Stellar (XLM.X) is trading at $0.26, up 1.96% from yesterday. XLM/USD is retracing after a recent bull run, upon which the cryptocurrency appreciated 25%. This small near-term correction can be viewed a “jump-in” incentive for bull traders.
XLM is the sixth largest cryptocurrency when it comes to market capitalization. Its price appreciation and the partnership with IBM are positive signals to investors. Also, XLM will be listed on Coinbase, which gives the cryptocurrency a significant boost.
There are some notable developments on the marketing side for Stellar Lumens. A cryptocurrency wallet provider Blockchain is putting together a crypto giveaway: the company intends to distribute $125 million in Stellar Lumens (XLM) to Blockchain wallet users who sign up for the airdrop. The first batch of coins will be distributed this week, but the amount of XLM at each airdrop is not known at this point in time. The airdrop program is aimed at attracting new customers.
What is the near-term price forecast for Stellar Lumens? Here are the major technical indicators:
- MACD of Stellar Lumens is currently in the bullish zone. MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices. MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
- RSI (relative strength indicator) is below 50, but still in the neutral zone. RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
- A new major support level is forming at $0.23;
- A new major resistance level is forming at $0.29.
XLM climbs up on Binance’s list to become the fourth most-traded cryptocurrency
Stellar Lumens has overtaken Ripple’s XRP to become the fourth most-traded asset on Binance. XLM has been consistently on the news last week with a barrage of announcements as it overtook EOS and became the fifth-largest cryptocurrency [by volume].
XLM is now the fourth most-traded asset on Binance, just after Bitcoin [BTC], Bitcoin Cash [BCH] and Ethereum [ETH]. However, XLM’s current trading volume on Binance exchange for XLM/BTC pair is $27.21 million, while XRP’s trade volume for XRP/BTC pair is $19.65 million. Moreover, the XLM/USDT trading volume is $12.76 million while that of XRP/USDT is $13.79 million. Cumulatively, the XLM trading volume comes up to $40.33 million while that of XRP is $33.06 million.
Bitcoin Cash [BCH] is currently the number one against the BTC trading pair, with trading volume of $62.29 million, and has a trading volume of $38.99 million with USDT pair. Bitcoin paired with USDT has a trading volume of $62.14 million and contributes a total of 11.40% of the total trades on Binance, while BCH contributes a total of $101.14 million in trading volume which is 18.59% of the total trades.
Ethereum [ETH] has a total of $48.22 million in trade while, which is 8.85% of the total trading volume. The Ethereum ETH/BTC pair contributes $20.054 while that of ETH/USDT contributes $28.16 million.
Stellar Lumens recently overtook EOS, which was at the fifth spot for the longest time. The trade volume of XLM, in a seven-day time frame, increased by an astronomical 125% to reach $121.88 million from a mere $54.07 million, while EOS’ market cap reduced to $4.89 billion.
Stellar boosted by airdrop, but are these gains sustainable?
- The upcoming airdrop drives traders towards Stellar.
- The upside momentum gaining traction, $0.30 may come into focus.
Stellar coin (XML) is changing hands at $0.2827, gaining nearly 3% on Monday and over 5% since this time on Sunday. The coin that came to existence as a result of Ripple blockchain fork, has become a strong growth leader of the previous week (+15%) and squeezed EOS from the fifth place in the top-10 rating of global cryptocurrencies. XML’s market value is now registered at $5.2B.
Stellar Lumens (XLM) is driven by the airdrop news, which means that the coin is vulnerable to the downside correction, once the event is over. The sheer amount of coins to be airdropped took the community by surprise. Moreover, such campaigns are usually associated with ICOs, but not with established cryptocurrencies.
However, Stellar’s founder Jed McCaleb explained the rationale behind the decision, saying that it is needed to create “more inclusive digital economy” and encourage communities to design the services they need.”
To qualify for free XLM coins worth of $25 users need to register with Blockchain wallet and complete KYC (Know-your-Customer) procedures within anti-privacy requirements.
Stellar’s technical picture
On the charts, XML/USD smashed $0.28 resistance and headed towards the recent high of $0.2878 touched on September 24. Once it is cleared, the upside may gain traction with the next aim at psychological $0.30.
On the downside, the coin may retrace towards $0.2640 congestion zone that limited the upside at the end of the previous week. A sustainable break lower will trigger more selling towards $0.24 handle.
Crypto market overview: Bitcoin is rangebound, Stellar goes to the moon
- The majority of top-20 coins rest in tight ranges.
- Bitcoin Cash is the worst-performer, down 3.5%.
- Stellar is a star as a massive airdrop is looming.
The global cryptocurrency market has gained some ground in recent 24 hours with the total value currently registered at $213B. The top-20 have barely moved with the exception of Stellar and Bitcoin Cash. These two coins are driven by their own specific factors.
Bitcoin has recovered from Sunday’s low to trade at $6,372 by the time of writing. The world’s biggest digital coin has been trading within $6,000 – $7,000 range oscillating mainly around $6,500 handle. Thus, the volatility of the digital assets is now lower than the one of some emerging currencies like Mexican Peso and Turkish lira.
Ethereum is changing hands at $212, unchanged both on a daily basis and since the beginning of Monday. The second largest coin with the current market value of $21.8B is moving within a narrow range, though the short-term volatility is expanding. The intraday high is reached at $213.27.
Ripple’s XRP stays above $0.50 handle, though the coin slipped from the intraday high of $0.5113. The coin has gained 4% on a weekly basis and over 70% in recent 3 months amid a steady flow of partnership news and looming mass adoption speculations.
Bitcoin Cash is losing ground. The fourth largest coin settled at $532.62 after having lost 3.5% in the recent 24 hours. The upcoming fork and heated dispute among the key developers and BCH architects increases uncertainty and pushes the price down. Apart from that, is correcting from an overbought territory after a strong growth at the beginning of the previous week.
Stellar is changing hands at $0.2790, gaining over 7% higher from this time on Sunday. It takes the fifth place in top-20 cryptocurrencies with a market value of $5.2B and an average daily trading volume $114M, which is twice as big as the mid-term figures. The coin continues growing strongly amid upcoming airdrop.