XLM Price Analysis March 2023
XLM is a token of the platform Stellar. Its current price is around $0.08097 at the time of writing, with a low of $0.07084, and it has a market cap of 2.1 billion dollars.
What is Stellar (XLM) used for?
XLM is the coin of the Stellar platform, which is around $0.08097 at the time of writing, with a low of $0.07084. It reached a high of $0.2409, and its current ranking is #29, according to CoinMarketCap, with a cap of 2.1 billion dollars. XLM (Stellar Lumens) is a cryptocurrency that operates on the Stellar blockchain. It was created in 2014 by Jed McCaleb, one of the co-founders of Ripple, to create a decentralized payment network that could facilitate low-cost, fast, and secure cross-border transactions.
In addition to its use as a currency, XLM has other use cases within the Stellar network. For example, it can be used as a means of fundraising through initial coin offerings (ICOs), and it can also be used to pay transaction fees on the network. This allows for fast and cheap cross-border transactions, as there is no need for intermediaries or currency exchanges.
One of the unique features of the Stellar network is its focus on financial inclusion. The network aims to provide low-cost financial services to people who are underserved by traditional financial institutions, such as those who live in developing countries or who do not have access to banking services. By using the Stellar network and XLM token, these individuals can access fast and affordable cross-border transactions and other financial services.
Stellar (XLM) Coin Market Performance
XLM has a total supply of 50,001,787,431 coins worth around $0.08097 with a market volume of 64 million dollars, whereas the market capitalization is 2.1 billion dollars at writing. Recently, the value of the XLM coin was trending upward until it hit a roadblock in its upward trajectory due to a strong resistance level on the daily chart.
Despite a surge in the price of XLM, it has not yet broken out from its descending resistance line and is currently forming a long upper wick. The weekly relative strength index (RSI) is still below the 50-mark.
Stellar’s price has been struggling to hold onto the $0.082 area, falling to its lowest level of the year. However, signs of a possible upward movement are present, as the six-hour RSI has generated a bullish divergence.
XLM Price Prediction
On the 2 H timeframe, the price action of $XLM/USDT is moving inside the descending triangle. We must wait for a successful breakout or breakdown to confirm its next move.
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The Crypto market is known for its volatile nature. According to the above analysis, the coins we discussed might prove to be profitable if other market conditions prevail favorably. We suggest you engage in adequate research before investing in any digital assets.