Stellar worth may see a 66% rebound in June 2021 – CoinJournal


Stellar price has stabilized and is showing signs of recovery, with price movement moving upwards in a V shape

The cryptocurrency space promises to address myriad problems across a wide variety of sectors. So far, the focus can be reduced to improving financial payments and streamlining operations in non-financial sectors.

The blockchain-based project that excels at financial payments is Stellar. The Stellar blockchain network is a protocol fork from Ripple Labs designed to store and move money. In particular, the network validates and processes cross-border transactions quickly and inexpensively.

Stellar enables users to create, send and trade digital representations of all forms of money. This means that a user can send Mexican pesos to Malaysia without incurring the high fees typical of the traditional forex market.

At the center of Stellar’s fluidity is Lumen (XLM). Lumens or the stellar coin drives the decentralized interactions over the network. You can trade XLM coins through various cryptocurrency exchanges, including Coinbase, Binance, and more. In this article we present an analysis for the Stellar price prediction in June 2021.

Stellar Lumen (XLM) Current price

XLM will trade at $ 0.3392 on June 8, 2021, which is 12.18% lower than the price 24 hours ago, according to CoinMarketCap. Market capitalization is also down 12.17% from the last 24 hours of trading to $ 7.844 billion.

Still, the size of XLM trades is up 24.08% in the past 24 hours to $ 795 million, indicating growing interest in the digital currency.

Lumens from a correction that saw the price plunge from its May 16 high of $ 0.7721. However, today’s price is 27,666.09% above the all-time low and 63.68% below the all-time high.

Events That Could Move Stellar Price In June

Protocol 17 upgrade

According to the Stellar Development Foundation or SDF, the three main use cases of the blockchain network are global payment application development, micropayment services, and asset exchange.

Stellar has one of the most competitive platforms that has performed well in asset exchange to date. Earlier this month, the Stellar Core developers successfully upgraded the network to Protocol 17.

The organization issues regular upgrades to the network to ensure that it is operating on the cutting edge of blockchain technology. This new upgrade protocol 17 introduces a new feature called Asset Clawback. It enables developers to revoke assets if necessary in accordance with regulatory requirements.

With the asset clawback function, companies can prove that blockchain can be operated within existing compliance boundaries.

Protocol 17 is a key statement from Stellar showing an intention to stay at the forefront of new funding. The news sparked notable interest in the market on June 1, sending crypto up 15.24% in intraday trading. Although the token has fallen 15% since then, there is a chance of a strong rebound if the market begins to digest the importance of the network upgrade.

Partnership to Promote Unbanked

If there is one area in which the Stellar Foundation has shown excellence is to anchor its vision in partnerships. The Stellar blockchain enables various organizations, including Circle, to provide their services. For example, Circle uses the Stellar network to run a global payment system, as does ClickPesa, SatoshiPay, and Bitbond. All of these companies are titans in their area of ​​operation.

Last month, Circle announced a partnership with Tala and Visa that targets millions of people without a bank account around the world. Tala is a leading FinTech company, primarily operating in the developing world, aiming to connect people without a bank account to the global financial system.

Tala intends to offer its users payment cards that will transact with merchants who accept Visa cards. The payment network will use Circle’s USD Coin (USDC), a stablecoin based on the Stellar blockchain. The Stellar blockchain will store and facilitate the cross-border transfer of USDC, thereby breaking down existing barriers that limit access to finance for up to 3 billion people worldwide.

The news of the partnership was released on May 5, 2021, but the implementation face will pick up pace this month. Hence, it is hoped that within the month the market will respond in the same way by shifting buyers to XLM.

Strategic investments by the Stellar Development Foundation

In addition to operating an open blockchain network, the Stellar Development Foundation supports startups through the Stellar Community Seed Fund program. The fund primarily supports projects that promise to expand the reach of the Stellar ecosystem.

Two promising companies have received funding from the program so far this month. In one case, the SDF fulfilled its promise to invest $ 15 million in AirTM. AirTM is a Mexican provider of peer-to-peer exchanges and digital wallets that operates at the interface between traditional banks and blockchain technology.

According to Denelle Dixon, CEO and Executive Director of SDF, AirTM Stellar’s ​​cash injection is expected to open up Latin American markets. AirTM will use the investment to transform the region’s “fragmented banking networks” by leveraging the Stellar network.

The Stellar Development Foundation also awarded SatoshiPay an R&D grant. According to SatoshiPay’s blog, the funds will enable the development of Pendulum, “a suite of open, decentralized protocols on which smart contracts can be developed and executed”. Pendulum will act as the secondary layer of the Stellar network, connecting users to Polkadot and Ethereum, which are both smart contract platforms.

Either way, Stellar gets the chance to sell its vision to more people and in more regions. The ultimate benefit of investing is an increase in Stellar’s user base, which allows XLM to flow through more wallets.

Star price forecast

XLM price has stabilized since plummeting nearly 61% from the year high on May 16 and bottoming at $ 0.3047 on May 23 over two weeks.

The good news is that sellers are getting thinner, and as shown below, the RSI appears to be rising in the opposite direction. In addition, the MACD suggests that a change of direction is in the works, based on the volume of XLM sold.

XLM 4-hour price chart. Source: TradingView

Drawing the Fibonacci retracement on the XLM 4-hour chart shows the 23.6% level as the most critical resistance. The market has been below level since May 27th, apart from two unsuccessful price rallies.

XLM daily price chart. Source: TradingView

It helps to note that the past two weeks have been challenging for the entire crypto market. For example, Bitcoin is down 9.8% in the past week. It is very likely that the negative market sentiment is having a negative impact on XML’s price performance.

Still, Stellar price analysis shows that XLM will rise to $ 0.561960 in June 2021 if it breaks above the 23.6% fib retracement level. The price point of $ 0.561960 also happens to be the 50% Fib retracement level, slightly above XLM’s recent high.

Please note that the above article is a purely opinion-based post based on relevant available data. It should not be viewed as direct investment advice.

Leave A Reply

Your email address will not be published.