thecoinrepublic.com
- 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