The XLM price has been in a tight range in the past few days as investors look for a catalyst. The Stellar lumens price is trading at $0.26, which is a 5% gain in the past 24 hours. It is still about 67% below the highest level this year, bringing its total market capitalization of more than $6 billion, making it the 27th biggest cryptocurrency in the world.
Stellar is a leading blockchain project that is in the money transfer industry. The network enables fintech and other remittances companies to simplify their money transfer services. Today, some of the companies using the platform include the likes of MoneyGram, Wyre, Leaf, CoinQvest, and Flutterwave. Indeed, in the past few weeks, the number of activities in Stellar’s ecosystem has risen because of the Omicron variant.
The daily chart shows that the Stellar price has been in a tight range in the past few weeks. A closer look at the chart shows that the coin has found a strong support at $0.2580. This is an important price considering that the price struggled moving below that level on September 28th.
The coin has also moved below the 25-day and 50-day moving averages while the MACD indicator has moved below the neutral line. It has also formed a small bearish flag pattern. Therefore, there is a likelihood that the XLM price will break out lower in the near term. If this happens, the next key support level to watch will be at $0.2. This view will be invalidated if the price rises above $0.30.
This post was last modified on %s = human-readable time difference 07:27