According to reports, Jesse Lund left his position as the global head of Blockchain for financial services and cryptocurrencies of IBM. The CTO of the same institution, Stanley Young, also exited his position as well. There have been concerns that the exit of both Lund and Yong could jeopardize the company’s partnership with the Stellar Blockchain. Even though the price of Stellar Lumens is in the bullish path, participation in the asset class in terms of partnerships is on the low side. There will only be a pass for higher highs for XLM price if the coin rallies past $0.13.
Stellar (XLM) Price Today – XLM / USD
IBM Partnership With Stellar May Not Only Depend On What Stellar Can Bring to the Table
The success of a Blockchain network typically depends on what it can bring to the table. For example, whether a Blockchain project goes forward or doesn’t do so, is heavily dependent on it working with well-oiled partners. Partnerships have always benefited networks. In Ripple’s case, no less than 200 global banks became a part of the process and because of this Brad Garlinghouse and his team, went on to build infrastructure that will replace the SWIFT solution as a real-time worldwide payment protocol.
Meanwhile, the Stellar network as a platform competing with Ripple is backed by the experienced, century-old IBM. Or popularly known as Big Blue. The American financial powerhouse prides itself in the World-Wire. Stellar now allows support for 42 different currencies from over 72 different countries thanks to its involvement with IBM.
Stellar’s Goal is to Battle With Ripple’s Blockchain in Terms of Bringing in Banks to the Network
Their objective is outright: Battle it out with Ripple and onboard as many banks as possible to their network. Enabling this is innovation and determination. Already, six banks will be launching stablecoins on the Stellar network. However, all this is under threat following the departure of CTO Stanley Yong and Jesse Lund. They were instrumental in pushing World Wire on the Stellar network.
Presently, Stellar price is steady, yet struggling to keep up its position. It has been replaced by ADA and is within range from TRON. All in all, there’s a potential for the involvement of savvy traders.
Stellar Lumens Price is in a Bullish Breakout Trendline
Trading in a bullish breakout territory and ranging under Q1 highs for this year, XLM is technically in bullish zone. As such, aggressive traders are able to buy the dips only if prices stay above $0.11.
Meanwhile, for conservative traders who are keen on trading clear signs, any close over $0.13 or May high can offer a fresh opportunity to invest. In such a scenario, every low could be a potential buying opportunity with least target at $0.18. Ideally, accompanying this price upsurge should be enormous trading volumes as much as that of buyers from early May. This will likely set the motion for more gains with traders targeting $0.30.
From the above and as reiterated, in the event that there’s an upsurge above $0.13, then there will be high participation in Stellar. For this reason, May 16 over-extension leads this bar. This period has high trading volumes to the tune of $5.45 million. Therefore, any breaks above $0.13 or $0.11 ought to exceed the $5.45 million regions.