2020-11-11 21:33 |
Stellar (XLM) has been moving in a downtrend last three months and for now, there is no signal of the trend reversal. There is still a level of uncertainty surrounding the Stellar project but if the price jumps again above $0.085 the next target could be located at $0.090 or even $0.10.
Fundamental analysis: There’s still a level of uncertaintyStellar is a platform with a mission to connect payment systems, people and banks at almost no cost. Stellar has its own cryptocurrency known as Lumens (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 key global issues.
The price of Stellar (XLM) has weakened from $0.119 below $0.070 in less than three months and the current price stands around $0.080. The main reason for this is a low transaction volume and the fact that there’s still a level of uncertainty surrounding the project.
Investors in Stellar should have in mind that this is a still very risky cryptocurrency but now could be a good time to trade Stellar (XLM). The cryptocurrency market didn’t make any big moves this Tuesday despite the fact that Pfizer and BioNTech announced that their jointly developed COVID-19 vaccine which is effective in more than 90% of the patients.
Stellar has lots of advantages over Bitcoin, some of them include the capacity, transaction speed and lower fees. Stellar supports initial coin offerings (ICOs) with big security, users are able to create custom ICOs by offering base abstractions like payments, tokens, and accounts.
Stellar has been increasingly adopted by banks and payment networks, some important names are IBM, KlickEx, Stripe, NEC Payments, Gramio Technologies, Distributed Lab among others. Partnership with IBM is a demonstration of confidence in the team behind the Stellar which is very important for this cryptocurrency.
Technical analysis: Bears are focused on breaking the support level at $0.070 Data source: tradingview.comOn this chart, I 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 way to $0.090.
Rising above $0.100 supports the continuation of the bullish trend and the next price target could be located around $0.110. On the other side, if the price falls below $0.070 it would be a strong “sell” signal and we have the open way to $0.060.
SummaryStellar (XLM) price has been moving in downtrend last several months and for now, there is no signal of the trend reversal. The cryptocurrency market didn’t make any big moves this week despite the fact that Pfizer and BioNTech announced that their jointly developed COVID-19 vaccine which is effective in more than 90% of the patients. There are some obvious risks when it comes to investing in Stellar (XLM) currently but if the price jumps again above $0.085 it would be a signal to buy this cryptocurrency and we have the open way to $0.090.
The post November update: should you buy or sell Stellar (XLM)? appeared first on Invezz.
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