar purposes and target markets.
Both $XLM and $XRP aim to enable quick and affordable cross-border payments, and they have been competing to partner with major financial institutions.
$XLM is experiencing positive effects from recent developments related to $XRP’s legal issues with the SEC, which recently concluded.
In addition to this, technical factors like breaking above the 20-day and 50-day EMAs are also contributing to the bullish momentum for Stellar.
However, the long-term sustainability of these gains could hinge on Stellar’s ability to enhance its practical use and take advantage of the current attention to increase real-world adoption.
Only time will reveal whether the current rally can endure or if it’s a temporary surge.
Investors are not only focusing on well-known tokens like $XLM but also showing interest in newly-launched altcoins.
One such example is BTC20, which has gained attention due to its unique stake-to-earn model. The ongoing presale of BTC20 has generated significant excitement in the market.
BTC20 ($BTC20) is a recently launched ERC-20 token that has a unique goal of bringing Bitcoin’s essence to life in a special manner.
Through the project’s platform, token holders can stake their $BTC20 tokens to earn rewards over time, similar to how Bitcoin miners receive $BTC rewards.
Unlike Bitcoin’s energy-intensive mining process, BTC20 uses a more environmentally friendly Proof-of-Stake (PoS) consensus, which has resonated with eco-conscious investors and contributed to the success of its presale.
BTC20: The Ethereum-based Alternative to Bitcoin Raises $3.3M in 2 Weeks
BTC20 ($BTC20) has taken inspiration from Bitcoin’s early days by setting its presale price at $1, reminiscent of Bitcoin’s value in 2011.
This nostalgic approach has captured the attention of investors worldwide, leading to a significant increase in BTC20’s Telegram channel members.
Additionally, being hosted on the Ethereum blockchain enables seamless integration into Ethereum’s advanced ecosystem, offering potential integration into thousands of dApps, including metaverse and NFT projects.
As a result of these factors, BTC20’s presale fundraising has already reached an impressive $3.3 million in just two weeks.
The combination of paying homage to Bitcoin’s legacy and its innovative staking model makes BTC20 a compelling altcoin to keep an eye on in the upcoming weeks.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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