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Stellar is trading along the resistance level at $0.09 and has retested once. The price of Stellar dipped 4.5% after hitting the resistance level twice. With its new technology that enables anyone to create projects on its blockchain, could Stellar Lumens see a surge in the value of its XML token?
Stellar (XLM) Introduces New Project Technology, Will the Price of XLM Hit New Highs
Stellar Lumens, a cryptocurrency platform, has recently unveiled a new technology that allows anyone to create projects on its blockchain. This development has generated speculation about the potential impact it could have on the value of its native token, XLM.
Stellar Lumens has a new technology to help ANYONE create projects on their blockchain. Will this push the #XLM token ahead as well? Leave a comment #crypto #cryptonews pic.twitter.com/Yf77Y1hb2A
— CryptoCoinOpps (@CryptoCoinOpps) February 21, 2023
Stellar offers a fast, real-time transaction processing platform that can facilitate transactions globally in as little as five seconds. Recently, a new smart contract platform called Soroban released its second preview, aiming to enhance its developer friendliness, scalability, and practicality. The project has just begun, and it remains optimistic that it might help add value to the XLM token price.
1/ Introducing the Stellar Asset Sandbox – In a simple-to-use interface, you can issue, mint, and burn new assets on the Stellar testnet, no code required.https://t.co/cYmH5ovqXr pic.twitter.com/XMxArHGuOz
— Stellar (@StellarOrg) February 1, 2023
XLM is the primary token that fuels the Stellar ecosystem. Originally, there were 10 billion tokens in circulation with a built-in mechanism for 1% inflation. Currently, XLM holds the 27th spot in the market capitalization ranking, valued at $2,917,047,248. With a circulating supply of 26 billion XLM, the market cap of Stellar stands at $2,408,035,462.
At press time, Stellar (XLM) is trading at $0.091321228621 with a 24-hour trading volume of $122,148,846. Over the past 24 hours, the price has declined by -4.50%, while over the past 7 days, it has increased by 6.10%.
XLM Price Prediction: Indicator Price Analysis
According to technical indicators, Stellar is trading below the 200-day and 50-day simple moving averages, signaling a sell trend. The 200-day SMA shows a sell trend for the last 445 days, while the 50-day SMA has been doing so for the last 8 days.
Based on these indicators, Stellar’s 200-day SMA might continue to decline in the next month to reach $0.10 by the end of March. The short-term 50-day SMA is predicted to hit $0.089.
The Relative Strength Index (RSI) momentum oscillator shows a neutral position for the XLM market, with an RSI value of 60.61.
XLM/USD Daily Chart: Technical Analysis
The price of XLM shows a bull run from the beginning of 2023 after bottoming out at $0.068. According to the chart, the price is trading inside a consolidation phase at a crucial resistance level and below the 200-day moving average, which acts as a resistance level too.
The market price of XLM is trading along the resistance level with a few retests, which confirms that the price might be forced to retrace downwards to the shoulder level at $0.082. However, the inverted head-shoulder pattern signals a bullish run for the XLM token. The buyers are always ready for the move when the market price forms an inverted head and shoulder pattern. This is a clear sign that a buying trend is still active. The price, though, has first to break the resistance level coincident with the 200-day moving average.
Should the price break above the resistance level, buyers will enter trades at the neckline and force the price upwards. The depth of the head always indicates where the market price will reach. Based on the technical analysis above, we predict the price of XLM will reach $0.15 by the end of Q1 2023.
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