Stellar (XLM) all-time high was established three years ago at $0.89. Ever since the all-time high, Stellar stooped lower than the $0.1 mark with the lowest price level at $0.03. the bull market resulted in the cryptocurrency picking up the pace and shooting up to $0.56 in February. At the time of writing, Stellar coin was trading hands at $0.38 apiece.
The open-source network has the aim to become the digital currency of the future and be a means of transferring digital currency into paper money. As an altcoin, Stellar has been one of the top-performing cryptocurrency in recent times. With proposals to improve the network underway, the cryptocurrency has the potential to grow substantially. Stellar shares many similarities with Ripple as the founder, Jed McCaleb, has also co-founded Ripple. The aim of both the networks is to act as a bridge between financial institutions and offer payments solutions at a fraction of the cost.
Stellar (XLM) Technical Analysis
The market sentiment for the Stellar cryptocurrency has turned bearish with a majority of the technical indicators giving out a signal of buy. The cryptocurrency is skirting close to the Fibonacci pivot point of $0.43. The trajectory at the pivot point can take two distinct turns. In the positive scenario, Stellar can be expected to test the Fibonacci resistance level of $0.55 while on the downside, it can touch the support level at $0.31.
A trader has identified an upward trend for the cryptocurrency in their Stellar price analysis. Per the trader, the cryptocurrency is currently under bullish retracements. After the retracement, Stellar can be expected to rise back towards the upper boundary of the channel formation. In the case, Stellar rejects the lower boundary it will find support in the price range of $0.30 to $0.35.
Stellar (XLM)Price predictions
According to Cryptocurrency Price Prediction Stellar Lumens is expected to cross $1 by mid-2021 and by 2025 the cryptocurrency can possibly be priced at $5 and higher. Digital Coin Price is modest in its predictions and places the cryptocurrency at a price level of $1 by 2025. Wallet Investor, too, predicts the price of Stellar to be at $1 while Trading Beasts is predicting a price level of somewhere around the current price level.
Some of the developments that can possibly fuel the price hike of the cryptocurrency are:
With Horizon 2.0 online, the developers of the cryptocurrencies have ventured into other initiatives to boost the performance of Stellar. The aim of the proposal is to advance network scalability by introducing off chain payment channels. Moreover, it also wants to advance security and simplicity as well as increase interoperability with other networks.
Blockchain Africa Conference
The Stellar network focuses more on the financial inclusion of small retailers and those deprived. The network has the potential to become the go-to digital currency for an untapped market like the African one. On March 18th, the Network plans to reveal infrastructure development plans in the continent through partnerships in the Blockchain Africa Conference – one of the many that has already happened.
Due to the uncertainty of the cryptocurrency market, anything can happen at any time. However, keeping the recent developments and current predictions in mind the cryptocurrency can be expected to rise over the years.