- Stellar price has underperformed that of other cryptocurrencies recently.
- The developers run the SCF startup camp for Soroban developers.
- The concern about Soroban is the significant competition in the smart contract industry.
Stellar Lumens price drifted upwards slightly on Thursday as investors started buying the dip. The XLM token jumped to a high of $0.092, which was a few points above last month’s low of $0.085. In all, Stellar has jumped by over 30% from the lowest point this year.
Latest Stellar news
Stellar lumens price has underperformed the broader crypto market recently. This performance is mostly because the developers have not made major announcements about its ecosystems. As a result, the volume of XLM traded in exchanges has been relatively small.
The most recent Stellar news is about Soroban, its recently launched smart contract platform. Soroban makes it possible for developers to build projects such as those in the Decentralized Finance (DeFi) industry. The idea is that these developers can leverage Stellar’s technology and tools, including USDC to build products.
In July, some of the developers building in Soroban concluded the SCF Startup Camp in which they received guidance from other veteran builders. The winner of the competition were Cash Abroad, a payment platform for businesses in LATAM. Ripe, a platform that provides on-ramp solutions in the Philipines, was the second. It was followed by Uils.
Read more: How to buy Stellar.
The biggest challenge for Stellar’s Soroban is that the industry is getting extremely competitive. Most developers have been stuck with Ethereum while others have moved to layer-2 blockchains like Arbitrum, Optimism, and Polygon.
Broadly, Stellar’s performance in May was in line with that of other cryptocurrencies. After soaring to a high of $31,000, Bitcoin price has pulled back to below $27,00 while Ethereum has been stuck at $1,800. This performance was likely because of the debt ceiling issue.
Looking ahead, Stellar lumens price will react to any major news on the SEC vs Ripple case and the decision by the Federal Reserve.
Stellar price prediction
The daily chart shows that the XLM price has been under pressure in the past few days. It has moved above the ascending trendline shown in green. Stellar is also trading at the 50-day moving average while the Relative Strength Index (RSI) has moved close to the overbought level. The MACD is about to move above the neutral point.
Therefore, the outlook for Stellar in June is bullish, with the next level to watch being at $0.1150, the highest point on April 1st of this year. A move above that level will open the possibility of it rising to the key resistance point at $0.1395, the highest level on August 8 2022. This view will become invalid if the price moves below the ascending trendline.
