Stellar price surges as a unique pattern point to a 63% jump

Stellar lumen price formed a God candle and rose to its highest level in a week as other cryptocurrencies pulled back.

Stellar (XLM) is up 22% from this month’s lows to $0.3822, pushing its valuation to over $11 billion.

This rise occurred while the company’s services continued this week. In a note published on Tuesday, the developers announced a partnership with Fonbnk, a solution that provides a seamless on-ramp solution for digital banking in Africa. It allows anyone with a mobile SIM card to access digital banking solutions using Stellar’s technology.

Stellar’s recovery has also been driven by its close relationship with Ripple (XRP), which has formed a bullish pennant pattern indicating further gains. These two cryptocurrencies will likely benefit when Donald Trump is inaugurated as President of the United States later this month.

Ripple hopes the end of Gary Gensler’s term will usher in a new era of friendly regulation in the crypto industry. One potential victory would be the end of the SEC’s appeal of a judge’s ruling that XRP is not a security.

There’s also a possibility that the SEC, under Paul Atkins, will approve a spot XRP exchange-traded fund later this year. WisdomTree, which has over $100 billion in assets, has already applied.

Meanwhile, Stellar’s blockchain is still growing. According to Dune, its network has processed more than 1.16 million smart contract calls, compared to almost zero during the same period last month. He accomplished this without any glitches.

Star smart contracts | Source: XLM price chart with Dune Stellar price bullish techniques | Source: crypto.news

The daily chart shows that XLM price is recovering after forming significant bullish patterns. It forms a two doji candlestick pattern, which is a popular reversal signal. Doji is a candlestick pattern consisting of a small body and an upper and lower shadow, indicating an open and close at the same level.

Most importantly, Stellar is forming a falling wedge chart formation. This pattern consists of two falling and converging trend lines, usually resulting in an uptrend when the two lines approach their ends.

Therefore, the breakout and subsequent move above the 50-day moving average and the 50% Fibonacci Retracement indicate further gains. This means the coin could jump to last year’s high of $0.6400, which is about 63% above the current level.