Steller Lumens or XLM is surging today with more than 13% rise in the last 24 hours. Also Stellar is now the 8th largest cryptocurrency according to market capitalization (data from coinmarketcap). The market cap of Stellar is now more than $2 billion. Not only in the last 24 hours but in the last week as well, Stellar has been rising continuously due to the recent updates. On a weekly basis, Stellar is up by more than 22%.
Why did Stellar rise?
Börsenmedien AG, a giant financial information media company based in Germany is all set to buy a large amount of stake in SatoshiPay which is a startup based on Steller. This is one of the reasons which led to the sudden surge in the price of XLM. Börsenmedien AG wants to include SatoshiPay payment solution on their platform for their users to make payments on a single click.
Stellar Price Analysis:
XLM was trading at around $0.08 last week before the price started a bullish momentum. Stellar faced a lot of hurdles in between. Rising up to $0.088 on 8th March, the price started a downward correction but soon started the bullish force again on the 9th of March. With the continuous rise, Stellar has reached a monthly high of around $0.1097 today. XLM is currently correcting lower but it well supported around $0.1000. The current resistance lies around $0.1100 and if the buyers are able to break through this resistance, XLM may rise more to test the next resistance around $0.13000. However, if the current support of $0.1000 is broken, XLM might fall down to around $0.9400 where a large number of buyers are currently placed.