After significant growth of price aimed at $0.09, XLM at present is doing its transactions at $0.086. It is thought that the major reason behind this growth is the participation of Denelle Dixon, the CEO of Stellar in the annual meeting of the International Monetary Fund (IMF)
XLM witnesses a Price Spike of 9% as Denelle Dixon Talks at IMF Annual meeting
It is known that every year a meeting is held by the International Monetary Fund where significant problems are dealt with. The Stellar CEO, Denelle Dixon was present in this year’s annual meeting to talk at the ‘Cross-Border Payments – The Private Sector Steps up’. The focal point of the talk is to find solutions and discuss the expectations of people from supervisors and policymakers.
On October 15, the USDC announced that it was linking with Stellar Lumens. As a result of this announcement, over the last 4 days, Stellar Lumens has witnessed a growth of $300 million in its capitalization of the market. XLM on the present-day is trading at $0.086 after a noteworthy growth of 9% on its price.
XLM Shows Progress on Charts
The daily chart shows XLM’s strong MACD and it is growing at a steady pace. After becoming a support level, XLM’s digital asset is showing transactions over 50-SMA. The next target for the Bulls is at 100 SMA which is also the next resistance level at $0.09.
Owing to the announcement made by the USDC, on October 15, XLM saw an initial growth of 9% in the price. A succession of growth was seen during the course of 24 hours when The Stellar CEO, Denel Dixon participated in the IMF’s annual meeting. This has resulted in a massive uptrend in the 4hour chart. The next price targeted for them has been set at $0.1 which would see it grow from the present situation of $0.09.
The Bulls on other hand could face a major threat by a substantial resistance at $0.09, which has a current standing of 100SMA. A decrease in the level would see their digital asset going down to the support level of $0.084. This was the resistance point which was observed on October 12.
Stellar Lumens Looking to Up The Price
Speaking on a positive front, the Bulls are contemplating the daily chart which has 100-SMA at $0.09. For the time being, this is their next target price. Stellar Lumens are eyeing a breakthrough above this level to $0.1 which is the next level of resistance. Owing to the present position of Stellar Lumens, the breakthrough is very likely.
On the other hand, the growth would be met by two levels of resistance. Failing to reach any one of them would have strong consequences. If Stellar Lumens fail to progress over the 100-SMA at $0.09, the daily chart would show a fall of $0.084 at the support level.