Stellar (XLM) price breaks out as new Wirex/Stellar research shows crypto adoption is close

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Stellar (XLM) price is trading over 10% higher today to break above the long-term resistance around the $0.44 mark. 

Fundamental analysis: Crypto adoption is close

The latest research conducted by the Stellar Development Foundation and Wirex showed numerous real-world use cases for cryptocurrency. Results of the research have been published during times when the world’s largest digital asset trades at record highs and the EV giant Tesla announced it purchased $1.5 billion in Bitcoin.

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According to the findings published in the report, nearly three-quarters of the respondents see crypto payments as a viable alternative to traditional money transfer services.

“It’s clear that crypto is a considerably under-researched area, and it’s vital that we better understand it to be able to produce products that rival the traditional economy and address users’ concerns. At Wirex, we have always believed that the benefits of crypto can offer a viable alternative for payments in the future, and the findings of this report definitely underpin this,” CEO and Co-Founder of Wirex, Pavel Matveev, said.

Interestingly, as much as 86% of respondents suggested that they felt safe using crypto.

“Traditional cross-border payments are costly and take time to settle, but it doesn’t have to be this way. Our research will help us get a glimpse into the pain points people experience with international transactions and highlight opportunities where blockchain and crypto can be part of the solution,” said Denelle Dixon, the Stellar Development Foundation’s CEO and Executive Director.

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Technical analysis: Major resistance cleared

Stellar price has gained almost 50% in February after it exploded more than 140% in January. Gains of as much as 160% were made in November to altogether increase the market cap of the digital asset about 400% since October.

XLM/USD price is trading about 10% higher on the day as the XLM buyers work to secure a daily close above the long-term resistance above the $0.44 handle. This would be a bullish confirmation with the buyers targeting the 127.2% Fibonacci extension line that sits just above the $0.50 mark. 

Summary

New research conducted by the Stellar Development Foundation and Wirex shows that the mass adoption of cryptocurrencies is close. In the meantime, XLM/USD price is close to securing a major bullish target.