Stellar Lumens (XLM) is an investment class that is becoming more popular. If you want to learn more about it, this article is going to detail the prediction of its price performance in the month of November for you to decide if it is worth investing or not.
Stellar Lumens (XLM) is the 17th largest cryptocurrency by market capitalization. Created out of Ripple in 2013, it is a payment network that settles transactions internationally in seconds. The native currency XLM is used to provide liquidity for such transfers, and so far, the network has 460 million accounts with over $1 billion in value transfer since inception. Stellar’s main goal is to build a bridge between cryptocurrency and fiat currencies, as one of its creators, Jed McCaleb, said.
Transactions on the Stellar blockchain only cost a fraction of a dollar, equivalent to 0.00001 XLM. The company teamed up with IBM a few years ago to launch World Wire that allows large financial institutions to submit transactions to the Stellar network and to use stablecoins for transactions.
XLM has a total supply of over 50 billion coins, and there are currently more than 20 billion of them in circulation. The market cap is $1,770,174,926, and $194,763,315 of transactions have been carried out in the last 24 hours.
Stellar Lumens (XLM) Price Prediction: Analysis
XLM started the month of October at $0.075 and continued to dip to lower levels. On 2 October, it reached one of its lowest prices at $0.07003, then moved back up to $0.074 momentarily on 6 October before dipping again to $0.0708. It then bounced from there and has been on an upward move since then.
The coin made an impressive jump on 16 and has not looked back since then, and today stands at $0.084. In general, it has been in a bullish trend for the month, but the long term is bearish, as indicated by the chart below. The 100 MA is on top of both the 50 and 20 MA. in other words; it has built a resistance that may take some time to break.
Only after the 50 or 20 MA crosses above the 100 MA (Golden Cross) will the coin flip into a bullish trend again.
In support of Stellar’s goal of making remittance settlement as easy as sending an email, the second-largest stablecoin, USDC is to launch on the Stellar blockchain by Q1 of 2021. This will be the first time a major stablecoin is launching on the blockchain.
USDC, which first appeared on the Ethereum blockchain, has also been launched on Algorand with little success. Stellar will be the third blockchain on which the stablecoin is launching, and the CEO of Stellar Foundation, Denelle Dixon, said it will help the company to grow significantly.
Majorly, USDC will help to expand Stellar’s liquidity pool and help it to facilitate remittance settlement more efficiently, as liquidity is a key requirement for this service to thrive.
Stellar Lumens Price Prediction: Market Opinion for November 2020
The following are the opinions of the top websites with price predictions for the coin for the month of November 2020.
For November, Digitalcoinprice places the average price at $0.181, with an average gain of 112.18%.
Longforecast‘s XLM price prediction is that it will open the month of November at $0.085, which is not very different from the current price. The coin is expected to range between $0.079 and $0.097 before closing the month at $0.091.
Gov.capital predicts that XLM will open the month at $0.0767 and close at $0.0711. The lowest possible price is $0.046, while the highest possible price is placed at $0.112. This means there are potential price swings within the month that you can take advantage of.
30rates predicts that XLM will start November at $0.079, and by the 20 November, the price will be $0.091. The following are the predictions up to 20.
Stellar Lumens (XLM) Price Prediction: Verdict
This was our XLM price prediction, and as we can see, market opinions indicate here a bullish trend for XLM in November. This is in spite of the bearish tendency based on technical indicators. Therefore, care should be taken in buying the asset for the short term.