thecoinrepublic.com
- XLM coin price is currently in a downtrend and can see a low of $0.04 in the future
- Technical indicators are favoring a bearish trend. Meanwhile, XLM/BTC pair has seen a loss of 0.43%
Stellar is a peer to peer decentralized network which was formed in 2014. Stellar payment protocol is based on distributed ledger technology which is an open-source development, community-owned and distributed by community. The crypto asset of the Stellar platform helps the users with cross-border transactions, overcoming the problems of high fees and slow procedures. Jed Macleb founded Stellar with a lawyer in 2013.The current circulating supply of the XLM is 50 Billion and only 51% is circulating in the market.
The current market cap of the Stellar is 2 Billion and has a market dominance of 0.27%. The volume of the Stellar has seen an increase of 84% in the past 24 hours. Meanwhile, volume to market cap ratio of the asset price suggests a consolidated trend in price.
Bears Of XLM Are Pushing The Price Down
The weekly technical chart of the XLM hints towards a consolidation in price. On coming to the daily chart the asset price has seen a decline of 3.99% and is trading near the value of $0.086. Resistance of the asset price can be seen near $0.1. Meanwhile, the support of the asset price can be observed near $0.04. It is trading below the 50 and 100 Daily Moving Average. There can be a negative crossover in the asset price in the future.
RSI of the asset price is near 39 suggesting its presence in the oversold zone. There is a negative slope in the RSI suggesting a downside trend in price.
Conclusion
Stellar coin price is currently seeing a downside trend and can move to a new low. Crypto market is currently in a downside trend but can see a recovery soon.
Technical Levels
Major Support:$0.04
Major Resistance: $0.1
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.