Stellar Price Up by 5.57% – Time to Buy XLM Coin?
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Stellar blockchain seems to be stabilising on new support prices today and is on a quest to build a new resistance, pushing investors to buy XLM.
Stellar is an open-source smart contract network that aims to provide a seamless platform for transferring value for individuals and large institutions.
The crypto project’s impressive value proposition has kept it in the top 50 most valuable crypto assets by market cap, with today’s rally increasing the protocol’s appeal for investors.
Stellar’s technical and fundamental indicators will be pivotal in helping us understand the digital asset’s price behaviour and know if it is a good time to buy XLM.
XLM: Coin Market Position
At press time, the smart contract token is trading at $0.35. This current price peg shows a 5.57% increase in the last day. XLM currently dominates 0.33% of the entire crypto market and is ranked the 23rd most valuable cryptocurrency by market cap.
The Stellar blockchain has a market capitalisation value of $8.7 billion, up 10.72% in the last 24 hours. The digital asset has a 24-hour trading volume of $919 million, signifying a 68.37% increase in the last day.
XLM has lost some value in the last six months and is down by 7.21%; however, the year-to-date (YTD) statistics show an impressive increase of up to 176.68% in its market value.
The Stellar token is making every effort to push past the current market value and is on the way to attaining and surpassing the previous all-time-high (ATH) of $0.8. The coin presents a great opportunity for investors to buy XLM in this recovery phase.
Within the last six months, the coin’s price movement indicates continuous experimentation with new support and resistance prices like most crypto assets.
The digital asset traded at $0.23 on June 22 and had a surge in price, taking the coin’s value up to $0.39 on August 14. The asset covered even more ground by rising to $0.42 but glided down to the initial support price of $0.25 on September 28.
On October 16, the coin climbed to $0.39 again and reached a higher value on November 10 at $0.41. The peer-to-peer (P2P) token’s current price is seen as a launchpad for a higher resistance above the $0.40 to $0.49 range making this an ideal opportunity to buy XLM.
XLM: Technical and Fundamental Analysis
XLM’s technical indicators show that the coin is building momentum for a bull run with a 20-day moving average (MA) support price of $0.34, a slight margin below the current price.
The 200-day MA confirms the bullish uptick with a support price of $0.33.
The Relative Strength Index (RSI) puts XLM in the underbought region with a figure of 52, and the moving average convergence and divergence (MACD) trend line depict a buy signal, motivating investors to buy XLM.
Stellar’s underlying bullish undertone is a result of growing fundamental strength. Tala, a technology company providing the world’s most accessible financial services, joined the Stellar ecosystem to develop digital banking capabilities with Stellar Development Foundation’s $ 40 million investment.
This project is part of a $145 million Series E round, which aims to create access to financial infrastructure for millions of unbanked population.
Stellar recently partnered with MoneyGram, a global retail platform, to provide a bridge between local currencies and digital assets using blockchain technology.
The partnership is geared at enabling cash funding and payouts in local currencies using the stable coin, USDC. This deal is to improve the liquidity and utility of digital assets and onboard consumers into the digital economy.
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