Stellar Lumens (XLM Crypto) is a cryptocurrency that powers the Stellar network, a decentralized platform for fast and low-cost cross-border payments. XLM is used as a bridge currency between different fiat and digital currencies, as well as to pay for transaction fees on the network.
In this article, we will look at the current price analysis of XLM, as well as its weekly performance, future outlook, and news roundup.
XLM Crypto Current Price Analysis
XLM is currently trading at $0.1228 , with a 24-hour trading volume of $44,625,972 . XLM is up 2.8% in the last 24 hours, and has a market capitalization of $3,189,143,294 USD, ranking it as the 21st largest cryptocurrency by market cap. XLM has a circulating supply of 27.83 billion coins, and a total supply of 50 billion coins.
In a daily time frame, the price is rising nicely. Currently, further upward movement is expected from here. after filling that order block. The price may go down.
The coin is facing resistance at the $0.12 level, which coincides with the 50-day moving average (MA) and the upper boundary of a descending channel that has been forming since mid-September. A breakout above this level could signal a trend reversal and open the door for further gains towards $0.13 and $0.14 USD, where the 100-day and 200-day MAs are located respectively.
On the downside, XLM has support at $0.11 USD, which is the lower boundary of the channel and also a psychological level. A breakdown below this level could trigger a bearish continuation and push the price towards $0.10 and $0.09 USD, where the coin found buyers in late September and early October.
Weekly Price Analysis
XLM has gained 4.84% in the past 7 days, outperforming Bitcoin (BTC), which has lost 1.22%, and Ethereum (ETH), which has gained 2.23%. XLM has also outperformed most of its peers in the top 25 cryptocurrencies by market cap, except for Binance Coin (BNB), which has gained 5.71%, and Solana (SOL), which has gained 13.25%.
XLM started the week at $0.1092 on 24 Oct 2023, and reached a weekly high of $0.11237 on 26 Oct 2023. The coin then retraced to a weekly low of $0.1085 on 28 Oct 2023, before bouncing back to its current level of $0.1146 . The weekly price action shows that XLM is consolidating within a tight range, with no clear direction yet.
The future outlook for XLM depends largely on its ability to break out of the descending channel that has been limiting its upside potential for over a month. A successful breakout could indicate that the downtrend is over and that XLM is ready to resume its uptrend that started in July. In that case, XLM could target the next resistance levels at $0.15 and $0.18 USD, which are the previous highs from August and May respectively. A further rally could challenge the all-time high of $0.93 USD that was reached in January 2018.
However, if XLM fails to break out of the channel and falls below $0.11 , it could signal that the downtrend is still intact and that XLM is heading lower. In that case, XLM could face the next support levels at $0.10 and $0.09 , which are the previous lows from September and October respectively. A further decline could test the next support levels at $0.08 and $0.07, which are the lows from June and May respectively.
The news roundup for XLM is mostly positive, as the coin has been involved in several partnerships and developments that could boost its adoption and utility.
- On Sep 26, 2023, Circle announced that it had launched its native euro stablecoin (EURC) on Stellar in addition to Ethereum and Avalanche. EURC is backed by euro reserves held by Circle in segregated accounts with regulated financial institutions. The stablecoin aims to provide fast and cheap cross-border payments for businesses and individuals in Europe and beyond.
- On Aug 22, 2023, Stellar joined the Bytecode Alliance, an industry group that is developing WebAssembly (Wasm), an alternative computation engine for running smart contracts. Wasm is a fast, secure, and portable technology that can run on any platform and device. Stellar aims to use Wasm to improve its smart contract capabilities and interoperability with other blockchains.
- On Aug 16, 2023, Stellar dipped into its treasury to buy a minority stake in MoneyGram, one of the world’s largest money transfer companies. The investment gave the SDF a seat on MoneyGram’s board of directors, and also paved the way for a strategic partnership between the two entities to leverage Stellar’s technology for cross-border payments.
XLM is a cryptocurrency that powers the Stellar network, a decentralized platform for fast and low-cost cross-border payments. XLM is currently trading in a narrow range between $0.11 and $0.12 USD, with a slight bullish bias.
The coin needs to break out of the descending channel that has been forming since mid-September to signal a trend reversal and open the door for further gains. On the other hand, if XLM falls below $0.11 USD, it could trigger a bearish continuation and push the price lower.
The future outlook for XLM depends largely on its ability to break out of the channel and resume its uptrend that started in July. The news roundup for XLM is mostly positive, as the coin has been involved in several partnerships and developments that could boost its adoption and utility.
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