The Stellar Lumens price has been wavering in the past few days amid the ongoing volatility in the cryptocurrencies industry. The XLM price has risen by about 2.45% in the past seven days, bringing its total market capitalisation to more than $9.45 billion. It is the tenth-biggest digital currency in the world.The background: Stellar is a blockchain project that helps people and businesses move money around the world. In recent months, several banks like Siam Bank have adapted its network to process their cross-border transactions. Indeed, the number of transactions passing through its network has been increasing. On its website, it says that the number of transactions has risen to more than 450 million. Lumen is the digital currency that powers these transactions.
Stellar price prediction
The Stellar lumens price is trading at $0.4275, which is 35% above last week’s low of $0.3146. On the four-hour chart, the price is along the 25-period and 15-period exponential moving averages (EMA). It has also formed a triangle pattern that is shown in black.
Therefore, at this point, the currency may break-out in either direction since this is a symmetrical triangle. In my view, the price will break-out higher as bulls attempt to retest the year-to-date high of $0.6. Another scenario is where it breaks out lower and retests last week’s low at $0.3145.
Don’t miss a beat! Follow us on Telegram and Twitter.
XLM price chart
More content
- Download our latest quarterly market outlook for our longer-term trade ideas.
- Follow Crispus on Twitter.
- Do you enjoy reading our updates? Become a member today and access all restricted content. It is free to join.