Stellar Lumes Climbs 14% On Reported Moneygram Takeover Bid

Summary:

Stellar Lumens price prediction bets tilt towards the upside after Bloomberg reports that the Stellar Foundation wants to buy Moneygram.

Stellar Lumen has soared more than 14% after its plans to buy Moneygram hit the news wires on Thursday.

The news, which has caused Stellar Lumens price prediction bets to rise, was reported by Bloomberg. Stellar Development Foundation is planning to conduct the takeover with private equity firm Advent International.

Moneygram is an ex-Ripple partner and has been in operation since 1940 as a means of cross-border payments and remittance, covering more than 200 countries. Ripple had acquired a $30million stake in Moneygram in 2019, but the former’s problems with regulators caused a split to the partnership in March 2021.

Stellar Lumens is presently trading strongly higher for the 2nd day in a row on the news.

Technical Outlook for XLM/USD

After bouncing off the 0.2 mark, the pair broke above the 0.23115 price resistance with ease, setting up a meet with the 0.27558 resistance. Above this level, 0.311200 and 0.350000 (psychological target at 10 June) appear to be logical targets to the north.

On the other hand, rejection at 0.27555 leads to a pullback which targets the 0.23115 price mark on a retest. Below this area, 0.2 remains the support target to breach for bears.