Stellar price analysis: XLM/USD an outperformer, seen up over 12% on Wednesday

  • XLM/USD up over 12% on Wednesday
  • Stellar technology for cross boarder payments remains promising
  • Bullish pennant formation on daily time frame

 

The Stellar price is a notable outperformer among some of the big cryptos, during trading on Wednesday. Popularity for Stellar is increasing within the market, investors continue to seek attractive alternatives. The circulating supply of Stellar is growing firmly, now seen above 18 million.

In terms of new flow, nothing fundamental directly coming from the Stellar camp recently however things still look very much promising for the Stellar. As a recap, back in October 2017, IBM and Stellar announced a partnership. Already IBM and a network of banks have begun using digital currency and blockchain technology to move money across borders.

The Stellar price is trading just under the $0.45 level. It is up around 25% since the lows of last week, around $0.33. Looking technically, on a daily time frame, the price is moving within a bullish pennant formation.

 

XLM/BTC daily time frame

 

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