- Stellar Network has announced that it would entirely onboard a new type of smart contract.
- A spokesperson from Amazon denied rumors that Amazon is adding bitcoin to its payment processes.
- Today’s idea is to look for a buy trade above 0.2700 level to the target of 0.2865 and 0.3043.
The XLM/USD closed at $0.26315 after placing a high of $0.27011 and a low of $0.25144. On Wednesday, XLM/USD followed the prevailing bullish market sentiment. It turned green for the day after falling for three consecutive sessions. Stellar price forecast remains bullish above the 0.2545 level. The reason could be associated with the new methods of smart contracts execution proposed by the engineers of Stellar.
Stellar Network to Onboard a New Type of Smart Contract TSS
Stellar Network has announced that it would entirely onboard a new type of smart contract by utilizing Turing Signing Services (TSS) or turrets. Smart contracts can be uploaded at turrets by the developers, creating a keypair valid for signing transactions with the smart contract.
After that, other turrets signed the transaction so that the blockchain can see the transaction as valid. Finally, smart contracts can run across all the turrets by users until the transaction is sufficiently signed.
Stellar Contacted MoneyGram International to Make a Purchase
The Stellar Development Foundation has reportedly contacted MoneyGram International about a potential acquisition of the 81-year old remittance giant. According to unnamed sources, Stellar was looking to partner with a private equity firm, Advent, to make the deal.
Both parties could, however, also decide not to go forward with the acquisition of MoneyGram.
Apart from these developments, the Stellar token remained higher onboard as the U.S. dollar was weak. The recent decline in the greenback value was driven by the cautious behavior of traders who were waiting for the release of the Fed’s monthly monetary policy statement. It’s coming out on Wednesday.
Investors wanted to know where the Fed was standing in deciding about tightening monetary policy. Therefore, there are refraining from entering the market with sizeable bets. This kept the greenback under pressure for the day, and hence, XLM/USD remained higher for the day as both have a negative correlation.
Bullish Bitcoin Supports Stellar, the Positively Correlated Crypto
The prevailing bullish market sentiment set by the leading cryptocurrency BTC/USD could also be behind the rising prices of XLM/USD. The bitcoin was higher on board and reached $40,000 this week. Most of the buying was seen over speculations that Amazon is adding bitcoin to its payment processes.
This speculation turned off after a spokesperson from Amazon denied such rumors. He said they had no intention of adding bitcoin into their payment mechanism.
Nevertheless, the leading cryptocurrency remained green for the day and supported the bullish sentiment. Eventually, it also boosted altcoins like XLM/USD.
Stellar Price Forecast – Technical Levels
Pivot Point: 0.26156
Stellar Price Forecast – Technical Outlook: Upward Trendline Support at $0.2700
Stellar price forecast is bullish above 0.2700 level as the upward trendline is providing solid support here. The XLM/USD’s upward trendline remains intact, and it has strong odds of pushing Stellar higher until the next resistance level of 0.2865.
On the 4-hour timeframe, the XLM/USD has formed a double top pattern at 0.2865 level. Bullish crossover of this level can lead Stellar price further higher until the resistance level of 0.3045.
The technical tool Stochastic is are reversing and trying to enter a buy zone. Bullish crossover above 50 can trigger additional buying trends in Stellar prices. However, the 50 periods EMA (Exponential Moving Average – Red Line) supports the pair at 0.2675, demonstrating a bullish trend.
The XLM/USD price forecast remains bullish above 0.27000; therefore, the forex trading participants may look for a buy trade above 0.2700 level to the target of 0.2865 and 0.3043. Alternatively, we may see a selling trend upon breakout of 0.27000 level with a target of 0.2544 and 0.2311. All the best.
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