With the beginning of the new year, the cryptocurrency market has already started to demonstrate some careful optimism and recovery from the troubles that plagued it in the previous months, and that includes Stellar (XLM), which is recording solid gains on its weekly charts.
Meanwhile, the algorithms based on machine learning technology over at the cryptocurrency tracking website PricePredictions have set the price of Stellar at $0.082476 on January 31, 2023, as per the platform’s latest data retrieved by Finbold on January 11.
According to the algorithm, which draws insights from technical analysis (TA) indicators such as the moving average (MA), moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB), and others, this result would represent a 2.91% increase to the price of Stellar at press time.
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As for the sentiment indicated on Stellar’s 1-week gauges at the time of publication, it was in the slightly bearish zone, suggesting ‘sell’ at 13, the result summarized from oscillators indicating ‘buy’ at 3 and moving averages standing in the ‘strong sell’ area at 13.
These predictions arrive several days after Stellar-powered Techstars Payments announced the 12 startups it selected for its debut accelerator presence in Latin America, representing the kind of positive development in the Stellar ecosystem that could push the XLM price further upward in the short term.
Stellar price analysis
At the same time, the price of XLM presently stands at $0.08014, which represents a growth of 1.03% over the past 24 hours, as well as an 8.04% increase across the previous week, while its losses on the monthly chart remain at 3.36%.
Boasting a market cap of $2.1 billion, Stellar is currently the 26th-largest digital asset by this indicator, while its daily trading volume stands at $66.12 million, according to the recent data retrieved by Finbold from the crypto tracking platform CoinMarketCap on January 11.
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