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As the weekend draws closer, most Altcoins retraced after a profit-taking bout earlier in the week dragging Stellar (XLM) along slightly without making a definitive move.
*XLM’s failure to flip the $0.44 barrier into support
*Price dips to sub $0.35 on slight correction
*Stellar Lumens’ mission seeks to improve remittance corridors
Stellar Lumens price has been trading in a downside trajectory capped by the upside hurdle at $0.4250 near the MA 50. The price of XLM bounced at the day’s start as the market reacted to extensive support zones beneath its price. XLM/USD traded mixed with a further rebound in view as price dips to sub $0.35 on a slight correction. The main catalyst for the slide against the US dollar has been XLM’s failure to flip the $0.44 barrier into support. If the upward trend resumes, we can expect the XLM to gain more ground. Ranking 14th largest, Stellar market valuation stands at $8.31 billion with a 24-hour trading volume of $1.13 billion.
Stellar Lumens (XLM) Seeks Regulatory Clarity on Remittance Corridor
Cowrie, a Nigerian remittance network that uses the Stellar blockchain, will receive $750,000 from the Stellar Development Foundation. “A ‘remittance corridor’ is the total amount of money sent between two countries. Every year, hundreds of billions of dollars are sent around the world in remittances.” According to reports, the US-Mexico, UAE-India, Hong Kong-China, US-China, US-India, and US-Philippines receive a disproportionate amount of remittance traffic. Stellar Lumens’ mission seeks to improve remittance corridors, thereby bringing financial connectivity and financial inclusion to the most remote corners of the globe.
XLM Daily Chart: Ranging
Stellar (XLM) has remained depressed beneath the MA 50 at the $0.4250 zone since the week’s start. However, the failure to flip the MA 50 into support indicates a lack of urgency amongst buyers to push XLM higher. The strength of the rebound off today’s low at sub $0.35 level if sustained could usher in a fresh catalyst for its upside traction. A weak bounce may return the bias for a dip back into the range to retest support at the ascending trendline.
A continuous decline beneath this zone may cause XLM/USD to revisit the Feb. 23 low at $0.3140. The RSI below its midlines of 50 indicates the bears are attempting to gain the upper hand. Conversely, a strong rebound leading to a retake of the MA 50 will give XLM bulls the advantage. A break past the $0.4250 barrier cap may cause the XLM/USD to rally to $0.4700 and then $0.5200 levels.
XLM/USD 4-Hour Chart: Ranging
The Stellar (XLM) held steady against the dollar ahead of the ascending trendline support early in the day. The pair is expected to continue the rebound unchanged at sub $0.35 level and possibly hint at a possible rally later in the week. A decisive break above the near-term overhead barrier at $0.3820 holds the key to further upside gains. In this case, XLM may attempt to flip the $0.44 barrier into support.
On the flip side, if the price fails to hold above the MA 50, XLM will be forced to seek support at the horizontal support line located at $0.3150. XLM price as indicated by the relative strength index (RSI) is oversold may need to bounce higher to confirm a bullish comeback. In this scenario, the surge may extend to $0.3820. The XLM/USD pair is only bearish while trading beneath the $0.3150 mark, key resistance is found at the $0.40 and $0.44 levels.
Resistance Levels: $0.4700, $0.4400, $0.4000
Support Levels: $0.3150, $0.2500, $0.2300
Image Credit: Tradingview
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