Stellar (XLM) is a peer-to-peer decentralized network created in 2014 by The Stellar Development Foundation or Stellar
Established in 2015, the Stellar network has a unique mission: to connect the world’s financial systems and establish a universal payment protocol for financial institutions and payment providers. This innovative platform is meticulously designed for the swift, reliable, and cost-effective movement of financial resources. Stellar serves as the crucial link, seamlessly connecting people, banks, and payment processors, enabling users to effortlessly create, send, and trade a variety of cryptocurrencies.
At its core, the network relies on its native digital currency – XLM, also known as Lumens. XLM plays a key role as an intermediary currency for all transactions and is used to cover transaction fees. Staying updated with the latest XLM cryptocurrency news is essential for making informed investment decisions. Explore the boundless potential that Stellar and XLM offer in the constantly evolving financial landscape. Invest in knowledge; invest in XLM.
For example, as per reports if XLM breaks above $0.13, buyers might target the immediate-term supply wall around $0.16.
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Recent developments in XLM and Partnership
Partnership with IBM
In 2019, IBM announced a partnership with Stellar to create a new blockchain-based payment system called World Wire. The system is designed to facilitate cross-border payments and foreign exchange in real time.
Launch of World Wire payment network
In March 2019, IBM launched the World Wire payment network, which uses Stellar’s blockchain technology to enable near-instant cross-border payments.
Integration with SatoshiPay
In 2020, SatoshiPay, a micropayment processor, announced that it would be integrating with Stellar’s blockchain technology to enable instant micropayments.
Soroban Smart Contract Development (WASM)
Stellar recently introduced developments related to the Soroban platform, a smart contract system powered by WebAssembly (WASM). Through a partnership with Certora, a smart contract auditing platform, the Stellar Development Foundation aims to enhance security within the Soroban ecosystem. Although the launch of the smart contract platform on the testnet in September briefly boosted XLM’s price, the overall performance has not met expectations.
Is XLM capable of making an upward reversal?
Stellar (XLM), a well-known cryptocurrency, has been making headlines lately due to a noticeable drop in its price. Although there was a slight 1.3 percent increase in the last 24 hours, XLM has experienced a 7 percent decline over the past week and a significant 15 percent decrease in the last month. This dip occurred when XLM fell below the support line in a descending triangle pattern, signaling potential challenges ahead.
The struggle with XLM’s price started after it reached a peak of $0.20 on July 13. Despite occasional price spikes, such as the one following the announcement of the Soroban smart contract platform in September, XLM buyers have faced consistent challenges.
On the daily chart, XLM has been unable to decisively break the resistance line of the descending trend, maintaining a bearish outlook. There are concerns that this bearish sentiment could strengthen as the price lingers around $0.10.
The recent decline has established a new supply zone at $0.11, raising the risk of XLM’s price potentially dropping to $0.09 or even $0.07. Key technical indicators, including daily RSI and MACD, currently favor sellers, giving them an advantage over buyers.
To move XLM’s price onto a more bullish path requires consistent efforts to approach and potentially surpass the descending trend line. If XLM can clear the $0.13 level, buyers may set their sights on short-term resistance around $0.16.
XLM Price Analysis impact of Bitcoin ETF approval
Given XLM’s position as one of the top cryptocurrencies, it’s possible that a bullish reaction to the Bitcoin ETF approval could push the XLM price up, but it’s important to remember that the market is made up of many different factors and can be very volatile.
On the Daily timeframe level the price action of $XLM is consolidating its Horizontal Support level marked between the current market price ranges from $0.1061 to $0.1001 level
We can have a bounce back from its Horizontal Support level after a breakout and retest level
Future outlook
Stellar is projected to “bottom out” in the year 2023. If there’s a bullish impulse, Stellar will likely struggle to reach $0.1–$0.15. That would be a double from where it started the year. Stellar price forecasting is tricky, but some experts are willing to discuss it.
Any XLM forecast at this stage should include Bitcoin and Ethereum.
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Conclusion
At the end of the day, Stellar is still a big player in the crypto world, and it’s all because of its mission to link up the world’s financial systems and make it easier to pay across borders. Even though the price has gone up and down and there have been some challenges, Stellar still has strategic partnerships with big names like IBM and new developments like Soroban, which is a smart contract platform. The price looks like it’s going to go down, but there’s a chance it could go up if it can break through some key resistance levels. So, if you’re looking to predict the future of XLM, you need to keep an eye on the big crypto names like Bitcoin and Ethereum. Stellar is working hard to stabilize its position and manage market volatility, so keeping an eye on the crypto market and understanding the dynamics will be key to making smart investment decisions.
