Stellar Lumens [XLM] treads in the bullish zone, shows moderate gains: Technical Analysis
The onset of the New Year brought a smile on the faces of cryptocurrency enthusiasts as the crypto market witnessed a rally led by Bitcoin which saw the coins break away from the bearish trend of 2018. Currently, the total market cap of the crypto industry is at $136.74 billion and Bitcoin is hovering around the psychological barrier of $40000 at $4062. In the last 24 hrs, all major currencies have been trading in the green barring a few and there has been a general sense of calm which is a good sign for the market. Yesterday, XLM was overtaken by Litecoin [LTC] as it lost its sixth spot, and at the time of print the currency is still at the seventh spot and is trading at $0.123718, up by 1.69 percent. In general terms, today markets are retreating from yesterday’s pump and the coins are in a consolidation mode.
Currently, the support level for the digital asset is at $0.1166 and the coin is trading much above it. The coin is trading in the range of $0.12356 and $0.1262. The coin has breached the key resistance at $0.1230 and is trading above it. The MACD is in the bullish zone and shows an upward trend. The hourly RSI indicator stands at 56.9224 and is facing increased seller pressure. If we take a closer look at the chart the pattern is clear and the coin is showing bullish momentum which bodes well for the future. The coin is currently trading at $0.12372 up by 1.69 percent in the last 24 hrs.
At the time of writing the digital asset is up by 0.88 percent and is trading at 0.00003045 BTC.
- In an interesting development last month, BitGo announced its 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. XLM is an open source distributive ledger.
- In the month of November, the Dubai-based Bitcoin and cryptocurrency exchange, BitOasis announced that they have the added XLM tokens to the company’s digital exchange trading platform.
- In September last year, Tokensoft, a token sale platform, announced its support for projects built on the Stellar protocol
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