Stellar Lumens [XLM] stays above $0.100 level as market registers moderate gains
Well, the market started the week on a sluggish note with all the major coins trading in the red as bears took control. But the last 24 hrs have brought smiles back on the faces of cryptocurrency enthusiasts as all the top 20 coins including Bitcoin have been trading in the green and most of the coins have registered moderate to substantial growth. At the time of press, Bitcoin is hovering around the $3600 mark and is trading at $3,608.84, up by 1.08 percent, which means that the current price is slightly lower than $3658, the price at which the coin started the week. Stellar Lumens [XLM] is also showing moderate growth and is trading at $0.104130, up by 1.19 percent. XLM has now seen a 2.73% price decline over the past 7 trading days, and a further 16.83% price fall over the past 30 trading days. The total market cap of the crypto industry stands at $120.78 billion, up from yesterday when it was hovering around the $119 billion mark.
If we take a closer look at the charts we will find that the coin is trading below the support level at $ 0.1136 which means that we can expect further support at $1.0007. If price action breaks below the $0.10 mark, further support beneath can be located at the short-term .886 Fibonacci Retracement level priced at $0.09866. The key resistance level stands at 0.1096 which is above the level at which the coin is trading now and it means that if the bulls regroup and try to push the coin upwards they will experience resistance at 0.1096. The RSI indicator stands at 49.9975 which suggests that XLM is experiencing high pressure from the sellers in the market. The MACD shows a slightly bullish trend which means that if the bulls can defend the $0.10 handle, we could see XLM/USD traveling higher in the near future.
At the time of press, XLM is marginally up by 0.11 percent and one XLM is equivalent to 0.00002885 BTC.
In December last year, Coinsquare, the top-class cryptocurrency exchange of Canada, acquired BlockEQ, a digital asset wallet operating on the Stellar network for nearly $12 million CAD, which is equivalent to $9 million. The new acquisition of the wallet’s technology aims to boost connectivity between users and digital assets.
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