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- 1 The XLM/USD crypto pair has a current market price of $21.1030 with an intraday surge of 0.33%.
- 2 XLM cryptocurrency has shown significant growth over the past three months.
Stellar is a decentralized blockchain network that allows users and businesses to transfer money and other assets across the world.
Stellar has many useful features such as remittances, micropayments, mobile money and mobile banking.Essentially, it was created with the aim to facilitate fast and cheap cross-border transactions without depending on financial intermediaries.
Also, the public cryptocurrency of the network is Lumen (XLM), which is used as a strong asset for network operations.
Also, Lumen (XLM) plays a special role in the Stellar network, because at least a small amount of Lumen must always be held in each account to generate profits according to the minimum requirement and payout of the transaction fee.
This requirement is introduced to prevent any malicious activity from spamming the mainnet with unnecessary and unimportant work.
Additionally, because everyone on the network needs lumens, it could act as a revolutionary bridge between illiquid assets, making it convenient to move money between the users.
XLM crypto surged by 0.68% in market value and plummeted by 10.37% in trading volume in the last 24 hours, as per the CoinMarketCap, a crypto data analysis website. Its market value is $3,333,889,084 and its trading volume is $67,468,578. There are 28,012,857,961 XLM in circulation.
The XLM/USD crypto pair has a current market price of $0.1190 with an intraday surge of 0.47%.
The XLM cryptocurrency has shown significant growth over the past three months and six months, with its price rising by 3.68% and 29.32% respectively.
Moreover, It rose 0.01% last month and 0.72% the previous week. This indicates that the XLM cryptocurrency is in a strong upward trend and has strong momentum.
Therefore, if buyers sustain the pressure, XLM price might rise strongly from the current level.
The possible target for XLM price is $01300. On the contrary, if XLM fails to hold its ground and slips past the $0.1100 level, it may fall further.
The XLM crypto price is trading higher than the 20-day and 50-day exponential moving averages. The XLM price is supported by the EMAs, which are below the price. This highlights that the EMAs are providing good support for the XLM price, as they are below the price and preventing it from falling further. Hence, the XLM price trend is positive, and rising.
Technical Levels
Support Levels: $6
Resistance Levels: $7
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency 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.
