What Franklin Templeton’s US Money Fund Means for XLM
Author: Andrew WatsonThe news of Franklin Templeton’s revolutionary steps has been met with positive feedback from the crypto community as there is optimism that such developments will push the price of XLM, the native token of the Stellar network, upwards. The progress of the cryptocurrency has, however, taken a negative turn as it has experienced a 11.91% dip over the past week, and a 1.11% decrease in its value within a 24 hour period.
Observing the xLM price movements, the Relative Strength Index (RSI) suggests that it is trending down as the value is between 50 and 30. Additionally, it appears to show a weak trend as the RSI is presently pointed downward. This could lead to an oversold region which would mean a drop to the Weak Low region of $0.08859. On the other hand, if the RSI changes direction, indicating a trend reversal, xLM could generate a bullish sentiment and experience a price surge.
The Bollinger Bands also add context to xLM’s rate as the cryptocurrency is trading in the bottom half of the indicator. It could spell a trend reversal as the bands are expanding, typically a sign of higher volatility. To conclude, traders should monitor the price of xLM closely as it is showing signs of a possible bullish trend in the near future.