XLM To Rally As Binance Announces Support For Stellar Lumens Network Upgrade

By Kevin • June 9, 2022 3:24 pm • Comments

Binance is still considered the largest crypto exchange in the world when measured by total trading volume.

The major exchange just announced publicly that it will be supporting XLM’s network upgrade which could be a huge potential bullish catalyst for the digital asset.

So far, it is reported that the network upgrade will have been completed on June 8th at 15:00 where all withdrawals and deposits of XLM during that time have been paused.

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Investors are also expecting that this new upgrade will present new value for the blockchain network and that many other crypto exchanges will follow suit in supporting this.

More information regarding the upgrade can be found on Stellar.org which lays out why it is better than the existing network.

Binance.com reports:

Binance will support the Stellar Lumens (XLM) network upgrade.

The Stellar Lumens (XLM) network upgrade will take place approximately at 2022-06-08 15:00 (UTC). Deposits and withdrawals of XLM will be suspended approximately starting from 2022-06-08 14:00 (UTC).

The trading of XLM will not be affected during the network upgrade.

The Stellar Lumens (XLM) network upgrade will take place approximately at 2022-06-08 15:00 (UTC).

The estimated time is for users’ reference only.

Binance will handle all technical requirements involved for all users holding XLM in their Binance accounts.

We will reopen deposits and withdrawals for XLM once we deem the upgraded network to be stable, and we will not notify users in a further announcement.

As of right now, the price of XLM is still currently in an accumulation phase as price is staying close to the 13 cents zone.

To expect a bullish rally, a break above the current trendline that has been persisting is needed in order for XLM to recover to its previous highs.

The zone for the resistance right now is sitting around 14 to 15 cents where many are expecting heavy price resistance.

News of network upgrades being done successfully on major exchanges like Binance could provide enough momentum down the line to initiate a rally to the second resistance zones.

AMBcrypto.com reports:

Considering the convergence between the POC, Basis line of BB, and the lower trendline of the up-channel, XLM could see an immediate bounce-back.

In which case, a close above $0.14-resistance would trigger a further upside.

But with the two-month resistance standing sturdy, any close below the pattern could lead to a retest of the $0.12-zone.

Besides, investors/traders should factor in broader market sentiment and on-chain developments to make a profitable move.

XLM continues to be one of the most popular rivals of Ethereum alongside XRP and is currently ranked the 25th largest blockchain with a total market cap of $3.5 billion.

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