- Polish BitBay adds support for XLM trading pairs.
- XLM/USD hovers above $0.08 amid weak recovery attempts.
BitBay is one of the largest cryptocurrency exchanges in Europe with over 800,000 active users worldwide. The introduction of Stellar’s coin is likely to add support for the 9th largest cryptocurrency with the current market value over $1.6B.
Stellar has lost over 35% of its value in a recent month amid global bearish sentiments towards cryptocurrencies. Grayscale Investments launched Stellar-focused trust fund earlier this month; however the market chose to ignore the positive news. The chances are that BitBay announcement will be left unnoticed as well.
The market is focused on speculative and technical trading at this stage, which makes fundamentals less relevant.
Looking technically, XLM/USD is hovering above $0.08 support, marginally above the historic low of $0.0801, reached on January 29. The coin needs to climb above $0.10 to mitigate the immediate downside pressures, which looks unlikely unless the overall sentiments on the cryptocurrency market improve substantially. A move $0.10 will close the bearish gap created on January 25. On the downside, a break below $0.08 will take us on uncharted territory with the first focus on $0.07 support
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