More downsides despite stellar partnerships

The price of Stellar Lumens has seen a strong downtrend over the past few months as cryptocurrency prices retreated. XLM price crashed to $0.1277, which is close to its lowest level since January 2021. Its market capitalization has fallen to around $3 billion, making it the 24th largest cryptocurrency in the world. world.

Stellar Ecosystem Growth

The price of XLM has been trending lower after peaking in May last year. This decline is in line with the performance of other cryptocurrency prices like Bitcoin, Ethereum, and Ripple.

Still, Stellar’s ecosystem has grown over the past few months. For example, Stellar Foundation deepened its partnership with MoneyGram, the global payments giant. The partnership allows people to send coins in USD and withdraw them at its locations. It is one of the biggest stablecoin to fiat payment process.

At one point last year, there were even rumors that the Stellar Foundation would partner with Advent International to acquire MoneyGram. These talks came to nothing, and MoneyGram was taken over by another private equity firm.

Learn more about purchasing Stellar Lumens.

This week, Stellar announced that it has partnered with Nium, a global money transfer company. The agreement will allow companies to facilitate payments to 190 countries on Stellar. The process will improve the traditional correspondent banking system and speed up money transfers. In a statement, the head of Nium Crypto said:

“Our approach to modern monetary movement on Stellar innovates on legacy approaches far beyond their heyday. It showcases both Nium’s global reach and real-time payment capabilities to a thriving network of business leaders and innovators.

Other companies have recently partnered with Stellar. For example, Coinme recently announced that it would launch a USDC-powered borderless global digital payment system. Other companies that have partnered with the company are Mercado Bitcoin, Novatti, Flutterwave, Shift Markets, and OkCoin.

XLM Price Prediction

The daily chart shows that the price of Stellar Lumens has been in a strong downtrend over the past few months. As the coin retreated, it broke below important support levels at $0.2021 and $0.1676, which were the lowest levels in January and March of this year.

Stellar broke below the 25- and 50-day moving averages, signaling that the bears are under control. At the same time, the Relative Strength Index (RSI) trended upwards.

Therefore, the path of least resistance for XLM price is bearish, with the next key support at $0.0900.