Stellar, 11th largest cryptocurrency by market cap was founded by Jed McCaleb in 2014. Jed McCaleb is regarded as one of the biggest crypto whales who also co-founded Mt Gox and Ripple.
The Stellar network is an open-source, distributed, and community-owned network used to facilitate cross-asset transfers of value while aiming to drastically reduce the cost and time required for cross-border transfers.
With a market cap of $1,495,213,719, Stellar went ahead to hit its all-time high of $0.9381 in January 2018. Since this historic setting of an all-time high in 2018, Stellar has been caught in a bear market, while it spent nearly a year in a consolidation bout at the lows it had earlier set.
XLM/USD Daily ChartConsequently, it was ranked as one of the worst performers in the past few years alongside XRP.
At the moment Stellar is trading at $0.0732, almost 90% down from its all-time high, but analysts perceive something huge as big as 50% is brewing from its kitchen.
In the past weeks, Stellar had a significant rally against Bitcoin, gaining over 30% in its BTC pairing – outperforming the flagship asset by a great deal. This was noticeable as an analyst remarked: “not many charts looking as good as XLM vs BTC right now”.
Not only this was evident, but analysts have also noted that the once static crypto just breached above an important technical resistance level that has been ebbed for almost two years, this is the first breaking stunt it has seen since 2018. Analysts see Stellar advancing as much as 50% once it surges past this resistance level.
XLM/BTC Daily ChartJosh Olszewicz, a crypto analyst noted this breakout in his latest tweet while a trader sees the long year consolidation bout that Stellar had been entangled in as positivity for the crypto as he sees a 50% surge in the days or weeks ahead.
As Bitcoin surged past the $9,000 level in the latest stunt from the $3,800 bottom low it recorded during the March market carnage, Stellar had also seen significant upside movements gaining strength. Many see this strength reaching a peak spurring a bigger rally.
However, Bitcoin has been a firm guide for the rest of the crypto market, so analysts are counting on BTC price activity to predict Stellar mid-term trend, opining that BTC may lash out a huge response to Stellar’s rebellion.
Earlier in April, the Stellar Development Foundation (SDF) launched a Lumenthropy Project against COVID-19 using XLM tokens as a donation to several charitable organizations.
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