With nearly 500% gains in the yearly timeframe, Stellar Lumens (XLM) could not break its all-time high of $0.93 established three years ago in 2018. XLM coin was, however, able to form a new 52-week high at $0.68. At the time of writing, Stellar Lumens stands at a price level of $0.56. The price of the cryptocurrency has increased by 7% in the past twenty-four hours while the daily trading volume has gone up by nearly 30%. Stellar Lumens stands at 16th rank in the market with the capitalization of the coin, too, increasing.
Stellar Lumens (XLM) technical analysis
The market sentiment for stellar Lumens is neutral. Out of the total twenty-six technical indicators, ten stand at a neutral position while fifteen are giving out a signal of buy with only one sell indication. The oscillators and moving averages are, both, standing at neutral position.
A trader has identified Stelar Lumens inside a triangle formation. The analyst is suggesting a long position on the cryptocurrency as the market is appears to be dominated by buyers. The Relative Strength Index is moving towards overbought conditions. The RSI couple with the bullish 6-hourly candle in indicative of buying pressure on XLM coin’s price. Per the trader, the 0.786 Fibonacci retracement which lies parallel to the price level of $0.54 is the immediate support level for XLM coin. Another support level can be found at 0.618 Fibonacci Retracement – at the price level of $0.43.
Stellar Lumens’ (XLM) ETP
A new milestone was reached for XLM crypto as a Swiss fintech company by the name of 21Shares AG has announced listing the exchange-traded products for Stellar Lumens along with Cardano. The XLM ETP (AXLM) was have a base trading fee of 2.5% and will be launched on Swiss stock exchange, SIX Exchange. Each AXLM will be backed by 40 XLM at the time of launch.
The demand for Stellar Lumens has skyrocketed in the bull run of 2021 because of the coin’s performance and the potential it carries. 21Shares AG revealed that the ETP products for XLM saw a 200% spike in demand in the first quarter of 2021.