- On Tuesday, Stellar is trading with a strong bearish bias at the $0.3827 level, having dipped -10.19% so far.
- The co-founder and CEO of GK8, Lior Lamesh, has said that the partnership will eliminate the risk of cyberattacks.
- Forex trading participants may look for a sell trade below the $0.3920 level to the target of $0.3790 and $0.3677.
On Tuesday, Stellar is trading with a strong bearish bias at the $0.3827 level, having dipped -10.19% so far. The day before, the XLM/USD pair finished at $0.42377, with a high of $0.43130 and a low of $0.38968. The XLM/USD continued its bullish streak for the 7th consecutive session and reached its highest level in 4-months. If you are wondering what to expect and where to buy XLM, let’s find out below…
Blockchain cybersecurity company GK8 underpins Steller.
The rising prices of XLM/USD could be attributed to the increasing demand for institutional-grade blockchain solutions by banks and trading financial institutions looking to invest in cryptocurrencies. The institutional interest in the Stellar Lumen token is expected to rise further. That’s especially after a blockchain cybersecurity company, GK8, announced it would offer custody and tokenization services to Stellar Network.
The company announced that by integrating with Stellar. Therefore, the customers of GK8 will be able to access CLM investments in a custodial setting, which will open the door to offline transactions of XLM.
The co-founder and CEO of GK8, Lior Lamesh, has said that the partnership will eliminate the risk of cyberattacks. It will also provide scalable, high-frequency transactions. He also said it would enable XLM’s institutional investors to generate new revenue streams, digitize assets, trade, and transform currency. This news added strength to Monday’s XLM/USD prices and pushed them towards their 4-month highest level.
El Salvador’s launch of Bitcoin Law Support (XLM/USD)
Furthermore, the improved sentiment in the market ahead of El Salvador’s launch of the Bitcoin Law and the increased hype around the NFT craze also kept the XLM/USD prices higher for the day. The whole cryptocurrency enjoyed the bullish sentiment set by the surge in altcoins and Bitcoin’s rally above $52,000 for the day. Thus, the XLM/USD also followed the trend and extended its gains for the 7th consecutive session on Monday.
Stellar Price Prediction- Technical Levels
Support Resistance
0.39854 0.44016
0.37330 0.45654
0.35691 0.48179
Pivot Point: 0.41492
XLM/USD Completes 50% Fibonacci Retracement at 0.3790- Where to Buy Stellar?
Stellar price prediction is bearish as it has crossed below the 50 EMA support level of $0.3921. On the 2 hour timeframe, the XTZ/USD pair has violated the 38.2% Fibonacci correction level of 0.3915 level, and now it’s heading further lower towards the $0.3790 level.
On the bullish side, the pair is likely to face immediate resistance at the 0.3921 level. This resistance is being extended by a 38.2% Fibo level and upward trendline that has already been violated today.
A breakout above this level has the potential to lead the Stellar towards a 0.4069 resistance level. On the bearish side, the violation of the $0.3790 level can trigger a sharp sell-off until the 0.3677 level. A 61.8% Fibonacci is extending that support level correction level.
Alongside, the 50 EMA and stochastic RSI are holding in a selling zone, supporting a bearish trend in the XLM/USD pair. Thus, Forex trading participants may look for a sell trade below the $0.3920 level to the target of $0.3790 and $0.3677. Alternatively, a buy limit above $0.3670 can help capture an excellent buy trade with a target of $0.3921 and $0.4069 levels. All the best.
Where to Buy Stellar?
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