Key Points
- The overall cryptocurrency market has recovered from Monday’s lows and is now pushing toward fresh highs.
- XLM is trading above $0.35 ahead of a significant network upgrade.
Stellar Lumens Implements Protocol 23 Upgrade
XLM, the native coin of the Stellar Lumens blockchain, is trading in positive territory after a slow start to the week. The early-week weakness mirrored broader weakness in Bitcoin and other major cryptocurrencies.
After holding support around $0.34 over the weekend, XLM has climbed back above $0.35. The token may gain further momentum heading into an important network upgrade. Stellar’s Protocol 23 is designed to modernize network infrastructure and improve interoperability across ecosystems.
According to the Stellar team, this upgrade represents a step toward expanding Stellar’s usefulness for real-world assets (RWA). Stellar’s RWA sector currently represents over $460 million in market value, and the team expects the market to grow once the new protocol is live.
The combination of the upgrade and growth in the RWA market could support XLM prices in the coming days and weeks.
XLM Targets $0.40 as Bullish Pattern Forms
The XLM/USD 4-hour chart remains bullish and intact after several weeks of upside. During Monday’s heightened selling pressure, price found fundamental support at $0.344.
The market is recovering and currently accumulating between $0.35 and $0.36. RSI near 52 suggests bullish momentum is returning, while the MACD lines appear poised to move into positive territory.
If the recovery continues, XLM could break above the $0.37 resistance in the coming hours and head toward the psychological $0.40 level. A confirmed breakout above $0.37 will depend on sustained volume to validate the move.
If the market fails to sustain gains, XLM may be rejected and fall back to the $0.34 support level. Prolonged bearish pressure could push XLM to fill the FVG gap and revisit support around $0.29 for the first time since July.