Stellar price analysis: XLM/USD skyrocketing as Huobi adds suoport for  XLM trading pairs

• XLM/USD gained over 70% in two weeks.
• Huobi listing provided additional suuport for  Stellar.

Stellar (XLM) sits on the 6th place in the rating of top largest digital coins by market value. Its capitalization reached $5.6B, while the average daily trading volume settled at $110M. Stellar has been enjoying a flow of positive fundamental news lately. The coin has gained over 70% from the recent low reached at $0.18 on July 12. On a daily basis  XLM gained over 13.5% and became a growth leader among top-10 coins.  

XLM/USD is changing hands at $0.3400 after spiking to $0.3500 late on Wednesday.

The world’s third largest crypto-currency exchange  Huobi added  Stellar Lumens (XLM) to the list of tradable instruments, according to the press-release published on July 25. Currently the exchange offers  XLM trading pairs with Bitcoin and Ethereum, more pairs to come.

“Stellar (XLM) will be launched on Huobi Global on July 25, 2018 (GMT+8). Deposits will be available from 16:30, July 25, 2018 (GMT+8). XLM/BTC and XLM/ETH trading will be available at New Zone from 16:00, July 26, 2018 (GMT+8). Withdrawals will be available from 16:30, July 28, 2018 (GMT+8),” the oficial announcement reads.

Stellar’s technical picture

On the intraday basis, XLM is well supported by 50 and 100-SMA (1-hour chart), currently at $0.3078 and $0.3000. If this area is cleared, the downside may be extended towards $0.2940 (200-SMA) and to the critical $0.2500. On the upside, the resistance is seen at $0.3500.

XLM/USD, 1-hour chart