- XLM/USD gains over 10% on the day amid hype and speculations.
- A number of prominent partnership deals and upcoming airdrop create investment interest.
Stellar beats the market with another stellar rise. The coin gained over 10% since the start of the day and reached the new record high at $0.4249 amid insatiable demand from speculators inspired by the growing popularity of Stellar platform used by ICO projects.
Stellar came to life at the beginning of March and catapulted to the seventh position in the top-10 cryptocurrencies with the market value over $7.7B. The project positions itself as a multi-purpose platform for payment transactions, ICOs, and smart contracts. Stellar success is based on several pillars, including partnership deals with such big names as IBM and Novatti. These collaborations increase Stellar's liquidity and make it an attractive long-term investment.
From the short-term perspective, the coin is supported by two main factors: 1) upcoming Blockchain and FIntech event organized by Stellar team. It will take place in Dubai on May; 2) Repo coin airdrop. The project team promised to give $100 worth Repo tokens to Stellar wallet holders, who filled in the application form on the Repo website.
Technically, Stellar (XLM/USD) is supported by $0.40 handle. As long as the price is above this level, there is a chance for further upside to new all-time highs. Break below will increase the downside pressure and may pus the coin towards $0.3850.
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