Today’s Stellar Lumens current news shows that the group behind this latest report claims that XLM daily active accounts report 10x figures. According to OrbitLens the data used for the analysis that gave this estimate was derived via charting tools.
OrbitLens claims that Stellar’s daily active accounts were underrepresented on the majority of data platforms. One of such platforms of note is CoinMetrics. Now, today’s Stellar Lumens current news reveals that OrbitLens is reporting Stellar as the leading network in daily active accounts.
According to CoinMetrics the daily active accounts for the Stellar network stands at 7,500 as of April 30. And with nearly 3.3 million accounts on Stellar’s network, this percentage equates to a lowly 0.277% of active accounts. However, OrbitLens is saying something different more.
Stellar Lumens News Today: Stellar is Underrepresented
OrbitLens argues that the daily active accounts on Stellar is Underrepresented. According to the platform, the reason is due to the model for gauging account activity. According to this analytics services use a payments-based model to determine the number of active accounts. Such a model discounts transaction types on Stellar including updating settings, executing path payments, and submitting orders.
Consequently, following CoinMetrics data and OrbitLens analysis Stellar Lumens ranked poorly compared to other cryptos. The coin is currently ranking number 17 in this regard according to data on Messari.
Stellar Lumens XLM Price Prediction
Stellar (XLM) Price Today – XLM / USD
Along with other critics of the current methodology in play, OrbitLens concludes that the reported data isn’t accurate. Instead, the platform applied a new model when accounting for the breadth of transactions on the Stellar network. According to their analysis, OrbitLens reached the conclusion that 4% of accounts on Stellar’s network are active. This means no less than 130,000 accounts are active daily.
If the estimates given by OrbitLens are correct, then Stellar’s actual position should be number 3 on the charts of the total number of accounts active in the last 24-hours alone. This means it will usurp Dogecoin’s position. Should OrbitLens data be deemed reliable, then their updated metric could become a new reference point suggesting that Stellar is making steady growth towards more adoption.
Stellar Lumens XLM Price Analysis
According to the latest XLM price analysis on Blokt; Stellar Lumens (XLM) recorded a weak price performance this week given that the market leader bitcoin went on to form new highs. XLM also recovered only a fraction of the steep losses recorded last week.
XLM found buying pressure close to $0.092 last week, a former level of both resistance and support.
The lows of this week also found buying pressure close to this point but the price has since recovered to test a resistance level.
Price action has continued to test $0.10, an important psychological point for traders and also a former area of support.
Price action traded close to this point for the majority of the week but has failed to close above. Any rises above during the week quickly found selling pressure.
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