Stellar(XLM) has of late experienced a significant amount of selling pressure after hitting highs of $0.61 last month.
Crypto pundits argue that the fast-rising crypto faces more road bumps on the perspective showing the bears seem to have taken over after bulls failed to break resistance at $0.4000 over some days ago.
Stellar is an open platform that permits its users’ funds transferred and stored.
A press time, the thirteenth most valuable crypto was trading at $0.390325 on the FTX exchange with a daily trading volume of about a billion dollars. Stellar is down 1.55% for the day.
It began its operation about 6 years ago, with the major objective to boost financial inclusion globally by reaching the world’s unbanked prevalence in many parts of Africa and minor Asia.
It, however, updated such objectives by focusing on assisting financial institutions to connect with each other through blockchain technology
Its crypto token is known as the lumens, with the purpose of making it fairly cheap to trade financial assets across borders, with the mission to outplace many existing payment providers, who often charge high fees for such service.
Such buying interests as seen in recent times are greatly responsible for XLM gaining as much as 13070.54% since inception. Its incredible return outmatches major crypto assets in the crypto-verse.
What to expect: That being said, market watchers anticipate the bulls might rise once again if XLM breaks above the $0.3700 and breach the $0.39 price level