Will XLM recover from its recent dip after MoneyGram announced support for Stellar Aid Assist?

• XLM has lost more than 3% of its value in the last 24 hours.

• MoneyGram has announced support for the Stellar Aid Assist

• The total crypto market cap could fall below $800 billion soon.

MoneyGram announces support for Stellar Aid Assist

Payment service provider MoneyGram announced on Thursday that it now supports the Stellar Foundation’s Stellar Aid Assist. MoneyGram said it is the first-of-its-kind blockchain-powered aid disbursement system that delivers relief funds quickly, affordably and efficiently to individuals in crisis.

MoneyGram is proud to support our partners at the @StellarOrg (SDF) on the launch of Stellar Aid Assist, a first-of-its-kind blockchain-powered aid disbursement system that delivers relief funds quickly, affordably and efficiently to individuals in crisis.https://t.co/WwtGR2K3dK

— MoneyGram (@MoneyGram) December 15, 2022

Despite this latest cryptocurrency news, XLM, the native token of the Stellar blockchain, has been underperforming. The price of Stellar Lumensnow stands at $0.0793, down by 3.5% in the last 24 hours.

The broader cryptocurrency market has also been underperforming over the past 24 hours. The total crypto market cap stands at $827, down by more than 3% so far today. The market cap could decline below $800 billion if the bearish trend continues.

Bitcoin is also underperforming today and could drop below the $17k support level before the end of the day.

Key levels to watch

The XLM/USD 4-hour chart is bearish, as Stellar Lumen has been underperforming over the past few days. The technical indicators show that XLM could dip lower soon.

XLM/USD Chart By TradingView

 

The MACD line is below the neutral zone, indicating that the bears are currently in charge of the XLM market. The 14-day relative strength index of 34 shows that XLM could enter the oversold region soon.

If the bearish trend continues, XLM could drop below the first major support level at $0.07300 before the end of the day. With the bears still in charge, XLM could drop below the $0.0700 psychological level over the next few days.

However, the MoneyGram news could push XLM’s price higher in the near term. If that happens, XLM could push past the $0.08566 resistance level.

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