Stellar (XLM), the popular blockchain network known for facilitating cross-border payments, has been making headlines with its latest breakthrough in Malaysia. The project has expanded its real-world utility by providing instant payment remittance services, further cementing its place in the world of cross-border financial infrastructure. As a result, the price of Stellar’s native cryptocurrency, XLM, is now attracting significant attention. With recent bullish signs in its price action and growing market momentum, many are wondering if a recovery to the $0.30 mark is on the horizon.

Stellar’s Growing Real-World Utility

Stellar’s partnership in Malaysia highlights the growing role of blockchain in improving financial systems worldwide. The project’s ability to enable faster, cheaper, and more secure cross-border transactions has gained considerable traction. As global demand for remittance services increases, Stellar’s technological advancements position it as a key player in the space. This real-world utility has made XLM a cryptocurrency to watch closely, especially as the project continues expanding its reach.

Technical Analysis: XLM Rebounds From Key Support

At the time of writing, Stellar (XLM) is trading at approximately $0.2882, showing a modest 1.76% increase over the past 24 hours. However, over the past week, the altcoin has experienced a slight decline of 7.65%. Despite these recent setbacks, XLM has bounced off a critical 200-day moving average (MA), a key level of support that has historically provided stability during market corrections.

A rebound from this zone is a positive sign, as it often indicates the end of a short-term bearish phase and the beginning of a potential uptrend. The 200-day moving average has consistently acted as a strong dynamic support in the past, making this price action noteworthy for traders and investors alike.

Bullish Indicators Emerge: RSI Climbs Past 50

Looking at the 4-hour XLM price chart, additional bullish signals are starting to emerge. XLM has recently pushed above the 9-day simple moving average (SMA), a technical signal often associated with the start of short-term upward momentum. This is a positive sign for the altcoin as it suggests that buyers may be taking control after the recent price dip.

Moreover, the Relative Strength Index (RSI) has broken above the 50-mark, reaching a value of 51.34. The RSI is a popular momentum indicator that helps traders gauge whether an asset is overbought or oversold. When the RSI climbs above 50, it typically indicates that buying pressure is increasing, and in this case, it suggests that XLM may be poised for further upside.

What’s Next for XLM? Targets and Forecasts

In terms of price action, XLM is currently fluctuating between $0.20 as a key support level and $0.35 as a potential resistance. Given the current technical setup, analysts are forecasting a potential breakout above the $0.30 mark, which could pave the way for further gains toward $0.35.

If the bullish momentum continues to build, XLM could easily test the $0.30 resistance level in the near future. However, if the price loses steam, there is the possibility of a pullback to around $0.26, which is another support level to keep an eye on.

Looking ahead, a break above $0.30 could be a strong signal that XLM is ready to test higher levels. If this breakout gains traction, the next key level to watch would be the $0.35 resistance. In the short term, XLM could average around $0.28 while preparing for its next move.

Conclusion: Is XLM Poised for a Reversal?

Stellar (XLM) is showing several promising signs of recovery as it rebounds from important support levels and technical indicators point to a potential bullish reversal. The recent bounce from the 200-day moving average, combined with an RSI break above 50 and a push above the 9-day SMA, all suggest that XLM could be gearing up for a move towards $0.30 in the short term.

While the price action remains in a range between $0.20 and $0.35, the current bullish signals offer a positive outlook for the cryptocurrency. For investors and traders, XLM is one to watch closely as it may be setting up for a significant price increase in the near future, particularly as real-world adoption continues to grow.