Stellar Price Rallies After Protocol 23 Upgrade, Pepe Clears Key Resistance

One of the top crypto coins on the market right now is Stellar. Its value has surged by 10.8% on the 24H chart following the rollout of its Protocol 23 upgrade. The anticipation of PayPal’s PYUSD stablecoin integration on the network has also added momentum. 

Meanwhile, the frog-themed memecoin, Pepe (PEPE), has successfully broken out of an ascending triangle resistance, signaling a potential rally. CoinMarketCap data shows the price of the memecoin soared to $0.00001125.

Stellar Surges on Protocol Upgrade

On July 9, Stellar finally managed to escape a long-term downward trendline, regaining the $0.25-0.28 area. This breakout coincides well with the 0.618 Fibonacci retracement level, which indicates a possible upswing to the level of $0.32, a typical Fibonacci target that analysts have identified. 

The RSI supports this bullish structure. It has climbed to 55, confirming strong upward momentum. XLM has room for more upward movement before it enters the overbought region. 

One catalyst responsible for this major upsurge is Stellar’s Protocol 23 upgrade, which occurred on July 7 via stellar-core v23.0.0rc2. The upgrade introduces major improvements such as Soroban parallel execution, state archival, and unified asset events.

These upgrades are technical enhancements designed to boost performance and scalability. With testnet systems in place and a mainnet vote set for August 14, the upgrade marks a strategic step toward greater protocol sophistication.

Market watchers are now eyeing a sustained breakout above $0.26–$0.28, which could push the Stellar price to $0.32–$0.33. CW, a top analyst, told his X followers that the altcoin just broke out of a bullish flag formation and is ready for the next pump to $1.

Pepe Breaks Out After Ascending Triangle Completion

On the meme coin front, PEPE has finally broken above its long-watched key resistance zone at $0.0000105–$0.0000108 on July 9, marking the completion of an ascending triangle.

This is a bullish formation that signals that buying pressure is increasing. Pepe’s breakout follows a bullish MACD crossover on July 6. Also, the RSI has crossed the midline, a sign of growing bullish momentum.

Ascending triangles are often precursors to sustained upward moves once resistance is cleared. So, Pepe’s price could push towards the next target at $0.000012–$0.000015 if assuming support holds. 

In the meantime, a crypto investor, Jameson, argues a huge inverse head-and-shoulders pattern is developing on the PEPE price chart. He notes that the last time this pattern emerged, PEPE surged by approximately 800% in under a month. 

Based on the current setup, Jameson expects a similar explosive move, confidently stating that PEPE will “pump SO hard” once the breakout occurs.

Stellar and PEPE Trigger Bullish Breakouts Amid Technical Upgrades and Patterns

Stellar’s breakout, fueled by its Protocol 23 upgrade, has reignited bullish momentum as the altcoin eyes a push toward $0.32. With improved scalability and performance, investor optimism is rising. In the meantime, PEPE has broken out of an ascending triangle.

A potential inverse head-and-shoulders pattern indicates that a powerful rally might be coming. Both altcoins have a lot of upside potential based on strong technical analysis.