Stellar (XLM) has risen $ 0.12 above $ 0.68 since early 2021, and the current price is around $ 0.61. The main trend of this cryptocurrency is still bullish, and if this positive trend continues, this cryptocurrency could be one of the top performers in April.
Fundamental Analysis: Grayscale bought 5566271 XLM last month
Stellar (XLM) has skyrocketed since early January and this cryptocurrency continues to trade in a buy zone despite the current correction. Stellar is a project that operates as a non-profit entity with a mission to connect payment systems, people and banks.
Looking for quick news, advice and market analysis? Sign up for the Invezz newsletter today.
Users are not charged for transactions over the network, and it’s also important to say that Stellar has a lot of advantages over Bitcoin. Stellar transactions are confirmed in seconds at very low costs, while Bitcoin transaction confirmations can take much longer with higher transaction costs.
Stellar has its own cryptocurrency known as Lumens (XLM $), its liquidity has increased significantly in recent weeks and this cryptocurrency could exceed the current price point in April. It’s also worth mentioning that cryptocurrency asset management company Grayscale bought 5566271 XLM in the past month, worth around $ 3.5 million.
“As institutional investors gain exposure to Stellar, prices have reacted strongly. Grayscale has embarked on a buying frenzy, adding further upward pressure on the cross-border money transfer token, ”Bybt reported.
Tip: Are you looking for an app to invest wisely? Trade securely by signing up with our preferred option, eToro: visit and create an account
Technical Analysis: Stellar (XLM) Could Further Advance In Current Bull Market
Institutional demand for Stellar (XLM) appears to be growing at an exponential rate and, since the start of the month, XLM’s market value has increased by over 60%.
Data source: tradingview.com
Stellar (XLM) could advance above the current level of the current bull market, and if the price breaks above $ 0.70, the next price target could be around $ 0.75 or even $ 0.80. Stellar’s trading volume remains high and there is no risk of a trend reversal at this time.
On the other hand, if the price falls below $ 0.50 it would be a firm “sell” signal and we are heading towards a support level of $ 0.40.
Since the beginning of April, the market value of XLM has increased by over 60% and this cryptocurrency continues to trade in a buy zone despite the current correction. Grayscale bought 5566271 XLM last month and it looks like institutional demand for this cryptocurrency is growing at an exponential rate. Stellar (XLM) could advance above the current level of the current bull market, and if the price jumps above $ 0.70, the next price target could be around $ 0.75 or even 0, $ 80.