- XLM/USD stops short of SMA50 weekly, retreats from multi-month high.
- Paysend news may be behind the coin’s strong growth.
Stellar (XLM) hit $0.1630 before retracing to $0.1522 by the time of writing. Stellar is one of the best performing cryptocurrencies out of top-20 with over 27% of day-on-day gains. The coin now takes the 8th place in the global cryptocurrency market gating with a total value of $2.8 billion. In recent seven days, XLM added nearly 60% to its value, while an average daily trading volume jumped to $628 billion.
What's going on?
A London-based fintech company Paysend Group is about to launch of a new stablecoin on the Stellar network to allow millions if Paysend users to perform instant and commission-free cross-border transactions. The coin will go live in June 2019.
"Our global stablecoin is the perfect solution for Paysend's 700,000 expats, as well as for our multi-currency account holders. With the Paysend stablecoin, our customers will be able to keep the value of their money consistent and make instant payments anywhere in the world, without cross-border fees," Ronald Millar, CEO of Paysend said commenting the announcement.
Paysend has a license of the UK's Financial Conduct Authority (FCA) and serves over a million customers worldwide, providing them access to payment services.
Stellar's technical picture
XLM/USD reversed from the recent high of $0.1613 and got back into the intraday Bollinger Band amid technical correction. An intraday RSI points downwards, which means that the sell-off may gain traction with the next focus on $0.1330 (the middle line of 1-hour Bollinger Band). Once it is cleared, the sell-off is likely to gain traction with the following aim at $0.01217 (SMA50 1-hour) and $0.12.
On the upside, keep an eye on $0.16, followed by the recent high of $0.1630. The next strong resistance is created by SMA50 weekly at $0.1685.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.