Stellar (XLM) is currently ranked in the 9th position after showing remarkable performance in 2019. The cryptocurrency, currently trading at $0.12 has witnessed a 64% increase in price over the last three months. Already, the asset has tested its 2019 all-time high when it traded at $0.165.
Stellar is trading within a consolidation zone of between $0.12 and $0.13, and the market can move in either direction. Additionally, the market appears to be overstretched based on the indicators, something that can lead to a retracement.
The crypto continues to be the center of attention as it warms up institutional investors. Based on the recent partnerships, the cryptocurrency market is awaiting XLM to hit new heights, most specifically the $0.5 mark.
The Stellar team has been actively promoting the cryptocurrency alongside its underlying technology. The recent price surge can be attributed to the positive publicity and strategic partnerships.
The Stellar foundation has been positioning the coin to be used in the banking sector. XLM is a secure platform for users to manage money transfers without paying extra fees for availing the service.
Recently, the foundation partnered with IBM and Deloitte. Additionally, payment service provider Wirex listed XLM among its payment options.
Furthermore, Stellar has been targetting partnerships with the startup sector. The significant startup that Stellar is working with is the Pioneer organization from Israel. In the deal, XLM will be used as an incentive for users who participate in contests powered by Pioneer. Based on this growing popularity, XLM holds the potential of reaching $0.5 price mark by close of 2019.
In the short term, if the market is pushed under the 200-day EMA and beneath the lower boundary of the range at $0.12, we should witness support at $0.1174 and $0.1146.
On the other hand, if bulls can maintain the support at the 200-day EMA and push XLM over the $0.145 mark, the resistance level will be located at around $0.155 level. Such resistance will usher in a new bullish trend.