Altcoin Thursday: Stellar (XLM)


10 June 2021 | ZebPay Trade-Desk

As always, you pick the coin and we cover it. This week, for our Altcoin Thursday, we have Stellar (XLM) in store for you all!

Stellar is built on an open network that allows money to be moved and stored safely. Overtime, as technology developed, the Stellar network shifted its focus towards helping financial firms and institutions connect with one another through active participation on the blockchain.  Stellar makes it possible to create, send and trade digital representations of all forms of money—dollars, pesos, bitcoin, pretty much anything. It’s specifically designed to make traditional forms of money—the money people have been spending and saving for centuries—more useful and accessible. 

XLM, post making the low of $0.274 showed a good recovery and surged almost by 72% up to $0.473. The asset then resisted at these levels and prices retraced almost by 34%. Technically, on the daily time frame, XLM has made a ‘Dragonfly Doji’ pattern (Trend Reversal Pattern) at the crucial support level of $0.310 (78.6% Fibonacci Retracement Level) and has started moving upwards. For the prices to further rally, it needs to trade and sustain above the resistance level $0.4 levels.

Support 2Support 1XLMResistance 1Resistance 2

This concludes on the Altcoin synopsis for this week. Don’t forget to keep an eye out for our new poll, and let us know which coin you would like us to cover next week!

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