Stellar Losses Buyer’s Attention; Can XLM Turn Bullish?

As cryptocurrency becomes popular, the quick and efficient exchange between cash and digital assets is in high demand, and Stellar aims to solve this problem. Wyre strategically integrates MoneyGram with Stellar to enable seamless exchange between cash and cryptocurrency worldwide.

With this integration, users can transfer digital and traditional assets and funds from their Wyre wallets. It resolves many barriers regarding crypto and cash transfer. MoneyGram also offers cash-out functionalities globally, enabling Wyre to pass this great feature to the users. It will not charge any fees for its service till June 2023. It is currently available for the USA and Europe-based users, but it will be released globally for all crypto users.

For this, users must open a wallet in the Wyre ecosystem. After that, they can transfer funds from their wallet to any MoneyGram location where they can cash out the fund in local currency. Later they can fill out the MoneyGram fund with basic KYC information to receive a transaction summary easily.

A Stellar network is created to bridge the gap between digital and fiat currencies. Twenty billion XML is in supply, and 30 billion are held in SDF (Stellar Development Foundation) that supports the network. It was founded by Jed McCaleb, who is a co-founder of another payment network Ripple.

The difference is that Stellar is an open-source network, whereas Ripple is a closed network. Ripple targets financial institutions, whereas Stellar targets were emerging markets and non-banking sectors. The Stellar network uses Proof of Stake consensus, which makes it one of the preferred choices for its faster transaction rate and energy-intensive features.

It is interesting to watch how the XLM price will behave in the short and long term. You may read our XLM prediction to know the future performance of the token.

At the time of writing this post, XLM was trading around $0.109, which is a support level now. XLM has been forming lower highs and lower lows, which means it is not a good time to invest in the short term.

$0.128 can be a resistance level, which needs to be broken for the coin to turn positive. Most technical indicators are weak on the daily chart, while candlesticks are forming in the lower band of Bollinger Bands.

On the weekly chart of XLM, the last two candlesticks are red, forming lower highs and technical indicators are bearish. We do not think it is the ideal time to invest in Stellar for the long term.

If you are a risky trader, you can invest for the short term with the appropriate target price and stop loss. However, you should wait for a few months until XLM shows a bullish trend in the long-term chart.