Stellar market update: Paysend to launch Stellar-based stablecoin; XLM on the upside quest

• 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.

XLM/USD, 1-hour

 

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