Stellar has been on a downward trend in recent months, and so far there is no signal for a trend reversal
If the price falls below $0.070, this would be a strong “sell” signal and we have the open road to $0.060.
If the price jumps above $0.085, the next target could be $0.090 or even $0.10.
Stellar (XLM) has been in a downtrend for the past three months and so far there is no signal for a trend reversal. There is still some uncertainty regarding the Stellar project, but if the price rises above $0.085 again, the next target could be $0.090 or even $0.10.
Fundamental Analysis: There is still a degree of uncertainty
Stellar is a platform with the mission to connect payment systems, people and banks almost for free. Stellar has its own crypto-currency known as Lumen (XLM), and it is important to say that this platform can be the future of banking because it strives to provide a practical solution to important global problems.
The price of Stellar (XLM) has dropped from $0.119 to less than $0.070 in less than three months, and the current price is around $0.080. The main reason for this is a low transaction volume and the fact that the project is still subject to some degree of uncertainty.
Investors in Stellar should keep in mind that it is still a very risky crypto currency, but now might be a good time to trade Stellar (XLM). The crypto-currency market did not take any major steps this Tuesday, although Pfizer and BioNTech announced that their jointly developed COVID-19 vaccine is effective in more than 90% of patients.
Stellar has many advantages over Bitcoin, some of which are capacity, transaction speed and lower fees. Stellar supports Initial Coin Offerings (ICOs) with great confidence, users are able to create individual ICOs by offering basic abstractions such as payments, tokens and accounts.
Stellar is increasingly being adopted by banks and payment networks, some major names are IBM, KlickEx, Stripe, NEC Payments, Gramio Technologies, Distributed Lab and others. The partnership with IBM is a vote of confidence in the team behind Stellar, which is very important for this crypto currency.
Technical analysis: Bears focus on breaking the support level at $0.070
Data source: tradingview.com
On this diagram I have marked important resistance and support levels. The important support levels are $0.070 and $0.060, $0.085, $0.090 and $0.100 represent the resistance levels. If the price jumps above $0.085 it would be a signal to buy Stellar (XLM) and we have the open path to $0.090.
A rise above $0.100 supports the continuation of the bullish trend and the next price target could be $0.110. On the other hand, it would be a strong “sell” signal when the price drops below $0.070 and we have the open path to $0.060.
The Stellar (XLM) price has been on a downward trend over the last few months and so far there is no signal for a trend reversal. The crypto-currency market has not made much movement this week, although Pfizer and BioNTech announced that their co-developed vaccine COVID-19, which is effective in more than 90% of patients, has been approved. There are some obvious risks in investing in Stellar (XLM) at this time, but if the price jumps back above $0.085, it would be a signal to buy this crypto currency and we have the open path to $0.090.