Price Analysis

Stellar (XLM) Draws an Ascending Channel; Trades Above $0.100

Stellar Blockchain makes its way in the smartphone sector as it is now available on Samsung Galaxy Smartphone, the most renowned brand with classic smartphones worldwide. Having collaborated with Samsung, Stellar extends the use of blockchain to have well-suited applications developed, along with four ecosystem partners working towards leveraging this merger.

Stellar’s blockchain services are now extended towards creating blockchain-based applications for Samsung Galaxy Smartphones along with Stellar-based products and applications. Stellar, being decentralized, quick and easy, scalable, unique, and sustainable in terms of its products and services, will lead to resulting in a strategic integration with Samsung Blockchain Keystore.

Both, Samsung and Stellar Lumens will now add to the ongoing efforts of recruiting, on-boarding support developers for the Stellar ecosystem.

Stellar, along with this and many other tactical partnerships, has now turned into a prudent smart contract-based platform along with other blockchain platforms such as Chainlink, Verge, VeChain, DigiByte, etc. And with this, we confirm that Stellar is now holding an independent movement and has dissociated from Bitcoin. Having said that we also see that XLM coin is following the surge that the altcoin market is experiencing, and its social volume had hit an 8-month high in the preceding week

Moreover, with the accelerating price of XLM, the coin is likely to hit even greater heights with the same momentum until the altcoin season lasts.

Stellar Price Analysis

Stellar News
XLM/USD Chart By TradingView

On the 3-hourly chart, Stellar is trading above $0.100 at 0.102 and has already breached above 10-month long resistance after having risen above $0.099. Moreover, if we emphasize on the price trend of XLM, we see that the coin has been forming an ascending channel over the past two days now and is experiencing amazing notable traction.

However, the market otherwise is holding a flat momentum, and Bitcoin is testing supports around $9k after the massive twitter hack. Although reiterating the independent movement and decoupling of XLM, we see that the price of the coin is gaining more returns when compared to XRP, which is mostly an influential altcoin.

XLM coin is holding steady support from MA50 & MA200 at $0.0931 & $0.0810, respectively, with the recent intraday traction gained. The 20-day Bands are seen widening as the price trend of Stellar hits the upper Bollinger band, projecting bullish yet a volatile movement in the long-term.

The other technical indicators laid confirm the bullish momentum as the MACD line crosses above the signal line on the XLM/USD chart. Similarly, the RSI is seen inclined towards the overbought zone due to increased price led demand at 64.02.

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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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