Tanya Abrosimova
Independent Analyst
- Stellar's grown is supported by market sentiments and positive fundamentals.
- XLM/USD is trading above SMA200 daily for the first time since June 2019.
Stellar's XLM, the 13th largest digital coin with the current market value of $1.34 billion, has gained over 7% in recent 24 hours to trade at $0.0700 by the time of writing. XLM/USD has been growing steadily and printed six consecutive bullish candles on a daily chart. While the coin's upside momentum is dependant on the global sentiments on the cryptocurrency markets, there are also several fundamental factors that support Stellar growth.
XLM now available at cryptocurrency ATMs across the US
Stellar's coin is now available in CoinFlip's cryptocurrency ATM. The second-largest network of Bitcoin ATMs in the U.S. with 450 terminals scattered around the country now allows users to purchase and sell XLM in a hassle-free way. Also, 40 ATMs allow users selling their digital coins for cash. This development is a good news for Stellar supporters as it brings the coin right to the users' fingertips in a brick-and-mortar stores.
Currently, CoinFlip ATMs offer access to Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Dash (DASH), Komodo (KMD), Chainlink (LINK), Tron (TRX) and Stellar (XLM).
XLM/USD: Technical picture implies more upside
From the long-term point of view, XLM/USD is changing hands well-above SMA200 daily for the first time since the end of June 2019. While this is considered as a bullish signal, the price may retest this MA (currently at $0.0632) before another bullish wave is initiated. The first resistance is located on approach to $0.0757 (the upper line of weekly Bollinger Band). If it is cleared, psychological $0.0800 will come into focus.
On the downside, a sustainable move below the above-said SMA200 daily will increase the selling pressure and push the price towards the next strong barrier created by SMA100 daily at $0.0580. If this technical barrier is broken, $0.0530 (SMA50 daily) will come into focus. This development will worsen the technical picture and bring more sellers to the market.
XLM/USD daily chart
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