Stellar Lumens has had positive traction to the upside after gaining roughly 37% in a week to stay above $0.1. Why did this cryptocurrency soar?
March 11, 2019 | AtoZ Market - The crypto market has maintained its 2019 gains. Prices are gradually finding their ways back upside after last week fast dip. Stellar is one of the top gainers last week after it rallied 37% to hit $0.11 from $0.081. However, after hitting $0.11 today, the bulls are retreating to $0.103. Despite the dip in the last 3-4 hours, the 9th ranked crypto on Coinmarketcap still maintains a 9% gain in the last 24 hours at the time of filing this report. The current recovery is good, but the price is still far away from November 2018's $0.28 or $0.38 that was hit in July 2018. The crypto market is still far away from 2018 highs. What has made Stellar perform above average in the last one week?
Besides price gains, XLM market capitalization has increased by over 20% in the last one week while the trade volume has doubled to $257 million. XLM currently exchanges for $0.104 with a market capitalization of $1.95 billion according to coinmarketcap, thus keeping its place among the biggest 10 cryptos in the market. Why has there been a surge in trade volume especially? Why has XLM performed better than most cryptos in the last one week?
German media company acquires stakes in Satoshipay
Borsenmedien AG announced that it was purchasing stakes in Satoshipay, a start-up crypto firm that provides micro-payment services. Satoshipay uses Stellar's blockchain. The announcement was made on 7th March, two days after the current upsurge started. A huge trade volume quickly followed as the demand for the cryptocurrency rose quickly. Stellar was therefore lifted to the top gainers' list. Borsenmedien AG is a German media firm, founded in 1989 and currently has 51-200 employees. This could just be a temporary effect and Stellar would soon move alongside the general market sentiments which remains bullish for now.
Stellar Lumens technical analysis
The long-term market direction is still to the downside. Since early February when the current bounce started XLM has gained 50%. However, this might just be another bounce leading to lower prices in the coming months. There are upside possibilities to test $0.147 and $0.25 but the bearish momentum, in the long run, is still strong and the talk of recovery still looks premature.
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