Stellar (XLM) is the leading altcoin in the crypto world that offers various benefits to users. Stellar aims to make cross-border transactions easier between people and institutions, and XLM is the native coin of this blockchain network. Usually, we pay higher fees for cross-border transactions, but Stellar offers faster transactions at lower fees.
Many people confuse it with XRP or Ripple, which also makes cross-border transactions at a lower rate. However, XLM is unique as each network transaction costs less than 0.00001 XLM.
It provides financial access to all the corners of the world, offering services in unbanked areas. Security, low transaction fees, and a faster transaction rate are the benefits of this technology.
Primarily, XLM has partnered with IBM. It supports the British Pound, Fijian Dollars, and XLM. Moreover, they are working on expanding fiat currencies soon. It also works with Coins.ph, a Philippine mobile payment platform that uses the Stellar network.
Stellar has a wide range of use cases, and thus, it can be a future decentralized blockchain technology in the real world. Before investing, please read the technicals and Stellar price prediction to avoid unnecessary losses.
After the announcement of the US Fed rate hike, the crypto market is tumbling at the lower level. XLM is trading around $0.138, which has broken the historical support level of $0.167.
It has been consolidating within a range of $0.24 and $0.168, but now it is trading at a lower level which means the XLM coin is bearish in the short term.
All the technical indicators reflect this. The MACD indicator is down with red histograms; RSI is in the oversold zone. Moreover, Bollinger Bands also suggests bearish momentum in the market.
That means it is not an ideal moment to invest for retail investors because the price may fall further.
The weekly chart seems like a consolidation phase, but it has been making lower lows and lower highs, which means it is bearish in the long term too.
Besides that, some global activities such as unrest in Eastern Europe, inflation, and supply chain issues are the leading cause of this downfall, and it may last for a few more months.
Please wait for a few more months until the market becomes less volatile. You can start accumulating some coins, but the market may fall further, and you will have to accumulate at a lower level to average the price.