The superb price jumps to $ 0.17 amid the EURB news

XLM / USD has rebounded from lows of $ 0.139 and could break above $ 0.20 if the bulls maintain bullish momentum

Stellar (XLM) has pumped 21% in the past 24 hours as the bulls target $ 0.20. The positive price movement for XLM comes a day after a major European bank announced it was issuing a euro stablecoin on the Stellar network.

The following was noted in a tweet on the Stellar official account:

“We are pleased to announce that @Bitbond and Bankhaus von der Heydt are now issuing Euro Stablecoin (EURB), the first stablecoin to be issued directly by a banking institution on Stellar.”

One of the first customers to use the fully regulated EURB token is the crypto payment company SatoshiPay. According to Philipp Doppelhammer, the managing director of Deutsche Bank, SatoshiPay will include EURB in its cross-border money transfer services.

XLM / USD price jump of 21%

The price of Stellar Lumens has rebounded from the Fibonacci retracement level of 61.8% ($ 0.139), which was carried by mounting pressure on the buying side.

While the momentum appears to have slowed down a bit, the technical perspective suggests that bulls may be compounding their decline. That outlook will be confirmed if bulls hit a daily close above the 20-SMA ($ 0.171).

The level is critical as it has a bearish trendline formed since early December. The line has presented a stubborn barrier for the past few days, which is all the more why bulls must try to get past it if they want to break higher.

XLM / USD daily chart. Source: TradingView

If near-term buying pressure pushes XLM / USD above the trendline, the pair could retest resistance at the Fibonacci retracement level of 23.6% ($ 0.197). If the upward move is held above critical levels, Bulls could see the November 25 high near $ 0.24.

On the contrary, a breakdown from the descending trendline could cause XLM / USD to drop to the 50% Fibonacci retracement level ($ 0.157). The next level of support below that would be the 61.8% Fibonacci retracement level ($ 0.139).

If bears gain control and push down, the price of Stellar Lumens could fall into the 50-SMA support zone near $ 0.117.

XLM / USD price 4-hour chart. Source: TradingView

On the 4-hour chart, XLM / USD is trading below the 50-SMA ($ 0.171) and could fall to the 20-SMA ($ 0.163). Below this level, bulls can seek support at $ 0.145 and then $ 0.108.

The standout price tag is $ 0.169 at the time of writing.

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