The cryptocurrency market at the turn of the new year has been experiencing a major boom, with new and established cryptocurrencies enjoying a massive boost in price and the value. Cryptocurrency like bitcoin and all other altcoins have been constantly enjoying a steady rise in price, and one crypto making headline this year is Stellar Lumen (XLM).
A Steady Rise
Stellar Lumen (XLM) has been enjoying a rather smooth run this year, with the coin experiencing more highs than lows in the cryptocurrency rating chart. The altcoin had been relatively quiet over the past few weeks, with minor gains, which is followed by major corrections in the market.
The coin currently pumping at an enormous rate of 9.71% in an hour, with a massive trade volume of well over $500 million in just over 24 hours.
The massive rate being experienced by the coin in 24 hours was recorded to be 10.20% and the market capitalization was hovering around $1.9 billion.
Stellar Lumens also enjoined a massive pull on BW.com, as it was the most traded on the exchange, where the trading pair of XLM/USDT pulled around $101 million in 24 hours trading volume, which was equivalent to around 20% of the market cap.
In the last 24 hours, XLM has consistently fallen in valuation, before recording the aforementioned figures in the market cap. The token was down to $0.086, before the hike took its valuation to $0.1001, as at press time.
Some analysts are of the opinion that the current pump currently experienced by XLM and other altcoins was surfacing due to the influence of bitcoin in the market, as BTC was witnessing a pump of 2.37% in an hour at the same time.
Although, some are of the opinion that XLM will soon undergo yet another price correction, after the current wave of prices.
The competition among the major and new tokens are always on the edge, as their founders and developers are always looking for ways to always outdo one another, in the ever-competitive market.
Bitcoin Exchange Guide reported earlier in the year that the leaders of both XLM and TRX collided, with McCaleb calling Tron, nothing but pure garbage, while Sun discarded the XLM founder, tagging him as an attention seeker and not worth the competition.
Jed McCaleb openly criticized Tron, telling newsmen that he has a particular distaste for projects that raise tons of money during their initial coin offering but can offer little or zero technical merit.
He stressed further by claiming that most of the available projects in the cryptocurrency market are garbage, and can only wish things will be different in the coming future.
Tron’s founder, Justin Sun also believes that the best way for small or little projects to come up is to attack established and great projects in the industry, stating that Stellar is not a competitor, considering its project low transaction volume, lack of decentralization and the massive lack of support for decentralized apps.
Stellar price forecast: Bullish pressure likely on XLM after price correction
Sellar is testing the $0.080 resistance level; if the bulls break the initial resistance level, XLM’s price will rise and reach a high of $0.09 price level.
- The demand zone of $0.07 holds as the bulls marked an upward move
- XLM market is facing resistance at the $0.08 price level
- Stellar Lumens native crypto, XLM’s price is likely to rise to the previous high of $0.09 price level
Stellar Current Statistics
The current price: $0.074
Market Capitalization: $1,467,975,839
Trading Volume: $56,933,556
Major supply zones: $0.09, $0.1, $0.11
Major demand zones: $0.07, $0.06, $0.05
Stellar (XLM) Price Analysis
The price of Stellar has reached the demand zone of $0.070 price level. The $0.070 support level is holding as the bulls struck an upward move to the previous high. In the previous low of July 16, the $0.080 support level was held as the bulls claimed an upward move but were resisted at the $0.10 price level.
This resistance resulted in the price to fall to the present low at $0.072 but before the support level at $0.070 price level. Today, the coin is testing the $0.080 resistance level; if the bulls break the initial resistance level, XLM’s price will rise and reach a high of $0.09 price level. On the other side, if the bulls break above the $0.09 price level, the crypto will continue its upward move.
Chart Indicators Reading
Meanwhile, the XLM price is out of the oversold region of the Stochastic indicator, and it is above the 25% range. This indicates that buyers are likely to emerge, and it also shows a bullish signal. The bulls break the lower trend line, and the candlestick closed on the above it.
