The price of Stellar (XLM) is, for all intents and purposes, going stellar. Tracking Stellar price live on July 25, analysts noticed a 10% upswing to $0.33 in just four hours before it peaked at $0.35. In addition to trading higher on Bitfinex, XLM’s volume was up on Binance with more than $10.75 million traded on July 25.
The recent rush for Stellar came in the wake of Huobi Global announcement that Lumens were available on the platform. As is often the case when a cryptocurrency is added to an exchange, interested increased and that contributed to the Stellar price rush in recent days.
“Stellar (XLM) will be launched on Huobi Global on July 25, 2018 (GMT+8). Deposits will be available from 16:30, July 25, 2018 (GMT+8). XLM/BTC and XLM/ETH trading will be available at New Zone from 16:00, July 26, 2018 (GMT+8). Withdrawals will be available from 16:30, July 28, 2018 (GMT+8),” reads the July 25 announcement.
Now Could be the Time to Buy Stellar
For those looking to buy Stellar, now could be the time. Given the projects potential applications and the relatively low price of XLM, small investments could turn into significant gains. Indeed, as more companies use the consensus-based network, the legitimacy and utility of Stellar continue to improve. One of the most interesting developments to happen in recent days is SatoshiPay’s IPO.
Among the first projects to use Stellar, SatoshiPay announced on July 27 that it’s preparing to go public on AIM. The move will not only align the digital micropayment system with the London Stock Exchange (LSE) but Stellar too. Although it’s not a direct listing for XLM, any sort of association with a financially regulated entity like the LSE should be taken as a positive.
In light of the news, investors studying Stellar price in dollars should keep their eye on the $0.25 downside. Although intraday trading hasn’t pushed the coin’s theoretical floor to that level just yet, a consistent break above $0.308 could make it happen. Looking towards the upside, the indicators suggest resistance is heading towards $0.35, which should offer some room for a profit at the current price ($0.306 as on 13:00 on July 27).
Can the Price of Stellar Follow Ethereum’s Route?
As a project, Stellar has gone through the same hype cycle as Ripple, Monero and NEO. However, it has also managed to attract some high-level support. IBM has used Stellar to help power its stablecoin, while Tempo is using it for its global crypto-to-fiat remittance system. Although it’s not quite at the level of Ethereum, the grow of Stellar is starting to make waves. While it’s unlike the price of XLM with ever match the price of Ethereum, the former does seem to be following a similar path to the latter.
For long-term investors, the recent Stellar price spike will merely be another sign of its overall potential. However, for those playing the intraday game, a 10% jump represents an interesting turn of events. Although the XLM price chart has retreated since the July 25 high, the coin has shown it’s still got plenty of fight left in it. With that being the case, there’s no reason it couldn’t moon again in the coming days.
*Any information in this XLM price analysis shouldn’t be taken as investment advice.