Stellar Price Prediction: XLM Extremely Overbought, Rejected At $0.35

• Stellar price corrects after being rejected at $0.35 as overhead pressure heightens.
• Stellar network to power Thailand–Europe cross-border payments corridor.
• Sustained correction could see XLM drop to $0.30.

Stellar is in the middle of a retreat from $0.35 rallying 75% July 21 and August 11. The Stellar price has had its fair share of the ups and downs; but, bulls tightened their grip on XLM with the push for recovery.

At press time, Stellar is trading around $.330 on crypto exchanges $0.329 while dealing with increased selling pressure. With the $0.33 support level broken, the least resistance path is bound to remain bearish in the coming sessions.

Despite this correction, Stellar lumens continues to gain popularity as an international payment network.

Stellar Network to Power Thailand-European Payments

A partnership between Velo Labs and two financial institutions, Tempo Payments and Bitazza has resulted in a $17-billion remittance corridor between Europe and Thailand. The corridor will be hosted on the Stellar blockchain and will facilitate cross-border remittances between Thailand and 27 European countries.

The corridor will use Velo digital credit and Velo tokens to facilitate on-chain transactions. The new cross-border payment’s corridor is expected to serve approximately 600 million customers across Europe and the South East Asian nations.

The CEO of Velo Labs, Mike Kennedy said this regarding the historic partnership:

“What we’ve launched today … will allow businesses and individuals alike to securely and instantly transfer value across the globe. Velo Labs wants to make cross-border transactions faster, cheaper, and more reliable for everyone; this first step starts us down the path of that reality

On his part the Suren Ayriyan, TEMPO Payments CEO said:

“This is only the beginning  of our vision to service millions of individuals in Asia and beyond. We hope to continue working with Velo Labs to exponentially increase our currency corridors and offerings, providing cheap, secure and fast global money transfers to all TEMPO Payments customers, both existing and new.”

The partnership intends to deliver a faster and cheaper money transfer option through the Stellar blockchain network.

 Stellar Price Correction Aims $0.30

The XLM/USD four-hour chart shows that the Relative Strength Index (RSI) was recently overbought at 80, a situation that quickly flipped the trend bearish. As the RSI retreated from the area above 70, the bearish technical thesis was validated. Note that a continued movement beneath the midline toward the oversold keeps the bears in control.

Subsequently, short-term support is anticipated at $0.322. Therefore, bulls must defend support is supposed to hold and resume the recovery above $0.35. Otherwise, a decline below this level will stretch losses to $0.30 where the  50-SMA currently sits.

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XLM/USD Four-Hour Chart

On the upside, the Stellar price appears to be sitting on strong support provided by the 50, 100 and 200 SMAs that are all crucial to renewing the uptrend. If this happens, XLM can rally 30% to June highs around $0.43.

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