Even with the fall of Bitcoin, Stellar (XLM) managed to perform well in recent days
The native XLM token from Stellar Lumens was among the biggest winners in the cryptocurrency market in the previous 24 hours, valuing around 49 percent in markets pegged to the US dollar.
The XLM / USD pair price reached an intraday high of $ 0.313, after falling to $ 0.20 the previous day. Traders flocked to the Stellar token due to a general recovery in the crypto assets that saw major currencies, including Bitcoin, Ethereum and XRP, emerging from their respective lows.
Stellar has mainly benefited from its accessible bottom-up fundamentals. The open source blockchain project has recently emerged as a viable alternative to its rival Ripple Labs. Ripple, a San Francisco-based payments company, had a legal dispute with the United States Securities and Exchange Commission (SEC) over the alleged illegal sale of your native XRP token.
– IncomeSharks (@IncomeSharks) January 12, 2021
“$ XLM will absorb all $ XRP bagholders soon”
Meanwhile, traders have evaluated Stellar by entering into a high-profile partnership with the Ukrainian government to digitize its national currency.
“We look forward to working with the Ministry and other stakeholders to digitize hryvnia, to bring Stellar-based tools and services to people and businesses in Ukraine and to present new partnership opportunities in Ukraine for companies in the Stellar ecosystem,” said Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation, in a press release.
The prospects for further Stellar integration into a country’s digital finance ecosystem have partially allowed XLM to absorb sales pressure during the weekend and Monday’s session. This may have helped the token record an attractive recovery on Tuesday.
XLM technical look
The XLM / USD pair on a four-hour chart showed a short-term corrective downtrend following its 274 percent rise since the December 23 low of $ 0.11.
In doing so, it appeared to have formed a bullish flag, a small continuation pattern that appears when an asset consolidates before resuming its upward movement. The price usually varies as much as the duration of the previous rally, also known as “Mast”.
Stellar reports the best recovery in the last 24 hours among high-value currencies. Source: XLMUSD at TradingView.com
This puts the breakout target for the XLM / USD pair close to $ 0.535.