Stellar (XLM) has registered moderate gains in price despite experiencing a delayed golden cross. Technical indicators suggest that the XRP rival is lagging behind many assets in the cryptocurrency space that are already experiencing golden cross flipovers.
Stellar: Golden cross delayed but not denied
Notably, Stellar’s nine-day moving average is yet to cross above the green 21-day moving average on the daily MA cross chart. This suggests that the current price uptick in XLM is occurring as a result of the broader market rally.
With Stellar’s golden cross likely to be confirmed soon, the price of XLM might further increase if the current bullish market dynamics are sustained. A critical element for further growth in the current market setup is volume, which is currently in the red zone.
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XLM’s trading volume has plunged by 20.88% to $160.61 million in the last 24 hours. If investors actively engage with the coin, XLM could clear the red zone and enter the green, potentially impacting the price outlook.
As of press time, the Stellar price was trading at $0.2446, representing a 6.29% increase over the last 24 hours. XLM rose from a low of $0.2301 to peak at $0.2477 amid bullish sentiment in earlier trading sessions. However, there has been a slight pullback as the price flattened out.
Institutional partnerships could trigger more gains for XLM
Stellar is likely to soar to new heights in the current cycle if PayPal fulfills its announcement to launch on the Stellar network. The move could increase utility for Stellar as an everyday payments option to millions of customers.
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Such adoption could impact the price, as highlighted by Alex Chriss, PayPal’s CEO. Chriss noted that PayPal’s partnership with Stellar would enable it to reach a larger group of developers and open new opportunities in the ecosystem.
Such developments could further boost Stellar’s ranking among crypto assets in terms of market capitalization. It currently sits in 17th place, $310 million behind Avalanche, in 16th place.