XLM, or Stellar Lumens, is the native cryptocurrency of the Stellar network, which is designed to facilitate cross-border transactions and improve financial access globally. Stellar aims to connect financial institutions and drastically reduce the cost and time required for transferring money across borders.
XLM serves multiple purposes within the Stellar ecosystem, including acting as a bridge currency for converting any currency to another, enabling low-cost transactions, and providing liquidity for the network. Additionally, the Stellar network employs a consensus mechanism called the Stellar Consensus Protocol (SCP) to validate transactions without relying on traditional mining methods.
Overall, XLM plays a key role in enhancing the efficiency and accessibility of global financial operations, allowing for faster settlement times and reduced fees compared to conventional banking systems.
Stellar's XLM is struggling with a descending channel, trapped in a bearish pattern since December. The support level is at $0.32, while XLM faces resistance at $0.37 and $0.49, indicating…