STELLAR PRICE TREND SEEMS RATHER SOLID
It is evident a lot of strange things tend to happen in the world of cryptocurrency. While the Bitcoin price is going down again for no apparent reason, we see a few other markets buck this negative trend without too many problems. The Stellar price, for example, has noted a strong 9.46% uptick in the past 24 hours. This is a remarkable development, as it is not exactly a trend most people had envisioned to materialize today.
Even so, the Stellar price is slowly rising back to the level it had reached earlier this week. More specifically, on Monday, we saw a Stellar price of $0.37, yet things have gone south ever since. With the XLM value dropping to $0.32 in the next few days, it is evident things were not looking all that great. It now seems that trend is slowly turning around in favor of Steller again, although it remains to be seen how long this uptrend will last.
This current 9.46% increase in SUD value is pretty significant, yet the Stellar price may not go much higher, all things considered. While Steller also notes an 11.37% increase against Bitcoin, it remains to be determined if that momentum can be sustained for more than a few hours. Assuming that is the case, we may very well see a Stellar price of $0.4 before the day is over.
One thing that is somewhat worrisome about Stellar is the current 24-hour trading volume. More specifically, we see just $99.14m in 24-hour trading, which is anything but spectacular. That doesn’t necessarily mean there is no demand for this currency as of right now, but it is important to put things into their proper perspective. The overall cryptocurrency volume is a lot lower than it should be as well, thus it’s only normal all markets suffer a bit.
Binance is the leading trading platform when it comes to XLM trading volume. Their lead over Upbit is quite big, and Binance processes over twice the volume of Poloniex. With only the KRW currency pair in the top three, very little fresh capital is entering the market right now, as XLM’s USD pair on CEX generates just $1.11m. None of this is necessarily worrisome, though, but it is important to keep all of these things in mind at all times.
For the time being, it remains difficult to predict what the future will hold for the Stellar price. Anything is possible in this industry, especially during the weekends. Whether or not the Stellar price will still be in the green come tomorrow, is a different matter altogether. For now, people who hold a position in this market may be better off taking smaller profits rather than waiting for a big score. Unless the trading volume picks up significantly, there is no real reason to expect major increases.