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Stellar Lumens is down 87% from its ATH.
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Cryptocurrency brings global financial systems together in a blockchain.
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Stellar token XLM is yet to get down.
Stellar Lumens XLM/USD is trading slightly above $0.1. This represents a decline of 87%, compared to its all-time high of $0.79 in May 2021. This thesis answers the important question of whether investors are good at buying Stellar Lumens at low prices.
Stellar Lumens prides itself on being an open network for secure custody and transfer of funds. The platform simplifies the process used to create, transfer and trade all types of digital money. This also includes dollars, pesos and bitcoins. The network aims to enable all global financial systems to work together.
Undoubtedly, as digital payments grow, Stellar Lumens will follow suit. This became apparent earlier last month when the Novati Group linked Stellar to a new stablecoin. Stellar along with Ripple was selected by the international payment network for the project. The stablecoin will be pegged to the Australian dollar. Last year, Stellar also partnered with payments giant MoneyGram. The partnership will let customers convert their digital money into cash. Such developments highlight the important role of Stellar and its native token XLM in the blockchain.
Stellar lumens continue to decline
Source – TradingView
From the weekly chart, Stellar Lumens is yet to find a downside break. The RSI reading of 31 shows that the cryptocurrency is oversold. However, the token is yet to find support, which is currently at $0.07. We don’t think it’s time to buy Stellar Lumens, although current levels remain attractive. The price will likely turn lower to find the next support at $0.07.
summary
Stellar Lumens lacks a catalyst for a potential rebound. Cryptocurrency remains viable in line with growth in digital payments and blockchain. The recent decline is likely to continue until the cryptocurrency reaches $0.07.