Bullish Stellar Lumens price predictions got a boost on Thursday after an essential update to its network. The XLM network has incorporated the Native AMM functionality, following an upgrade to its Protocol 18 version.
With the completion of this protocol upgrade, which the Stellar Development Foundation announced, developers can now create liquidity pools without the need for smart contracts. This also eliminates the high gas fees that typically plague these transactions.
This development deepens the involvement of Stellar Lumens in the DeFi space, following the initiation of the Stellar-Polygon bridge in September. Stellar Lumens’ XLM token is responding positively to this development, with the XLM/USDT pair adding 2.37% on the day.
The XLM/USDT pair’s upside move has bounced off the 200-day moving average, which puts the token on course to aim for the 0.4013 resistance. If this barrier gives way, 0.4282 and 0.4665 become the additional price barriers to the north.
On the flip side, a decline below 0.3464 opens the gates towards the 0.3021 support mark. 0.2557 (29 September low) becomes a new target to the south if the bulls fail to defend the 0.3021 support level. The 22 June and 20 July lows at 0.2000 also enter the picture as an additional target to the south.
Follow Eno on Twitter.
This post was last modified on %s = human-readable time difference 17:58