Stellar price analysis: XLM/USD breaks trendline support; IBM affirms Stellar’s rising adoption

• Stellar price is battling for a support above the 50% Fibo, but a reversal is close.
• VP of Global Industries at IBM, Bridget van Kralingen affirmed that Stellar (XLM) adoption.

Stellar has been trading higher highs and higher lows since it staged a recovery on July 12.The retracement stalled between several Fibonacci levels between the last wave with highs of $0.353 and lows of $0.229. However, there was a sustained break above the 61.8% Fib level, which spiked above $0.34 during the trading yesterday. XLM/USD encountered bear resistance marginally above $0.35 leading to a lower price reaction that has broken below the trendline support at $0.3028.

The price is battling for a support above the 50% Fibo at $0.2915, but a stronger support is at $0.280. On the flipside, the trendline, the 50 simple moving average on the 2-hour chart and the 61.8% Fib retracement level coincide at $0.3059 (confluence). This level is a dynamic inflection point that will open the door for higher sustained movement testing the supply zones at $0.3321 and $0.3534. Moreover, the stochastic is in the oversold, meaning that the buyers are likely to find an entry preventing further declines.

In other news the Vice President of Global Industries at IBM, Bridget van Kralingen has been reported to have recently affirmed that Stellar (XLM) adoption is on the rise. The VP confirmed that a couple of unnamed banks are adopting Stellar in their financial systems. This confirmation means a lot to Stellar which is a crypto asset a focus on financial settlements including cross-border remittances.

Stellar recent partnership with TransferTo will allow it to expand its technology for cross-border payments. The benefits from this partnership will be felt directed by the companies and partners under both platforms.

XLM/USD 2-hour chart