Stellar (XLM) has advanced from $0.12 above $0.68 since the beginning of the 2021 year, and the current price stands around $0.61. This cryptocurrency’s main trend remains bullish, and if this positive trend continues, this crypto could be one of April’s best performers.
Fundamental analysis: Grayscale has bought 5,566,271 XLM over the past month
Stellar (XLM) has exploded since the beginning of January, and this cryptocurrency continues to trade in a buy zone despite the current correction. Stellar is a project that operates as a non-profit entity with a mission to connect payment systems, people, and banks.
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Users are not charged for conducting transactions on the network, and it is also important to say that Stellar has lots of advantages over Bitcoin. Stellar transactions are confirmed within seconds at very low costs, while Bitcoin transaction confirmations may take much more time with higher transaction costs.
Stellar has its own cryptocurrency known as Lumens ($XLM), its liquidity has risen dramatically over the last several weeks, and this cryptocurrency could advance above the current price level this April. It is also important to mention that cryptocurrency asset management firm Grayscale has bought 5,566,271 XLM over the past month, worth roughly $3.5 million.
“As institutional investors gain exposure to Stellar, prices have responded strongly. Grayscale has gone on a buying spree, adding more upward pressure to the cross-border remittances token,” Bybt reported.
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Technical analysis: Stellar (XLM) could advance even more in the ongoing bull market
Institutional demand for Stellar (XLM) seems to be picking up at an exponential rate, and since the beginning of the month, XLM’s market value has risen more than 60%.
Stellar (XLM) could advance above the current level in the ongoing bull market, and if the price jumps above $0.70, the next price target could be around $0.75 or even $0.80. Stellar’s trading volume remains high, and for now, there is no risk of the trend reversal.
On the other side, if the price falls below $0.50, it would be a firm “sell” signal, and we have the open way to a $0.40 support level.
Since the beginning of April, XLM’s market value has risen more than 60%, and this cryptocurrency continues to trade in a buy zone despite the current correction. Grayscale has bought 5,566,271 XLM over the past month, and it seems that institutional demand for this cryptocurrency is picking up at an exponential rate. Stellar (XLM) could advance above the current level in the ongoing bull market, and if the price jumps above $0.70, the next price target could be around $0.75 or even $0.80.