Many analysts have acknowledged Stellar for the reasonably good performance in the market. XLM traded at 5.4% higher against USD in the past 24 hours. In the last seven day, XLM had traded 3.5% higher against the USD. At the time of this writing, XLM was valued at $0.298. XLM has shown a steady rise from the start of today’s trading day at $0.2687 to hit a resistance level of $0.2668 in the short term, breaking past the $0.2754 support level and $0.2761 again. XLM/USD would later rise again, testing $0.295 and forming a support base of $0.2886.
The XLM/USD pair broke a bearish trend at $0.295 finding support near $0.2914 and $0.2909 levels. The XLM/USD pair traded as low as $0.2668 today and later it begun moving upwards. The price moved past the $0.2909 resistance into the bullish zone. The pair settled at $0.2966 pivot level and then opened up to more gains to a high of $0.3025 from a low of $0.2660. Stellar currently has a market cap of $5.58 billion, and its 24-hour trading volume is $74.8 million.
It is evident that XLM/USD has balanced its prices as the cryptocurrency market goes through some rough times with the total market capitalization losing close to 20% of its entire value in a single week. XLM/USD had seen better days than the rest of the market since early January when it was valued at $0.91. By observing the charts before XLM’s all-time high, the graph reveals that the rise to $0.91 was not gradual. The spike took 3 to 4 days beginning December 20th when XLM traded at $0.21 against the US dollar. At this time, the crypto-market was experiencing exciting times with the entry of notable individuals and institutional investors.
Analysts predict that XLM/USD could soon trade at $1. This prediction is mainly due to the recent partnership with IBM. Stellar’s blockchain will be used to track of Carbon Credit. Large institutions that emit a significant amount of carbon emission will soon implement the stellar blockchain in their day to day running. Most of these firms are Fortune 500 listed and are known to be keen on new investment avenues. This wave of adoption means that Stellar will gain international attention and boost XLM to mainstream adoption soon.
XLM investors are bullish on the future of Stellar mainly because IBM is getting more and more serious with investments on Stellar. Both Stellar and IBM are involved in a project known as Hyperledger Fabric that is designed on the open source blockchain tools, aimed at supporting the necessary infrastructure for blockchain based payment systems. As future prediction made by market experts, banking institutions will start using digital currencies as an essential part of money transfer.
XLM’s rally can also be as a result of the partnership with the KIN foundation. KIN decided to fork Stellar in an attempt to scale Kin. However, the two teams will continue in a partnership for mutual benefit.