Stellar Lumen’s price started to increase on the chart following a major announcement by PrimeTrust. Additionally, Stellar traders seemed to have regained their hope on the coin, following this new development, after a small green candle was seen, with signs of more gains in the near future.
Stellar Lumens (XLM) gained 4% in the last 24 hours to trade at $0.2328 at the time of writing. Additionally, the 100 SMA is above the 200 SMA, to signal that the path of least resistance is to the upside. In other words, an uptrend is more likely to ensue than the opposite.
Moreover, the trading volume over a 24 hour period is $61,089,494. Also, the coin’s market cap stands at $4 billion. These are clear signs that buyers have taken over the market but still may not manage to hold the upside momentum due to several resistance points on the coin’s daily chart.
News and Developments
PrimeTrust recently made a major announcement that it’s going to add tokens based on the Stellar blockchain to its list of custody tokens. This announcement gave stellar Lumens a boost against the USD, which saw its price experience slight gains. PrimeTrust already has permission from the SEC to hold these tokens and this is a great thing.
According to the firm’s chief product officer, Stellar blockchain has shown great potential. This is because the platform’s blockchain has grown to be one of the fastest growing securities. Some of the factors that have contributed to its tremendous development include its speed and token minting support.
This new development is proof enough that Stellar is recognized in the crypto industry as one of the best platforms. However, with the current bearish conditions, it remains to be seen whether Stellar Lumen’s price will reflect the platform’s increasing adoption.
What’s your take on Stellar Lumen’s current price? Do you think it’s a true reflection of the platform’s development?
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