Stellar is one of those under the radar cryptocurrencies, but their network has been utilized by companies such as IBM, Deloitte, and Stripe.
Because it’s an under the radar cryptocurrency, did you know IBM brought its Blockchain World Wire (BWW) payment network out of beta this week? Also, did you know Stellar’s, Lightyear Corporation merged with Chain Inc. to form Interstellar.
In 2014, Chain secured investment from Visa and Citi to commercialize and integrate the blockchain for the finance sector.
Personally, I like Stellar over Ripple due to Ripple’s co-creator Jed McCaleb. Jed left Ripple holding 9 billion XRP, sold his holdings and donated some to charity. Prior to co-founding Stellar, Jeb is known for creating the bitcoin exchange Mt. Gox and the peer-to-peer eDonkey and Overnet networks. So the guy is very talented.
But it’s not about what I like or feel, it’s about what’s real. Like Ripple, Stellar as also had a "stellar" ride over the past week, rising by as much as 50%. This only makes sense because Ripple and Stellar are direct competitors. The Stellar network has fast transaction speeds that rival Ripple. The Stellar network like Ripple is meant to handle cross platform transactions and micro transactions like Ripple.
Can the stellar ride for Stellar continue, let go to charts to find out?
Based on the weekly chart, the chart suggests the $0.20 level is a support level, where buyers are willing to make their presence known. Price has room to move another roughly 15 cents to the weekly supply at $0.45.
What's even more encouraging is the move last week took out all the pivot daily highs (yellow circle), making room for further upside.
Zooming down to the 4 hr chart, the chart suggest there are buyers at the $0.23 and $0.21 level. So if price pulls back to one of these level, these would be a levels to hop on for the continuation higher.
These levels also tie into some fib retracement levels as well. The $0.23 level matches up nicely with the 61.8% retracement and the $0.21 level matches up nicely with the 88.6% retracement.
There retracement levels may give a trader a bit more confidence of the level working as there are traders out there that trade fib levels and thus will be buying at these levels as well.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
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by rollandthomas