XLM Price Prediction: XLM Drops -4.5% as Stellar Introduces New Project Technology. Can It Surpass the $0.09 Resistance Level?

Join Our Telegram channel to stay up to date on breaking news coverage

Stellar is trading along the resistance level at $0.09 and has retested once. The price of Stellar dipped 4.5% after hitting the resistance level twice. With its new technology that enables anyone to create projects on its blockchain, could Stellar Lumens see a surge in the value of its XML token?

Stellar (XLM) Introduces New Project Technology, Will the Price of XLM Hit New Highs

Stellar Lumens, a cryptocurrency platform, has recently unveiled a new technology that allows anyone to create projects on its blockchain. This development has generated speculation about the potential impact it could have on the value of its native token, XLM.

Stellar offers a fast, real-time transaction processing platform that can facilitate transactions globally in as little as five seconds. Recently, a new smart contract platform called Soroban released its second preview, aiming to enhance its developer friendliness, scalability, and practicality. The project has just begun, and it remains optimistic that it might help add value to the XLM token price.

XLM is the primary token that fuels the Stellar ecosystem. Originally, there were 10 billion tokens in circulation with a built-in mechanism for 1% inflation. Currently, XLM holds the 27th spot in the market capitalization ranking, valued at $2,917,047,248. With a circulating supply of 26 billion XLM, the market cap of Stellar stands at $2,408,035,462.

streller price chart according to coingecko. 22nd Feb

At press time, Stellar (XLM) is trading at $0.091321228621 with a 24-hour trading volume of $122,148,846. Over the past 24 hours, the price has declined by -4.50%, while over the past 7 days, it has increased by 6.10%. 

XLM Price Prediction: Indicator Price Analysis

According to technical indicators, Stellar is trading below the 200-day and 50-day simple moving averages, signaling a sell trend. The 200-day SMA shows a sell trend for the last 445 days, while the 50-day SMA has been doing so for the last 8 days.

steller price indicator charts

Based on these indicators, Stellar’s 200-day SMA might continue to decline in the next month to reach $0.10 by the end of March. The short-term 50-day SMA is predicted to hit $0.089.

xlm moving average table

The Relative Strength Index (RSI) momentum oscillator shows a neutral position for the XLM market, with an RSI value of 60.61. 

XLM/USD Daily Chart: Technical Analysis

The price of XLM shows a bull run from the beginning of 2023 after bottoming out at $0.068. According to the chart, the price is trading inside a consolidation phase at a crucial resistance level and below the 200-day moving average, which acts as a resistance level too.

xlm price prediction trading view chart

The market price of XLM is trading along the resistance level with a few retests, which confirms that the price might be forced to retrace downwards to the shoulder level at $0.082. However, the inverted head-shoulder pattern signals a bullish run for the XLM token. The buyers are always ready for the move when the market price forms an inverted head and shoulder pattern. This is a clear sign that a buying trend is still active. The price, though, has first to break the resistance level coincident with the 200-day moving average. 

Should the price break above the resistance level, buyers will enter trades at the neckline and force the price upwards. The depth of the head always indicates where the market price will reach. Based on the technical Analysis above, we predict the price of XLM will reach $0.15 by the end of Q1 2023.

Related

  • WEMIX Price Soars 165% To $2.75 As Bulls Battle Major Resistance: What Next WEMIX?
  • Trust Wallet Token Price Prediction – TWT Up 0.2% As Sell Signals Get Louder

Fight Out (FGHT) - Newest Move to Earn Project

Rating

Fight Out token
  • CertiK audited & CoinSniper KYC Verified
  • Early Stage Presale Live Now
  • Earn Free Crypto & Meet Fitness Goals
  • LBank Labs Project
  • Partnered with Transak, Block Media
  • Staking Rewards & Bonuses
Fight Out token
Learn More

 

Join Our Telegram channel to stay up to date on breaking news coverage

Comments

Post a Comment

Popular posts from this blog

Analyst: ETH Not Ready for Bull Run till Huge Correction

Image
Benjamin Cowen, a cryptocurrency strategist, is bearish on Ethereum (ETH) because the second-largest digital asset has failed to climb back above a key resistance level. In a new video, Cowen tells his 785,000 YouTube subscribers that the price of Ethereum is likely to go down because there is a lot of “anxiety” around the $1,800 mark. Cowen says that there isn’t as much “apathy” in the market as there was during the bear season of 2019/2020. “There’s so much anxiety in this level [$1,800 resistance level] like I think it’s much more likely to break down eventually… I will be the first to admit it’s taking longer than I thought it would. But I also don’t really feel that same type of apathy in the market now that I did back in 2019 and 2020.” At the time of writing, one Ethereum is worth $1,736. Cowen says that less people would care about Ethereum if the price of the second most valuable cryptocurrency fell to triple digi...
Read more

Crypto Analyst Says Selling XRP Now Is Unwise, the Bulls Are Set

Image
Ben Armstrong argued that selling XRP is unwise due to perceived underperformance. He dismissed comparing XRP to Solana (SOL) and Avalanche (AVAX). Armstrong claimed XRP’s uptrend would commence in January, urging investors to pack their bags. In a recent YouTube video, crypto analyst Ben Armstrong argued that selling XRP is unwise due to perceived underperformance. While acknowledging XRP’s historical lackluster trend, he first addressed concerns related to XRP’s failure to sustain its bullish momentum following the victory from the legal dispute. Armstrong argued that broader market conditions suppressed further gains. Furthermore, he countered critical views about XRP’s failure to engineer a bullish trajectory like other rivals such as Solana (SOL) and Avalanche (AVAX), which have seen more than 100% gains.   He dismissed such comparisons and drew parallels to Ethereum’s delayed ascent in previous cycles. Moreover, he caution...
Read more

BitBoy dismissed from FTX case as three celebrities settle

The legal fallout from the collapse of crypto exchange FTX continues, with some high-profile names opting to settle while others are dismissed entirely. Crypto influencer Ben “BitBoy” Armstrong is no longer facing a lawsuit related to his promotion of FTX. Lawyers recently filed notice that they are voluntarily dismissing claims against him. Armstrong had not yet responded to the allegations in court. Meanwhile, Jacksonville Jaguars quarterback Trevor Lawrence, YouTuber Kevin Paffrath, and influencer Tom Nash have agreed to confidential settle ments to resolve claims against them. A judge still needs to approve the deals to officially remove them from the ongoing litigation. According to recent reports, lawyers leading the case say they are in discussions about potential settle ments with other celebrities who promoted FTX, including athletes and social media stars. More deals are likely to come. The lawsuit aims to claw back money paid to celebrity endorsers and spo...
Read more