Technical Price Analysis of Stellar(Nov.8th)

The Stellar network is a blockchain-based distributed ledger network that connects banks, payments systems and people to facilitate low-cost, cross-asset transfers of value, including payments. Stellar has its native cryptocurrency called lumens, which is denoted by the symbol XLM. Stellar is founded by a non-profit organization called Stellar.org and was founded by Jed McCaleb, who also co-founded another popular cryptocurrency, ripple. Although like ripple, Stellar is also a transfer and payment system that connects financial entities with an aim to significantly reduce the transaction costs and time lags. Each transaction has a standard mining fee of 0.00001 lumens.
While Stellar resembles most decentralized payment technologies like bitcoin, its key distinguishing feature is its consensus protocol. The present-day Stellar is a result of a 2014 fork that created the Stellar Consensus Protocol (SCP) following which Stellar became an open-source system. Under this protocol, the transaction authentication process is confined to a select set of trustworthy nodes rather than being left open to the whole network of nodes. Each node on the network selects a set of such trustworthy nodes, and a transaction is considered approved once authenticated by all nodes that are part of this select group. This shortened approval cycle allows the Stellar network to process transactions faster and keep transaction costs lower.
Stellar supports a distributed exchange model, which allows a user to send payment in a particular currency (like EUR) though they may be holding USD credit. The network automatically performs the forex conversion at the best available rates. The receiver can withdraw the EUR equivalent through the partner institute like a bank.
Popular cryptocurrencies like Bitcoin and EOS were sliding whereas coins like Ethereum, XRP were basking in the bull’s shadow and while Stellar Lumens witnessed a steady rise. Stellar Lumens was rising by 1.40% with a total market cap of $4.864 billion. The cryptocurrency was trading at $0.258 with a 24-hour market volume of $58.253 million. The cryptocurrency which was maintaining its 6th position on the cryptocurrency charts was slowly gaining on the market cap of EOS, which was holding at $5.23 billion.
Binance held the majority of the XLM trade volume which stood at a staggering 19.59% for the XLM/BTC pairing and 15.38% for the XLM/USDT pairing. The trade volumes for both the pairings stood at $11.55 million and $9.07 million respectively.
Stellar has been one of the few popular cryptocurrencies that have maintained a steadfast position on the price charts, with the prices fluctuating between $0.2502 and its current price of $0.2579.
With the way the stock is plummeting, I would advice a quick buy as the currency is heading to the zenith.

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