The currency $XLM is an abbreviation for Stellar Lumens, which is the digital currency of the Stellar network. Stellar is an open-source platform aimed at facilitating international financial transfers and digital currencies quickly, efficiently, and at a low cost.
Launch date: 2014
Main goal: Enable financial transfers between different currencies quickly and at a low cost.
Blockchain: Stellar uses the Stellar Consensus Protocol (SCP) instead of Proof of Work or Proof of Stake.
The total supply of the currency is approximately 50 billion, with a large portion reserved for distribution.
The currency is used for:
• Cross-border financial transfers quickly and at minimal cost
• A bridge between currencies: It can be used as an intermediary in transactions between different currencies
• Financing social projects
It is characterized by fast transactions and low costs.
In terms of technical outlook, the medium-term price movement shows a consolidative behavior, characterized by long periods of slow accumulation followed by a sudden and strong price surge.
Currently, the overall trend remains positive, with $0.49 being the most significant pivot level. Any breakout above it with strong buying momentum will enhance the likelihood of reaching:
• $0.56
• $0.67
• $0.80
If the weekly close is below $0.38, it is considered a potential change in direction.