XLM price starts to break out as the Stellar Development Foundation announces a new partnership

Stellar follows the general market sentiment with green indicators on the chart. XLM price appears to be responding positively to the increase in USD Coin (USDC) liquidity on its blockchain. Additionally, the Stellar Development Foundation (SDF) made a potentially groundbreaking announcement.

SDF has partnered with VISA, Tala and Circle, one of the companies behind USDC, to enable access to digital assets in emerging markets. Tala will initially allow users without a bank account to access this stablecoin in a digital wallet.

This will enable them to conduct cross-border transactions and fiat access to crypto services. In addition, Visa will issue a card with funds attached to the wallet. These users then have the option to spend their crypto balances with over 70 million merchants around the world.

Stellar on a bullish course

Stellar Lumens native XLM token appears to be responding positively to this announcement. At the time of writing, XLM is trading at $ 0.63 up 4% on the daily chart. In higher periods, the cryptocurrency looks more optimistic with gains of 31.7% and 23.4%.

XLMUSDT daily chart. Source: Tradingview

Trader Pentoshi took the opportunity to take a long position. He believes the rally went unnoticed by XLM after breaking out of the 680-day range. Additional pentoshi:

“XLM started to break out. Little or no resistance is built up due to the inefficiency of the movements shown. Could be higher than people think because of the 680 day range. Hodlers outperform Hodlers. “

$ XLM
Nobody really talks about it

Breaking out of a massive area of ​​680 days
VPVR shows that little or no volume was transacted above these values

Think it’ll pull 2-3x in a short amount of time $ XRP

But, as always, most will only talk about it in the heights
Incredibly bullish pic.twitter.com/upeQ0Uc5co

– Pentoshi won’t send you DM (@ Pentosh1) May 6, 2021

Expecting XLM to hit new highs in the short term, the trader adds, “When something breaks out of a multi-year range, it tends to move much higher than people think.”

Annie

According to Newsbtc

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