The cryptocurrency market began the month on a stable note with the leading digital currencies fighting to hold on to the gains they made over the last few days of the month of May. Stellar (XLM) on the other hand, had a rough day trying to maintain the stable value that had characterized the XLM/USD pair for the majority of May.
XLM opened the day at $0.2983 high and formed this as the resistance level for the day. The XLM/USD pair would face a short downward turn that formed a support level at $0.2931 and $0.2983. XLM, later on, met a profound downward trend that formed another support level at $0.29 low, before it picked up to the next resistance level at $0.2971. XLM later dipped against the USD although there was a short-lived bearish trend that formed just after the $0.2892 resistance level, on the hourly charts against the USD. XLM made a quite significant decline against the USD, as at the time of writing XLM/USD was valued at $0.2875. The significant support level formed by XLM/USD was $0.29 while the significant resistance level was set at $0.3014.
Stellar is currently ranked at position eight by market cap. XLM has a total market cap of $5.47 billion where the total volume in the last 24 hours is $80.6 million. In June 2017, XLM/USD opened the month valued at $0.0344, with a market cap of $332 million. The day’s total volume traded in 24 hours was $20.87 million. XLM had bounced off higher from the May 29th bullish trend despite increasing trading volumes. The charts also reveal double bar bullish partners on the May 30th. Crypto traders should look to buy at $0.28 and wait to make a profit at $0.50, and given the current bullish sentiment on the market, look forward to further increase their gains at $0.70.
Despite today’s performance, XLM has had a steady and relatively growth since the beginning of the year. Stellar continues to cultivate and foster new partnerships as the main selling point to potential cryptocurrency investors. Some of the most notable institutions working with Stellar include IBM and Stripe. These partnerships reveal that indeed there is a bright future for XLM.
Stellar has also managed to avoid controversy perhaps due to the unique aspect that Stellar upholding ethical practices. The platform is run by a non-stock non-profit organization which covers Stellar Lumens operating costs by leveraging 5% of XLM coins as well as tax-deductible donations made to the organization by the general public.
Yesterday, Binance announced that it had introduced new trading pairs to its utility token Binance Coin. Among the trading pairs, is Stellar which is now paired with the Binance Coin. In response to this news, Stellar seemed to benefit from the announcement of the pairing, remaining stable through the entire trading today.