Stellar (XLM) Primed For Bullish Break According To Latest Stellar Technical Analysis

stellar lumens

Since Coinbase announced that it would be giving out $100 million in a Stellar airdrop, the Stellar Lumens news has been positive. In fact, it’s not just Stellar Lumens news today that is positive. Stellar has had a good thing going since the beginning of the year. A while ago, IBM announced that it would be using the Stellar blockchain to power its latest deals with banks. This Stellar news created shockwaves throughout the industry as many people expected that IBM would have used Ripple’s payment settlement layer instead of Stellar’s. In the Stellar Lumens news today, we would be talking about the bullish trend for the price of Stellar short-term following the Coinbase Stellar airdrop and other developments on the Stellar network.

Stellar Lumens News Today – Stellar Airdrop – Coinbase Airdrop – Stellar Development Foundation And The Price Of Stellar

In our previous article about the Coinbase Stellar airdrop, we talked about how the many airdrops being sponsored by the Stellar Development Foundation can affect the price of Stellar long-term. You can check out the post here. While having a lot of XLM tokens in circulation long-term may not be the best thing for XLM, massive airdrops like this certainly give XLM a bullish push short-term. Following the announcement by Coinbase, the price of XLM started trending higher against the USD. At the time, the market sentiment was also bullish so it contributed to the rise in price.

Between the first week of February and now, the total market capitalization of Stellar per CoinMarketcap.com is up by more than 29.7%. This rise is impressive and it means Stellar is primed for greater things. At the time of writing, Stellar was trading at $0.107445. This means that it is down by 1.39% against the USD and up by 0.71% against BTC. This price slip is part of a downward correction that is necessary for the price of a cryptocurrency to spike higher against the USD. The price of Bitcoin and many other cryptocurrencies are also correcting lower after reaching higher against the USD. The trading volume of XLM within a 24 hour period is $290,222,529 and the market capitalization is $2,067,050,078.

Stellar Lumens News Today: How High Will Stellar (XLM) Price Go?

The cryptocurrency market is unpredictable in reality. So, even if the price of a given cryptocurrency can be bullish today, it’s always difficult to provide an accurate price analysis for the next few months or days. The best thing we can do is base the future price on the current and past trends as well as the fundamental and technical analysis of a given token.

Putting the Stellar Lumens news today into consideration, Stellar (XLM) may sell as high as $0.18 against the USD in the next few months. Long-term, it may go as high as $1. For now, we can only wait and see.

What do you think about the Stellar Lumens news today? Does Stellar have what it takes to eventually hit $1 eventually? Feel free to comment below.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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