Kucoin, a well-known crypto exchange has made some changes to their crypto pairings. The exchange has announced that they are dropping some of USDT pairings and adding a few more. One of the coins they have added with the USDT pair is Stellar XLM, as seen in the announcement below.
For Stellar investors, this is welcome news, because it makes Stellar more accessible, which could add to its already fast rising demand. The announcement by Kucoin comes after some other good news related to Stellar such as coming migration to Stellar 10.0.0. Stellar 10.0.0 will have some interesting additions to the stellar network including the much awaited bump sequence operation.
In other news, IBM could be looking to tackle climate change using the stellar blockchain. Two days ago, IBM sent out the following tweet, with regards to its efforts to fight climate change.
Though they have not mentioned Stellar directly in this tweet, they had already hinted earlier along that they would be using the stellar network for this purpose. Their reason for choosing Stellar for this purpose is because it eliminates the challenge of trading carbon credits through centralized market places. Since Stellar’s StellarX is a decentralized exchange, it offers the perfect platform for the trading of carbon credits, hence creating the incentive for companies to cut on their carbon emissions and earn carbon credits. If this project by IBM gains steam, it will be a huge boost for stellar (XLM). That’s because Stellar (XLM) is the crypto that is used for paying transaction fees on the StellarX exchange. This means that the higher the volumes of transactions on this exchange, the better it is for the value of Stellar (XLM). The carbon credits market is worth billions of dollars and if these transactions were to be conducted on the stellar blockchain, then the value of Stellar (XLM) will push up significantly in the long-run.
Stellar (XLM) technical analysis
With all these good news about Stellar (XLM), how is this crypto likely to perform in the near-term? Well, in the hourly chart, Stellar is in an early bull-run. It has broken outside the 55 and 100 moving averages range, an indicator that bulls are in control of this market. The 55-day moving average is now offering key support, and buying momentum is pushing stellar (XLM) towards $0.23. If buying volumes rise in coming hours, Stellar (XLM) could test $0.238.
Longer-term, Stellar (XLM) is stabilizing at around $0.20 and $0.23, after the recent dump that saw it drop to $0.192. With good news such as the IBM news, there is a good chance that Stellar will pick up momentum, at around $0.23 and rally back to its recent highs of $0.30.