Book Online or Call 1-855-SAUSALITO

Sign In  |  Register  |  About Sausalito  |  Contact Us

Sausalito, CA
September 01, 2020 1:41pm
7-Day Forecast | Traffic
  • Search Hotels in Sausalito

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Stellar (XLM) price is down 30% since August. Should I invest?

By: Invezz
Stellar (XLM) price is down 30% since August. Should I invest?

The price of Stellar (XLM) has weakened from $0.119 below $0.070 in less than three months and the current price stands around $0.083. The main reason for this is a low transaction volume and the fact that there’s still a level of uncertainty surrounding the project.

Fundamental analysis: There’s still a level of uncertainty

Stellar (XLM) has been moving in a downtrend last several weeks and for now, there is no signal of the trend reversal. Stellar is a platform with a mission to connect payment systems, people and banks at almost no cost.

Stellar has its own cryptocurrency known as Lumens (XLM) and it is important to say that this platform can be the future of banking because it strives to provide a practical solution to key global issues. Stellar has lots of advantages over Bitcoin, some of them include the capacity, transaction speed and lower fees.

The transactions on this network settle in just 2-5 seconds and they are free. Bitcoin is slow and expensive because of the mining process while Stellar avoids the costly mining process.

Another advantage is that the Stellar platform enables the quick and easy transfer between currency types, like from fiat dollars to crypto coins. Stellar supports initial coin offerings (ICOs) with big security, users are able to create custom ICOs by offering base abstractions like payments, tokens, and accounts.

Stellar has been increasingly adopted by banks and payment networks, some important names are IBM, KlickEx, Stripe, NEC Payments, Gramio Technologies, Distributed Lab among others. Partnership with IBM is a demonstration of confidence in the team behind the Stellar which is very important for this cryptocurrency.

A very good team stands behind this project, the fundamentals of this cryptocurrency are steadily improving but there’s still a level of uncertainty surrounding the project. We can also not forget that regulations on the cryptocurrency market can actually be a threat to this cryptocurrency.

Investors in Stellar should have in mind that this is a still very risky cryptocurrency but now could be a good time to trade Stellar (XLM).

Technical analysis: Bears are focused on breaking the support level at $0.080Data source: tradingview.com

On this chart, I marked important resistance and support levels. The important support levels are $0.080 and $0.070, $0.090 and $0.100 represent the resistance levels. If the price jumps above $0.090 it would be a signal to buy Stellar (XLM) and we have the open way to $0.100.

Rising above $0.100 supports the continuation of the bullish trend and the next price target could be located around $0.110. On the other side, if the price falls below $0.080 it would be a “sell” signal and we have the open way to $0.070.

Summary

Stellar price extended its correction from the recent highs above $0.119, registered in the third week of August. There are some obvious risks when it comes to investing in Stellar currently but if the price jumps above $0.090 it would be a signal to buy this cryptocurrency and we have the open way to $0.100.

The post Stellar (XLM) price is down 30% since August. Should I invest? appeared first on Invezz.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Photos copyright by Jay Graham Photographer
Copyright © 2010-2020 Sausalito.com & California Media Partners, LLC. All rights reserved.