Stellar's Lumen Ranges Above Support after Stripe Says it Might Back its Cryptocurrency [Video]

Kiana Danial, CFP Invest Diva

Stellar’s Lumen or XLM was among one of the dew major cryptocurrencies to see a bullish sentiment on Wednesday. Although it started the trading day below the daily Ichimoku cloud, it managed to find support at the 50% Fibonacci retracement level of 0.46. This level has acted as a key support multiple times since Stellar’s Lumen started its descend from the all-time high of 0.98 beginning of January. Since then, XLM/USD has been mainly ranging between 0.68 and 0.46, with an exception of a temporary fall towards the next support level of 0.35 two weeks ago. With that, the future Ichimoku cloud remains flat, but the Tenkan line is just about to cross below the Kijun line, giving us mixed signals as far as technical analysis goes. From a fundamental point of view, Stellar has surged to become the sixth most-valuable cryptocurrency after digital payments company Stripe announced it may add support for the XLM currency. Adding to the hype, the Mobius Network (aka “Stripe for Bitcoin”) ran its initial coin offering (ICO) on the Stellar network instead of Ethereum. Stellar is a platform that connects banks, payments systems, and people. Its decentralized protocol is best used for sending any pair of currencies directly on the internet. Thanks for watching, invest responsibly, and I’ll see you with more updates next time.

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Kiana Danial, CFP

Invest Diva

Kiana Danial is an award-winning, internationally recognized personal investing and wealth management expert.

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