XLM price held steady on Monday as the crypto market rebounded and Stellar’s role in real-world asset (RWA) tokenization rose. Stellar token was trading at $0.3280, up by 90% from its lowest point this month.
Stellar RWA Growth Continues
The XLM price jumped sharply as investors reacted to the ongoing growth of its RWA ecosystem. Data shows that the network’s RWA growth has accelerated in the past few days.
Stellar’s TVL in the industry jumped by 26% in the last 30 days to over $638 million. This growth makes it the eighth-biggest chain in the RWA industry after Ethereum, ZKsync Era, Polygon, Avalanche, Aptos, Arbitrum, and Solana.
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The top players in the Stellar network are Franklin Templeton, Circle, WisdomTree, Etherfuse, and GMO Trust.
More data shows that the amount of stablecoins in the network has jumped by 8.2% in the last 30 days to over $269 million. There are over 554k holders of stablecoins on the network, most of them being USDC.
Stellar’s price also rose after SwissCustody, a relatively unknown company, announced it would launch the first-ever 1 billion XLM treasury. At the current price, these tokens would be worth over $320 million.
While this is big news for Stellar and the XLM token, our email message to SwissCustody had not been replied to at press time. It is also unclear who the company is, where it is based, and how it plans to raise the cash. There were also no press releases, which is a sign that this might be fake news.
XLM Price Technical Analysis
The daily timeframe chart shows that the Stellar price has rebounded in the past few weeks, moving from a low of $0.17728 to the current $0.3345. It remains inside the descending channel, which is part of the bullish flag pattern.
However, the token is about to form a death cross pattern, which forms when the 50-day and 200-day Exponential Moving Averages cross each other. Also, the coin has fallen below the Supertrend and the Ichimoku Cloud.
Therefore, the token will likely remain under pressure as long as it is below the Ichimoku and the Supertrend indicators. A move above these levels will signal further gains, potentially to the psychological level at $0.40.
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