Stellar Lumens [XLM] enters consolidation phase as bearish trend continues
The cryptocurrency market has been relatively calm over and very less movement has been recorded in the past 24 hrs. The total market capitalization has been hovering around the $120 billion mark and at the time of print, the total market cap of the crypto industry stands at $121 billion. The leader of the pack, Bitcoin has held its position around the $3650 mark but only just. It reached an intraday high of $3,685 before retracing back again. Ethereum [ETH] has also shown very less movement and it has settled around the $120 mark and the difference between XRP and ETH has reduced to 600 million. Most of the coins are trading in the red and have registered moderate losses. Currently, XLM is down by 1.26 percent and is trading at $0.106327. Currently, Stellar is the 6th largest cryptocurrency in terms of market cap and its total market cap stands at 2.03 billion. The coin has been relatively stable in the past 24 hrs and has shown less price variation.
At the time of print, the cryptocurrency is trading below the support level of $0.1136 and it is in a ranging movement on the daily chart. The bearish pressure weakened as the coin approached the $0.10 level and similarly the bulls have shown no pressure to push the coin up. The digital asset is in a consolidation phase and the consolidation started when the coin reached the $0.1 level. The key resistance level stands at 0.1117 and the coin doesn’t seem to be in a hurry to breach it. The 50-day EMA remains above the 21-day EMA with the coin trading below the two EMAs, which is an indication of bears’ momentum in the XLM market. The hourly RSI indicator stands at 43.7730 and it suggests increased seller pressure. The MACD is in the bearish zone and it shows a downward trend.
At the time of print, Stellar is marginally down by 0.29 percent and one XLM is equivalent to 0.00002924 BTC.
In an important development last month, the market leader in institutional cryptocurrency financial services BitGo announced support for Stellar. It is the first multi-signature wallet and custodial solution to support the digital asset XLM which is the asset owned by the Stellar network.
SatoshiPay, a micropayments company, has started operating their cluster of validator nodes on the Stellar network. Previously, the company operated light nodes that only stored the latest transactions on the ledger.
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