Stellar Price: XLM Testing $0.25 Position While Receiving Support On Yet Another Wallet. Thursday, November 8th
Stellar XLM Testing $0.25 Position While Receiving Support On Yet Another Wallet
The past seven days have seen Stellar XLM record incredible gains. As of November 06, the only one coin that was outperforming it in price gains was Ripple. On, November 07, the coin has a market cap of little over 4.9 billion and is ranking 6th in the market. Although the coin is still recording marginal gains, the bulls are finding it hard to break past the $0.25 position. Today, a slight price correction brought it down from $0.258.
XLM/USD Price Chart, Thursday November 8th:
The lack of a breakthrough comes despite the project receiving some positive news. Stellar will become the fourth coin to be supported on the Blockchain.com Wallet. According to a blog post by the company behind the wallet, to celebrate the addition of XLM, the company will conduct the largest airdrop in the history of cryptocurrencies.
“Starting today, in celebration of adding full support for XLM in the Blockchain Wallet, we’ll begin giving away $125,000,000 of Stellar (XLM) to YOU, our users”
Blockchain.com is one of the highest-ranking cryptocurrency exchange wallets in the UK and its support of Stellar XLM is expected to open up Stellar for adoption in the UK. Stellar XLM joins the prestigious list of coins supported- Bitcoin, Ethereum and Bitcoin Cash.
This announcement has given Stellar some headline and it has seen the coin receive some marginal gains in the last couple of hours.
A strong price breakout of of $0.25 could result in a strong bullish rally. This could see the coin retest the $0.29 position, a position it has not come close to since September 23. If the bears are to start pulling prices below, the coin should find support around $0.21.
The lack of momentum and marginal movement right now- despite the positive news, could indicate sideways action in the coming hours.
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