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- Stellar price has remained stagnant despite the growth in the crypto market.
- Technical indicators of XLM are favoring the consolidation. XLM/BTC pair has seen a gain of 0.9% in the intraday session.
Stellar is an open-source, decentralized protocol for digital currency to fiat money transfers which allows cross-border transactions between any pair of currencies. The Stellar network is a distributed ledger technology (DLT) similar to the blockchain used by cryptocurrencies such as Bitcoin.It enables the near-instant and secure transfer of funds between individuals and institutions at a fraction of the cost of traditional banking systems.Stellar was founded in 2014 by Jed McCaleb, who co-founded the Mt. Gox bitcoin exchange and also helped create eDonkey2000, one of the first decentralized peer-to-peer networks.
Stellar’s native digital currency is called Lumens (XLM), which serves as a bridge currency in transactions involving different currencies. Stellar’s consensus algorithm is called the Stellar Consensus Protocol (SCP).It has a market cap of $2 Billion and is ranked 26th in the cryptoverse. Volume to market cap ratio of the XLM suggests a consolidation trend in price.
Bulls Are Favoring A Weak Upside
Stellar has been in a strong consolidation mode for a long time but is looking to see a new high. The weekly technical chart of XLM suggests a weak upside trend. On the daily chart it has seen a gain of 0.44% and is near $0.074. Resistance of XLM can be seen near $0.12. Meanwhile the support of the asset price can be seen near $0.03. It is currently looking to cross the threshold of 50 DMA. It may see a strong move if it crosses 50 DMA. There can be a strong upside momentum in XLM as per the analyst.
Conclusion
XLM along with other few cryptocurrency are stagnant despite the rise in BTC above $17000. XLM is currently trading in a weak upside move and can soon see a new high.
Technical Levels
Major Support:$0.45
Major Resistance: $0.12
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