This is an indication that the bullish trend is likely to continue. The 12-day alongside 26-day EMA is still trending and pointing southward (indicating the downward direction). On the other side, if the bulls manage to break above the EMAs, the cryptocurrency’s price will be in the bullish trend zone.
General Outlook for XLM
The coin is likely to rise if the bulls manage to sustain the price above the lower trend line. Similarly, if the bulls break the initial resistance at the $0.08 price level, Stellar (XLM) will continue the bullish movement. On the other hand, if the bears break below the lower trend line again, the market will resume its downward trend.
Stellar Price Analysis: Stellar (XLM) Price Slips Down Again; Market Pressure Rules The Coin
- Stellar (XLM) comes under market pressure.
- The price embarks the downtrend again.
Stellar was seen improving yesterday, but the coin has again started moving downwards. The coin was expected to keep the momentum tight, but the market pressure has forced to let it loose. The traders were quite positive about the coin, but it seems like the investors need to wait a little longer to witness the price rally in Stellar. The coin holds pretty good future prospects, but the intraday investors will not be seen benefiting from the coin today.
Current Statistics of Stellar:
- The current trading price of the coin is $0.07582600.
- The ROI (Return on investment) stands at 2412.65%.
- The coin is currently ranked at 11th position in the crypto market.
- The currently circulating supply is 19,633,172,523 XLM whereas the total supply stands at 105,243,009,213 XLM.
- The 24hr volume is noted as $57,178,901.
- The market cap is at $1,467,943,362.
XLM to USD Price Comparison:
The chart is taken from Trading View as on 13th August 2018, at 05:27:45 UTC.
The three-day chart is indicating an escalation in the coin’s price. On 11th August, the coin jumped from $0.073 to $0.080 by 9.19%. The coin then declined from $0.080 to $0.077 by 3.15%. The coin booked an escalation of 5.76% as the coin closed around $0.077. On 12thAugust, the price changed from $0.077 to $0.075 by 2.58%. The coin is currently trading at $0.075.
Stellar Price Prediction and Conclusion:
Stellar (XLM) would again see the rising sun in the upcoming days. The traders who have lost their hopes would be seen returning to Stellar with their investments in the near future. The coin has great potential. Stellar Lumens, the parent company behind the currency is making continuous efforts to enhance the popularity of the coin. We have heard about the promising upgrades that would take the price up in the future. The coin is likely to trade around $0.2 by the end of 2019. The long-term investment would bring a colossal amount of profit.
Stellar releases key updates as Saldo.mx plans to issue an asset on Stellar Network
Stellar, currently ranked 11th in the crypto rankings with a market cap of $1.5 billion, recently revealed the developments undertaken over the past month.
Stellar released a plethora of updates in the month of July, which included the likes of the Horizon 0.19.0, Stellar Core v.11.3.0 and the Stellar Ticker v.1.1.0. The community also managed to successfully reset the Stellar test network which took place on July 31, at 09:00 UTC.
In keeping with the progress on the technical front, Stellar was currently being used by Saldo.mx, a platform facilitating cross-border payments in Latin America. Marco Montes Neri, co-founder of Saldo.mx, recently explained that the company was issuing an asset on the Stellar network that was pegged to the Mexican peso.
“In order to transform how remittances work, we need these irreversibility and transparency that open ledgers like Stellar offer. Stellar is very optimized for payments. We don’t need smart contracts, complex capabilities, but we need efficiency.”
Personalities associated with Stellar were also active as Denelle Dixon, CEO of the Stellar Development Foundation releases a medium post about blockchain policy.
In her article, Dixon spoke on a collective basis for blockchain and virtual assets and indicated that currently there was a “confusion, misinformation, and concern” regarding using blockchain and crypto for payments. She said,
“We want to help clear up confusion and alleviate concerns through engagement with the ecosystem, policymakers, and regulators alike. For us, success would be a shared understanding about the application of existing rules and a clear idea of where new rules may be necessary.”