XLM is the ticker symbol for Stellar, a decentralized protocol for sending and receiving money in any pair of currencies. The goal of Stellar is to make it possible for anyone, anywhere, to send and receive payments quickly and inexpensively.
It was founded in 2014 by Jed McCaleb and Joyce Kim and is based on the Ripple protocol. The native asset of the Stellar network is called Lumens (XLM). Lumens are used to facilitate transactions on the XLM network and are available for buying, selling, and trading on major cryptocurrency exchanges.
The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of the Stellar network. It was established in 2014 by Jed McCaleb and Joyce Kim to promote financial inclusion and increase access to low-cost financial services.
The SDF provides funding and resources for developing the Stellar network and its infrastructure. It also works with a variety of partners to promote Stellar adoption and expand it in the market.
With seven years in the market, XLM has made some huge gains. Compared to its original launch value of $0.002, the current market value of $0.07 showcases a huge gain for the initial investors. On the contrary, the token has already slipped from $0.8 in May 2021 to the recent dip of $0.07 in January 2023.
Stellar price action shows a continued denial of higher demand by prospective buyers. The consistent downtrend has highly damaged the outlook for XLM tokens. Even the 100 EMA curve remains significantly above the latest trading value of $0.07. XLM has jumped marginally in 2023 so far, while a red bearish candle is already under development. Read our detailed XLM predictions before investing in the token during such a volatile market.
On the short-term price action, XLM was trading near $0.11 in October and ended December 2022 near $0.07. The minor jump in 2023 could be associated with heightened positive trending beliefs of investors. The marginal breakdown on December 16, 2022, seems to be the final nail in the coffin of XLM. 100 EMA for XLM currently trades around $0.09 and is last in touch with the price action only during October and the initial days of November.
The resistance levels have created a multi-storey tower with prime resistance at $0.13, followed by $0.10 and $0.08. $0.08 was a support level, but breaching it with high volume has turned this level into another resistance.
The support, for now, is shifted much lower to $0.064 based on historical breakout patterns at this level. RSI has shown a minor recovery from oversold zones to 39, but the MACD indicator highlights a bullish crossover. With the aid of technical indicators breaching the first resistance levels would be tantamount to further price action.
