XLM began the month by firmly establishing itself in the crypto coins rehab camp. However, the decline in Altcoins at the start of this month was hampered by Bitcoin’s weakness. Despite the fact that Bitcoin has begun to rise, Alts have not followed suit, and the majority have firmly separated themselves from the market leader.
This altcoin appears to be lagging behind the crypto rebound after the meltdown, with Stellar Lumens’ price plummeting by roughly 50% in May alone. Cryptocurrency prices have become more volatile on a regular basis, impacting investors and dealers. In any case, short-term volatility does not appear to be preventing XLM from growing.
The price of XLM has benefited significantly from rising adoption levels. Grayscale, the largest crypto asset management firm in the world, has stated that it owns 5,566,271 Stellar Lumens.
Stellar ( XLM ) Price Analysis
Stellar Lumens price is approaching significant trend line support, despite underlying bearishness. At the time of writing, the Stellar price was 0.3067 Dollars per coin. Today’s price range is $0.3001 – $0.3181. XLM had a prior day’s close of $0.3181.
Stellar price analysis is bearish as XML found resistance at the $0.37 mark yesterday and currently starts to move lower with the next support target of $0.30 in sight. Therefore, we should see the Stellar price decline further over the next 24 hours.
Resistance levels : 0.349092 , 0.335274.
Support levels : 0.314411, 0.307366
Currently a strong higher high is yet to be set, with the last swing high at $0.45. Once a higher high above the $0.45 mark is set, we can expect XLM/USD to start trading higher and start to push towards the previous all-time high. Additionally, over the past days, XLM/USD spiked lower and made a lower low at $0.32, meaning that bears are still in control.
How Far Can Stellar ( XLM ) Price Go in June ?
It’s worth noting that the entire cryptocurrency market has had a difficult two weeks. Bitcoin, for example, has dropped by approximately 10% in the last week. There’s a good chance that XML’s price action is being influenced by market-wide unfavorable as well as the negative sentiment.
Nonetheless, Stellar price research shows that if XLM breaks above the 23.6 percent Fib retracement level, it will rise to $0.561960 by June 2021. The $0.561960 price point is also the 50% Fib retracement level, which is significantly above XLM’s previous high.
Investments, Partnerships & Upgrades
The network was successfully upgraded to Protocol 17 by the Stellar core developers. Protocol 17 provides a new feature called Asset Clawback with this latest upgrade. It gives developers the ability to revoke assets as needed to comply with regulatory standards.
Various firms, including Circle, use the Stellar blockchain to deliver their services. Circle, as well as ClickPesa, SatoshiPay, and Bitbond, utilise the Stellar network to run their global payment systems. All of these companies are titans in their respective fields.
Circle established a partnership with Tala and Visa last month, aiming to reach millions of unbanked people around the world. In addition to supporting companies, the stellar development foundation So far this month, the initiative has awarded financing to two potential firms.
The SDF kept its promise to invest $15 million in AirTM in one case. SatoshiPay was also awarded research and development funding by the Stellar Development Foundation. The cash will be used to construct Pendulum, a “suite of open, decentralized protocols on which smart contracts can be built and executed,” according to SatoshiPay’s blog.
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Source: https://coinpedia.org/price-analysis/stellar-price-xlm-price-poised-for-upswing/
