Stellar Lumens appears to be heading for a bullish rally this weekend. XLM, Stellar’s native token, has recovered well in the past two weeks. Market recovery, after bitcoin’s disastrous fall, has been led by altcoins.
Stellar is an open-source, decentralized protocol, which helps in transferring digital currency to fiat money. It uses the consensus method to settle transactions. As a result, it has a minimal environmental impact. Another plus is the transaction speed of stellar.
Why XLM Is Rallying
Various indicators predict that XLM will continue the uptrend. XLM had a high of $0.426 today, with a low of $0.365. At the time of writing, the token was trading at $0.386.
The 200-day SMA for XLM supports a bullish run. As the chart shows, prices have gone below the SMA only twice in 2021. This indicates bullish winds in the sails of Stellar’s XLM. The price fell below the SMA level on May 19, which was the worst market crash since 2017. Thereafter, the prices have grown steadily and remained above or very near the 200-day indicator. Thus, XLM seems to enjoy the support of strong fundamentals as well.
XLM has maintained support near $0.333. Its price has rarely gone below the mentioned mark. In the last two weeks, this price level was breached only twice, on the same days as the SMA level. XLM has avoided any serious downside move below this level since the crash.
RSI of the token has stayed between 45-70 for 2021. Recent RSI forecasts a bullish uptrend.
Wyre, the leading crypto infrastructure provider, has partnered with Stellar Lumens to provide a new savings API. The company will ‘use Stellar network to offer new yield-earning savings products leveraging Stellar USDC token.’ This product will offer higher yields than traditional U.S. savings accounts.
Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation believes that Wyre provides Fintech firms an easy way to accept funds, and also offers better savings options. As such, the company is encouraging development on Stellar and strengthening the network as well.
Wyre has partnered with @StellarOrg to offer new yield-earning savings products leveraging the network’s Stellar #USDC token! This gives developers easy on/off ramps and Savings-as-a-Service functionality to bring the masses into crypto into crypto 🚀https://t.co/4YPJkL3Omi
Elon Musk, CEO of Tesla and SpaceX, shared a cryptic tweet regarding bitcoin today. It was Tesla’s announcement that it will not accept bitcoins as payment that led to the May 19 crash. Even though today’s tweet did not say anything directly about his views on BTC, the OG token did stutter. Since in crypto-verse, there is no tribalism, other tokens followed suit as well.
XLM suffered from the backlash of this tweet as well, as its prices fell by 14%. However, with the Wyre partnership and different indicators in its favor, XLM will probably spend its weekend on a bullish rally.
A Delhi-based Markets writer, I did my bachelor's in engineering with major in electronics and communications. I first heard of bitcoin while writing an article about blockchain technology a few years back, and have been following it ever since. Bitcoin may well be current big thing happening in the finance industry, and it feels like the right time to join the crypto bandwagon.
Luna Foundation Guard- LFG has spent over $3 billion in Bitcoin (BTC) in an attempt to save UST. Investors...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.