Price Analysis

Stellar Elevates Global Payments System; XLM Yet to Follow

The payment industry has always been triggered by the word “instant” global payments, and the need for quick money transfers is a global want in situations like the Pandemic that is ongoing. However, the traditional payment industry includes the middlemen commission, which increases the fee for the sender depending on the amount of money to be transferred and the destination of the transfer. This process of traditional payments could not satisfy the want of instant transfer and turned out to be a big budget.

The solution to these requirements underlying cost and time is well served by Stellar Network, which is the blockchain-powered system. This blockchain-backed network fulfills the framework and infrastructure to underpin the execution of instant payments and is also revolutionizing the way the traditional network works.

Stellar is restructuring the entire process and is mainly focused on decentralization, global transaction time, transaction cost, and inclusivity. Stellar has been that awestruck innovation to revolutionize the entire process and elevate and upgrade the global financial system.

As the blockchain-based platform gains impetus, its native crypto XLM will lead to luring enough adoption in the upcoming years as the developments become sustainable.

Stellar Price Analysis

Stellar News
XLM/USD Chart By TradingView

On the 24-hourly chart, Stellar Lumens had been drawing a downtrend against the US Dollar over the past 30 days and had hit the lowest at $0.059, where it retested 2-month support. Moreover, if we overlook the YTD performance of the XLM/USD, we see that the currency was almost touching a double-high but could only reach around $0.086 price area. The coin has been drawing a visible uptrend after the market crash in March until it exhibited a bearish divergence in the previous month.

The technicals laid are confirming the bearish sentiments as Stellar retains 200-day MA support at $0.0592 while lacks 50-day MA support. The 20-day Bollinger Bands are exhibiting no extremities yet confirm the lack of traction as the XLM/USD trend hits the lower BB.

The MACD of the Stellar is holding a bearish divergence due to the downtrend and lack of medium-term support. The RSI of the XLM is at 43.47 and is holding no trading extremities after rising from the bottom when the coin had reclaimed support at $0.0592. The major support and resistance to watch out for lies at $0.059 and $0.070, which will help regain the lost support on the daily chart.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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