Stellar is heading for higher positions in altcoin rating, being one of the fastest growing new cryptocurrencies out there.
Over the last days, Stellar (XLM) advanced to the top 10 most demanded cryptocurrencies, leaving Litecoin behind. Ripple creators who also designed Stellar tried to fix all previous errors and create a trendy and effective cryptocurrency, and it looks like they succeeded.
Stellar has what Ripple lacked back in time, which is an independent structure, while Ripple was often disliked for being regulated and bearing commercial interest.
Stellar developers have endowed this cryptocurrency with good further opportunities by using some unique network configurations. The platform Stellar is built upon runs transactions quickly and at low cost. In this light, it can become a competition to Ether – in due time, of course
Large corporations will be additionally supporting stellar. As such, it was already known last fall that IBM might use Stellar for payments, including overseas transactions. This trend is likely to continue, as Stellar is going to use both private and public blockchain.
For now, Stellar supports only two currencies, namely, GBP and FJD, but this list will surely become more substantial in the future, which will attract more large corporations.
Curiously, Stellar as a network does not have any major drawbacks. The platform is only being developed and the code is not finished yet, but it is already very promising. It has been said many times before that if the cryptocurrency market disappears one day, the technologies behind it will be here to stay, and it does fully apply to Stellar.
This week, Stellar added 16% to its value to reach $0.56, according to the data from CoinMarketCap. This is very cheap compared to most other cryptocurrencies, while its potential is great and its demand is growing every single day.
Technically, the previous descending channel is over, and a new ascending one is forming. The price is within a very clear range, with the next bullish goal at $0.65. Once this goal has been achieved, the price may head towards $0.76. The key support level is at $0.48, but the price is unlikely to go down to it, at least for the time being.
What could help Stellar become even stronger and be among the top 3 or top 4 instead of being just 6? There is a number of factors, including Stellar being cheap, the market being tired of Bitcoin and its sentiment shifts, and, most important, understanding that over the last year the market advanced a lot, while Bitcoin still makes no headway.
Disclaimer: Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.