Stellar Surges 35%: Transforming Digital Banking in South Africa!

The Stellar network is an open-sourced, public blockchain powered by the Stellar Consensus Protocol (SCP), which utilizes a proof-of-agreement (PoA) consensus mechanism.

Expanding Partnerships and Financial Inclusion

Recent developments in the Stellar ecosystem reveal promising partnerships that could further enhance its role in blockchain technology. Stellar has partnered with MoneyGram to facilitate cross-border remittances and with Circle for USDC integration. The key objective is to conduct low-cost and fast transactions. Stellar has also partnered with Fonbnk to enhance access to digital banking in Africa, whereby prepaid SIM cards are turned into virtual debit cards. Customers can convert their prepaid airtime to USDC at a price of $0.01 per unit, unlocking other financial services. Fonbnk also provides easy tools, such as converting airtime to cash and making bank transfers. Fonbnk's CEO believes that this partnership could bring billions into the digital financial world, addressing the need for banking services in underserved regions. This collaboration is an important step for financial inclusion in Africa.

Price Performance and Market Analysis

XLM/USD spiked by more than 40% after a massive sell-off. The pair hit a high of $0.4590 at the time of writing and is currently trading around $0.41509.

Technical Insights and Trading Strategy

The pair is holding above the short-term (34 and 55-day EMA) and long-term moving average (200-day EMA). On the higher side, near-term resistance is around $0.4800; a break above this level could push the pair to $0.530, $0.650, or $0.835. The near-term support is around $0.350, and any violation below that could lead the pair down to $0.30 or $0.20. It is advisable to buy on dips around $0.350, with a stop-loss around $0.270 for a target price of $0.650.