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- XLM price prediction suggests a weak upside momentum in the price.
- Brazil’s government has been testing its pilot CBDC on the Stellar blockchain. It is down by 0.23% in the BTC pair
Stellar is a decentralized network that is optimized for payments and asset issuance. It was created in 2014 by Jed McCaleb, the same person who co-founded Ripple. The network is designed to facilitate the exchange of digital assets and payments and also focus on cross-border transactions. The ability to facilitate fast and cheap transactions is facilitated by the Stellar Consensus Protocol to verify transactions.
The network has the capability to process up to 1,000 transactions per second and the transaction fees are typically very low making it an attractive option for users. It is designed in such a way that the world’s financial systems can interpolate with each other. It has a total supply of 50 Billion tokens and 54% of it is in circulating supply.
The network has generated over $12.92k in the past 30 days. It has a daily active account of 50731 which may see an increase in the future. It is down by 89% from its all-time high but can observe a recovery in the future.
Stellar has a market cap of $2.5 Billion and is ranked 27th in the crypto-verse. The volume of the asset price has seen a drop of 1.7% in the intraday session. The volume-to-market cap ratio of XLM is near 0.0159 suggesting a weak consolidated trend in price.
Are XLM Bulls Looking For An Upside?
The weekly technical chart of the Stellar suggests a struggle between the bulls and bears. It is currently in a consolidated trend but can see an upside recovery in the future. The correlation between the XLM and BTC is near 0.64. The upside trend of XLM can see a halt near $0.11.
Meanwhile, the support of the asset price can see a bounceback from $0.075.It is trading between the 50 and 100 Daily Moving Average. There can be a negative crossover in the future which can push the asset price to a new high. The RSI of XLM is near 40 suggesting its presence in the oversold zone. There is a downside slope in the indicator suggesting a downside trend in price.
Conclusion
XLM correlation with Bitcoin is near 0.5 but can see an increase in the future. Stellar price is currently in a consolidated trend but can move to a new high.
Technical Levels
Major Support:$0.08
Major Resistance:$0.11
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
