Daily Technical Analysis
Stellar (XLM) achieved a price level of around $0.60 in the recent bull-run, in February. The cryptocurrency skirted close to its all-time high of $0.89 established in the 2017 bull-run. However, market corrections soon overtook and the coin was unable to sustain its trajectory or the price level, crashing to a price level of $0.35. Stellar stabilized in the region afterwards. At the time of writing, the cryptocurrency was trading hands $0.41 apiece.
The market sentiment for the cryptocurrency is bullish, although the bullish pressures appear to be weak. Of the 26 total technical indicators, eight stand at a position of sell whereas the indications of buy and neutral are nine each. The oscillators are mainly neutral while the Moving Averages are giving out a signal of buy.
Can Stellar Lumens cross the $5 mark?
A trader has identified a possible trajectory for the cryptocurrency in their Stellar price prediction. Per the trader, the $5 mark seems achievable for the cryptocurrency given its current performance and the technical analysis. The trader is expecting the price level of the cryptocurrency to rise to around $4 by the end of the year, after which it can easily cross the $5 mark.
CoinSwitch is very optimistic on the cryptocurrency and, per the experts, predictions of Stellar Lumens at $5 are possible. Stellar Lumens can possibly become of the best performing cryptocurrencies in the market and improve its rank of the ninth largest cryptocurrency in terms of market capitalization. However, with a pessimistic outlook, the cryptocurrency is still expected to cross $1 by 2025.
1. Horizon 2.0
The organization has launched a new update for the network dubbed Horizon 2.0. The update has completely transformed the architecture of the API server, Horizon. The Horizon 2.0 update will significantly reduce the burden on users’ systems and require less resources. It will also boost the efficiency and flexibility of the network. Users are also offered a choice between running a validator – participating in the network – or Horizon – staying updated – which would save time and resources of users.
2. Grayscale Investment
The asset management firm has been taking increasing interest in the cryptocurrency market given the market’s rate of return. Grayscale launched various cryptocurrency Trusts while relaunching others since the beginning of the new year. Stellar Lumens has been one of the top cryptocurrencies that has garnered institutional interest. Grayscale recently bought Lumens worth around $27 million. The new update, Horizon 2.0, has also been one of the factors behind the increased interest in the coin.
3. Smart Contract Integration
Flare Networks, the blockchain startup, has announced plans of incorporating Stellar Lumens into its smart contract platform. The startup has been acting as a bridge between various cryptocurrencies that are not supported by Ethereum and the Ethereum network. The integration will result in Stellar investors being able to utilize Lumens on the Ethereum network, further increasing its reach.