The global remittance industry is a lifeline for millions of people worldwide enabling immigrants and migrant workers to send essential funds to their families and support various needs from education to investments. However, this vital service has long been marred by high fees, hidden costs and cumbersome processes associated with traditional remittance methods.
XLMP enables speedy transactions at reduced fees while ensuring that all members of the network agree on the validity of a transaction within a few seconds. Each node participating in adding transactions to the global ledger selects a mini-network of other trusted nodes known as Quorum Slices.
As long as these Quorum Slices overlap, the vast network of Stellar can achieve a consensus on the validity of transactions and add them to the ledger rapidly. Stellar functions as a decentralized network of servers on the blockchain where each server operates independently.
Every node is interconnected, but there is no central source monitoring them. The network facilitates transactions by syncing and agreeing, allowing the ledger to be distributed evenly and widely. Stellar is distinct because it is a complete package that offers features such as complete decentralization, user-friendliness, support for multiple currencies and asset types, and fast transactions that are nearly free.
Technical Analysis and Prediction of the XLM Coin Price
Stellar’s cryptocurrency (XLM) has experienced slight price growth over the past year, with a 52-week low of $0.071 and a 52-week high of $0.183. Despite reaching rock bottom during the 2021 bullish rally, the coin has made a significant recovery, leading to an overall bullish trend.
Furthermore, Altcoins have recently outperformed Bitcoin, indicating a positive sentiment ahead for the price of XLM coin.
| Pivot | Classic | Fibonacci | Camarilla | Woodie |
| S3 | 0.083 | 0.106 | 0.123 | 0.096 |
| S2 | 0.106 | 0.114 | 0.125 | 0.106 |
| S1 | 0.117 | 0.119 | 0.127 | 0.118 |
| P | 0.128 | 0.128 | 0.128 | 0.128 |
| R1 | 0.140 | 0.136 | 0.131 | 0.140 |
| R2 | 0.150 | 0.142 | 0.133 | 0.150 |
| R3 | 0.172 | 0.150 | 0.135 | 0.163 |
The present resistance level of $0.137 is a tough hurdle for bullish investors as they aren’t able to break it in more than 6 months. However, the 50-Day and the 150-Day EMA is showing a slight uptrend.
Meanwhile, the bulls are surfing on the two to make a breakout. The support level on the other hand is on the level of $0.11173. The RSI on the other hand is showing a slight downtrend which means that the bulls are losing strength. The current prediction is bullish as long as the immediate support level stays intact.
Summary
Stellar is a decentralized platform that supports multiple currencies and asset types, with fast and nearly-free transactions. Its cryptocurrency (XLM) has experienced slight price growth over the past year, with a 52-week low of $0.071.
Technical Levels
- Support Levels: $0.111 and $0.102
- Resistance Levels: $0.137 and $0.159
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2024/01/17/xlm-price-consolidation-continues-for-xlm-with-slight-uptrend/