Stellar Lumens [XLM] price analysis: XLM climbs even higher
Stellar Lumens [XLM] has been making waves in the cryptocurrency space, with the coin rising even higher amid a slew of positive developments. The most notable development happened last week, with IBM confirming that Stellar’s digital asset was currently being used by a couple of the biggest banks in foreign exchange corridors.
In the last month alone, the coin’s value has climbed as much as 60 percent, data from CryptoCompare showed. Interestingly, the last one week saw the virtual currency’s price jump nearly 30 percent.
Bridget van Kralingen, IBM’s senior vice president for global industries, said in an interview panel with Fortune magazine that the foreign exchange corridors and countries involved include New Zealand, Australia, the UK and Southeast Asian islands.
This development came to the fore soon after Stellar’s partnership with Blockdaemon, a Node Deployment and Management Service firm used for blockchain applications. Additionally, Stellar is also partnering with the Dala Foundation, which created the token DALA to enable a decentralized financial system for emerging market consumers.
All in all, Stellar is on a roll and more positive partnerships and announcements will only help in cementing its position as a major player in the cryptoverse.
Stellar Lumens [XLM] price analysis
At the time of writing, the coin was exhibiting a significant trading range of $0.28-$0.30. The digital asset experienced a breakout from the first resistance level, which can be traced at $0.29.
The crypto is attempting to break out from the current resistance level, noted at $0.30. The coin has found support at around $0.28.
As of 1235 GMT, the virtual currency was trading 3.4 percent higher against the U.S. dollar at close to $0.30. In Bitcoin terms, the value of the coin was around 0.000036 BTC.
The 100 EMA line indicated that the coin is currently exhibiting an uptrend. The MACD showed that XLM is trading in bullish territory, after spending most of the morning trading the bearish zone.
The coin is currently ranked as the sixth most valuable cryptocurrency, with a market capitalization of $5.67 billion, data from CoinMarketCap showed. According to Smartereum, experts believe the virtual currency could reach around $0.7 by the end of this year. By 2021, it may even reach the $1 mark.
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