Stellar Lumens Token Sees Upward Trend Amid Meridian Conference

The Stellar Lumens token recently experienced an upward drift, reaching its highest level since October 1 as the Meridian Conference continued. Stellar, one of the prominent cryptocurrencies, surged to $0.096, boosting its market capitalization to over $2.8 billion. The primary catalyst for this rise was the announcement of a new partnership between the Stellar Foundation and Mastercard, a fintech giant valued at over $474 billion.

Partnership with Mastercard

This partnership will see Mastercard integrate its Crypto Credential solution on the Stellar network. The solution, designed to verify interactions between consumers and businesses using blockchain technology, will be embedded within the Stellar network.

Today at Meridian 2024 in London, we announced a new partnership with Mastercard to integrate the company’s Crypto Credential solution with the Stellar network.

Mastercard becomes Stellar’s second major partner after MoneyGram. The partnership with MoneyGram enables users to send and receive the USDC stablecoin in thousands of retail outlets globally. Stellar is one of the top blockchains on the USDC network, with over $176 million USDC coins circulating on its platform.

Other Significant Partnerships

Stellar has also partnered with Franklin Templeton, an asset manager with over $1.5 trillion in assets under management. Through this collaboration, Franklin Templeton launched the Franklin OnChain U.S. Government Money Fund, which has accumulated over $435 million in assets.

Recent Developments and Network Growth

Stellar’s token saw further gains after developers partnered with Dune Analytics, a significant data network in the crypto industry. Data from the Stellar network shows that it has completed over 4.12 billion transactions, with the number of users in the ecosystem jumping to over 26 million.

However, a key challenge for Stellar holders is the potential for more dilution in the coming years. XLM has a total circulating supply of nearly 30 billion tokens compared to the maximum supply limit of 50 billion.

Technical Analysis and Price Resistance

The Stellar XLM token has gradually risen after bottoming at $0.0883 on October 3. Its rebound has faced significant resistance at the 100-day moving average and the 23.6% Fibonacci retracement level at $0.096.

On a positive note, the Relative Strength Index (RSI) has crossed the neutral level of 50, indicating some momentum. The token has also formed an inverse head-and-shoulders pattern, a popular bullish indicator. Therefore, Stellar’s gains will be confirmed if it moves above the psychological level of $0.10, which coincides with the descending trendline connecting the highest swings since April.

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