Stellar (XLM), Shiba Inu (SHIB) Price Analysis – 7 October 2021

  • Shiba Inu had its market cap increasing considerably as the meme token rose to rank 12th.
  • The Stellar Foundation collaborates with MoneyGram to support cryptocurrency transactions in local currencies.

Bitcoin extended its upswings past $55K as it attempted to touch $56,000. Other cryptos noted uptrends during the BTC’s bullish ride. While writing this content, ETH settles above $3,500 as bulls seem to gather strength for an attack to take Ethereum to $4,000.

Shiba Inu maintained a continuous upsurge since the start of the week, closing its gap with the top ten digital assets during mid-week sessions. The remarkable rally had SHIB’s market cap at $15.5 billion, the coin ranking 12 by market capitalization.

Stellar is among the best performers in the past sessions, surging more than 13% to hover around $0.36 while writing this content. Stellar exists to facilitate cross-border money transfers.

Shiba Inu

Shiba Inu started rising following a boost crafted by the Tesla executive Elon Musk. The billionaire posted a photo of his Shiba Inu Floki. SHIB began surging as crypto enthusiasts commented on Musk’s post. The positive sentiments in the market had Shiba Inu rising to $0.000035.

The Dogecoin competitor was among the tokens traded most on Wednesday, with its volume exceeding top alts such as Solana, Dogecoin, Ripple, and Cardano. While writing this content, SHIB has retraced to $0.00003. The 4hr price chart indicates the altcoin creating a red candlewick. That suggests that SHIB can maintain its upsurges.

Keep in mind that the asset’s technical outlook is positive, confirmed by the RSI and MACD. The latter sustains a buy gesture while the former stay in overbought territory, indicating Shiba Inu’s path with few obstacles is the upward one.

Stellar

Stellar Foundation and MoneyGram collaborate to see the latter support cryptocurrency payouts in the customer’s local currencies. According to the statement unveiled on Wednesday, the transaction firm will complete transactions in USDC Circle while converting cryptocurrency to local currencies.

With Stellar’s blockchain, MoneyGram can integrate its entire network with the UTB (United Texas Bank). MoneyGram CEO stated that his firm is positive on stable coins role in facilitating quicker cross-border payments.

XLM trades near $0.36 after the bullish leg that took it past $0.3 in 24 hours. Meanwhile, the crypto encounters massive resistance around the supply area in red. A break past this level will catalyze XLM to rise above $0.4.