Stellar Lumens [XLM] enters consolidation phase as market remains relatively calm
The cryptocurrency industry has been maintaining a calm demeanor since the start of this week and prices have shown stability that is rarely associated with the crypto industry. The total market cap of the crypto industry stands at $121 billion which is still way below the $130 billion mark but is markedly better than the start of last week when it was languishing around the $110 billion mark and bears were in control of the proceedings. The recovery which started on Friday last week helped the market to find its feet and bring some smile on the faces of crypto enthusiasts. Led by Litecoin [LTC] and Bitcoin [BTC] the market added nearly $10 billion to the market cap and restored some normalcy. Bitcoin is also showing some tenacity and is hovering around the $3650 mark which is a good sign for the market on the whole. Another important coin is XLM which has been relatively quiet as compared to other coins and is currently the ninth largest coin in the market in terms of market cap. At the time of print, the coin is trading at $0.077069, down by 1.13 percent and its total market cap stands at $1.47 billion.
At the time of print, the coin is trading below the support level at $0.0788 and the key resistance level for the coin stands at $0.0824. Though the coin remains under the bearish spell, the bearish momentum couldn’t break the demand level of $0.07 where it was last week. The hourly RSI indicator remains at 42.7870 which means that the coin neither oversold nor overbought and it infers that the coin is in a consolidation phase which may go on for quite some time. The MACD shows that XLM is in the bearish zone and the 100 EMA line shows a downtrend.
At the time of press, XLM is down by 0.68 percent and one XLM is equivalent to 0.00002118 BTC.
- In the month of January, the New York-based crypto asset investment firm Grayscale Investments announced the launch of a new single asset fund dedicated to Stellar, the native asset of the Stellar network, called the Grayscale Stellar Lumens Trust.
- In the month of December, BitGo announced its support for XLM, thus becoming the first multi-signature wallet and custodial solution to support the digital asset Stellar Lumens [XLM] which is the asset owned by the Stellar network.
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