Stellar price analysis: XLM/USD stays at $0.30 as Charlie Lee says it does not deserve its market cap

• XLM/USD rangebound, off recent highs.
• Litecoin’s founder comes up with a controversial comment about Stellar’s growth.

Stellar (XLM) sits on the 6th place in the rating of top largest digital coins by market value. Its capitalization reached $5.5B, while the average daily trading volume settled at $97M. Stellar managed to override Litecoin due to a slew of positive fundamental news and received a rather sarcastic reaction from Litecoin’s founder Charlie Lee, who praised the coin for a spectacular price increase, but added that it hardly deserved its market cap.

“Congrats to Stellar on passing Litecoin’s market cap. That said, it really doesn’t make sense to compare market caps of coins that are “printed”, b/c they have an inflated market cap. Maybe I’m old school, but I only care about decentralized mineable coins,” he tweeted.

His post gathered nearly 800 comments, mostly critical, as Lee’s statement suggest that Stellar Lumens and other unmined coins, including Ripple’s XRP,  do not deserve their market cap.

Stellar’s technical picture

On the intraday basis, XLM is well supported by 50 and 100-SMA (1-hour chart), currently at $0.2912. If this area is cleared, the downside may be extended towards $0.2800 (Sunday’s low) and to the critical $0.2500. On the upside, the resistance is seen at $0.3072 and the recent high at $0.3300.

XLM/USD, 1-hour chart