The stellar price has increased steadily over the last two days. Friday 21 September is trading at 0.2514, adding 8.60% to its value. This rally is based on both the technological signals and the general trends of the market, says Dmitriy Gurkovskiy, chief analyst of RoboForex.
On H3, Stellar is rising after the MACD convergence and the breaking of the descending channel. The local goal is the resistance of the long-term channel, ie 0.2750. Support is now the former resistance, which had previously been erupted. The rally is also supported by the stochastic that forms the golden cross and the MACD that moves into the positive territory.
On H1, the rally has stopped near the resistance of the projection channel, which with the stochastic has moved into the oversold territory, could signal a pullback to support at 0.2300.
There has not been much news for Stellar recently, but again, there have been some. For example, OKCoin has added 5 new tools to its portfolio, which includes Stellar. This could increase interest in cryptography, as it is now available for trading.
Previously, Stellar obtained the Shariyah Review Bureau (SRB) certificate, as the authority authorized by the Central Bank of Bahrain allowed Stellar to establish its presence in the country once the recommendations are met. The SRB was particularly interested in the crypt itself, while the authority is absolutely fine with the blockchain itself.
Conquering the Gulf of Persia was a very daring goal, but it seems that nothing is impossible for Stellar. As the management says, the Shariah certificate will help you look at the platform and its technologies from another angle. In the meantime, what Stellar is interested in is the external payments and the digitization of assets. As the Islamic financial market is huge and Bahrain is struggling to become its center, it seems that Stellar is heading in the right direction.
Any provision contained in this document is based on the particular opinion of the authors. This analysis should not be treated as a trading advice. RoboForex can not be held responsible for the results of the negotiations resulting from the reliance on commercial recommendations and reviews contained herein.
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