Stellar, which was one of the top 10 lucrative cryptos of the global market, has now shifted to trading at 11th position after having nosedived below $0.14 to testing supports as low as $0.139 in the previous week. Alongside, Stellar is often considered as the best cross-border remittances blockchain to ease the foreign payment hassle.
As per the recent Stellar news updates, Thailand’s largest bank has selected Stellar-based blockchain for foreign remittances in partnership with Lightnet. Fintech giant Lightnet is already using Stellar blockchain. This partnership will lead to efficient cross-border fund transfers between South Korea & Thailand.
As a platform, Stellar is doing ultimately great, and the YTD price movement has gained a massive investor base as it hit a YTD high at $0.233. However, unable to hold, the coin kept decreasing gradually and drew an extended downtrend and has lost as much as 40% from the YTD high to the weekly low of $0.139.
Stellar Price Analysis
At the time of penning down this analysis, Stellar price was spotted at $0.176, after having drawn a slight uptrend from the weekly low of $0.139, marked below $0.140, 10 days after hitting the YTD high above $0.20. With a small uptrend extended after the weekly low, the XLM coin price trend is seen hitting the upper 20-day Bollinger Band and is retaining complete support from 50-day and 200-day MA at $0.162 and $0.163, respectively.
The downtrend from the YTD high is notable after having drawn a lower high pattern to dip as low as $0.139 to strengthen by over 25% in 5 days, showing over 5% growth in 5 days from the given weekly low. The MACD indicator also records the bullish divergence due to a 25% gain in XLM price. The RSI is also seen having a stringent inclination towards the overbought zone, which lies at 59.43.