Stellar coin has enjoyed a 24 hour price increase of 5.79%. The cryptocurrency giant currently trades at a price of $0.2320 after a 10.35% price hike over the past 7 trading days.
Stellar, XLM, was created in 2014 when the founder Jeb McCaleb forked Ripple to create Stellar Lumens. Stellar was intended to enable low cost interbank transactions across countries in less than 5 seconds. It is created to connect individuals, institutions and payment systems to create an integrated finance platform. Stellar has the long term vision to expand financial access worldwide.
Stellar has had a wave of publicity from exchanges announcing the addition of XLM to their platforms. Coinbase has recently announced that they were exploring the addition of Stellar to their platform, causing price to increase by over 15% on the announcement. Along with Coinbase, the global remittance company Tempo Money Transfer has partnered with Stellar to allow users to send funds to anyone in the Philippines using just a name and telephone number via their integration with Coins.ph.
Stellar is currently ranked in 7th place in terms of overall market cap across the entire industry, with a total market cap value of $4.35 billion. This is a significant $4.19 billion lower than the market cap high witnessed on April 24th 2018 with a total value of $8.54 billion, as shown in the diagram below.
Let us continue to analyse Stellar price action over the long term.
Price Analysis
XLM/USD – LONG TERM – DAILY CHART
Analysing the market from the long term perspective above, we can see that Stellar had experienced a price increase of over 2350% when the market rose from a low of $0.0208 on the 5th of November 2017 to an all time high of $0.9823 placed on the 4th of January 2018.
After placing this all time high, understandably, the market began to fall. Price action originally fell to support at the .618 Fibonacci Retracement priced at $0.40 during January. This is a Fibonacci Retracement of the entire bullish run described above.
The market continued falling throughout the year until reaching a yearly low price of $0.1516 in March 2018. This level is supported by the .886 Fibonacci Retracement level at the same price.
Since mid-June, the market has been trapped within a range bound market condition between the boundaries of the .886 Fibonacci Retracement priced at $0.1516 and the .786 Fibonacci Retracement priced at $0.2452. The market has also been trading under the 100 day moving average for over two months.
Let us continue to analyse price action over the more recent period to highlight any potential support or resistance areas.
XLM/USD – SHORT TERM – DAILY CHART
Analysing the market over a shorter time period, we can see that Stellar had experienced another bullish run during April when price action rose from a low of $0.1679 on the 30th of March 2018 to a high of $0.4723 experienced on the 3rd of May. This was a price increase of over 180% from low to high.
During May the market began to fall, originally finding support at the short term .50 Fibonacci Retracement level priced at $0.32. However, the market pushed the market lower, pushing price action below the 100 day moving average and toward the .618 FIbonacci Retracement level priced at $0.2844.
The market continued on lower during June as price action fell lower only eventually completing a 100% Fibonacci Retracement to the initial base price seen on the 30th of Match priced at $0.169. It is also important to highlight that this area of support is also bolstered by a downside 1.618 Fibonacci Extension. This is a Fibonacci Extension measured from the high seen on May 3rd to the low seen on the 11th of May.
Price action is currently trading at resistance located at the short term .786 Fibonacci Retracement priced at $0.2341. This resistance level also correlates with the 1.272 FIbonacci Extension level priced in the same area. If the market can overcome this strong area of resistance then the nearest level of further resistance will be located at the 100 day moving average which is currently hovering around the $0.26 handle.
If the bulls can push the market eventually above the 100 day moving average then further near term resistance can be located at the .618 FIbonacci Retracement priced at $0.2844 followed by the .50 Fibonacci Retracement priced at $0.32. If the market can overcome $0.32 then it will be placing fresh 2 month highs.
Alternatively, if the bears step back into the market and push price action lower then immediate support can be expected at the .886 Fibonacci Retracement level priced at $0.20. This area should provide ample support but if the bears manage to push prices lower, further support can be located at the downside 1.618 Fibonacci Extension level priced at $0.169.
The technical indicators are currently leaning toward the favour of the bulls at this moment in time. The RSI indicator is currently trading well above the 50 handle indicating the increased momentum recently witnessed over the passed trading week. If the RSI can continue to stay above the 50 handle, we can expect the bullish momentum to continue within the market.
Similarly, the moving average indicators are showing promising favour toward the bulls in the market. Over the past trading session, the 7 day EMA (blue line) has crossed above the 21 day EMA (purple line) indicating a bullish crossover. If these moving averages can continue to diverge away from one another this will indicate that the bullish trend is increasing in momentum.
CONCLUSION
Stellar has had a rich history of development and partnership announcements. The recent announcement from Coinbase exploring the addition of Lumens will certainly increase the accessibility of Stellar to the mainstream audience that are signed up to the platform and help increase the awareness of the cryptocurrency gem.
We will continue to monitor updates from the team as future exciting partnerships have the potential to help Stellar return to its previous all time highs.
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