Soroban Update Skyrockets XLM Price to 2023 Highs: Are More Gains in Store?
- Stellar (XLM) surges to a year high after Soroban’s update on Futurenet.
- Bullish momentum prevails in the XLM market with widening Bollinger bands.
- Caution is advised as XLMUSD enters mildly overbought territory.
On July 14, 2023, Soroban Preview Release 10 went live on Futurenet, a significant update for the Stellar ecosystem announced by Stellar developer Tomer Weller. Since the update’s inception, investors and developers have been gaining optimism for Stellar in anticipation of the new Features and enhancements.
Soroban is a powerful tool designed to improve the Stellar network’s functionality and efficiency. It adds new Features and enhancements to make transactions faster and more secure. With this update, users can expect a smoother experience and increased confidence in the Stellar ecosystem.
As a result, bullish momentum has dominated the XLM market since its outset, with prices rising to a year high of $0.183 before encountering stiff resistance. In the last 24 hours, the XLM price has ranged between $0.1616 and $0.1406. Stellar (XLM) trades at $0.1577 at press time, representing a 10.32% surge from its previous closing price.
During the last 24 hours, XLM’s market capitalization and 24-hour trading volume increased by 10.46% and 68.84%, respectively, to $4,294,381,161 and $320,816,807. This increase in market capitalization and trading volume indicates that the XLM market is gaining traction and activity.
The Bollinger bands on the 24-hour XLMUSD price chart are widening and moving upwards, with the upper and lower bands touching 0.18182272 and 0.08816881, respectively. This widening indicates an increase in volatility and the prospect of an XLMUSD price breakout. This trajectory is interpreted as a signal to enter long positions if the price breaks above the upper band or short positions below the lower band.
Green candlestick formations above the middle band indicate that buyers are in command and that there is bullish momentum in the XLMUSD market. Traders may consider buying on dips or holding long positions to capitalize on the upward trend.
The Stochastic RSI reading of 31.73 and upward movement supports the market’s bullish momentum. This movement indicates that buying pressure is increasing and that the price of XLMUSD may rise further.
If the price remains above the middle band and the Stochastic RSI reading continues to rise, it may indicate that the bullish trend will continue. However, traders should exercise caution and watch for signs of a possible reversal or weakening of the bullish momentum.
Current market conditions indicate that XLMUSD is in mildly overbought territory, as indicated by the Relative Strength Index reading of 65.83. This RSI level indicates that a correction or consolidation phase is likely. As a result, traders may want to consider taking profits or implementing risk management strategies to protect themselves from a possible pullback.
With a rating of 0.02206459, the Bull Bear Power (BBP) movement upward negates the likelihood of an immediate reversal or weakening of the bullish momentum. However, an unsustainable bullish trend and the possible market bubble could be signaling if the BBP keeps rising rapidly.
In conclusion, Stellar’s Soroban release has ignited bullish momentum in the XLM market, with potential for further gains and increased activity. Caution is advised amid signs of a possible correction.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.
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