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Stellar Makes Progress On Roadmap, Why XLM’s Price Lags Behind?

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Stellar (XLM) is following the overall market sentiment and has been trending lower over the last 24 hours. Bitcoin, Ethereum and other larger cryptocurrencies have been rejected at critical resistance levels and now appear poised to push the sector towards support.

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At the same time, the Stellar Development Foundation (SDF) released its second quarter 2022 report. report noting “steady progress towards the implementation of the 2022 roadmap”. The nonprofit claims that the network has seen improvements in terms of scalability, demand, and participation.

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One of this quarter’s major milestones is Project Jump Cannon, which is set to provide Stellar with a “robust smart contract execution environment.” In January, the network announced the adoption of smart contracts with a tentative launch date of December 2022.

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The announcement was made by Thomer Weller, VP of Technology Strategy at SDF, who oversaw the implementation of these capabilities with the WebAssembly Runtime (WASM). SDF claims that WASM will provide its smart contracts with a secure, scalable and easily accessible environment.

In addition, the SDF said the network has benefited from the introduction of Protocol 19. The upgrade makes it easier to “create payment channels” or second-layer payment solutions that support “high-bandwidth use cases,” the report said.

The Stellar Network also expanded its ecosystem in the second quarter of 2022 with the rollout of MoneyGram Access. A global fiat-crypto financial service that allows MoneyGram customers to send and receive money transfers without the high costs of using legacy payment systems.

SDF strengthens partnerships with international exchange platforms such as CoinMe and Mercado Bitcoin. The organization also announced that Novatti will deploy a digital version of the Australian dollar (AUD) on the Stellar network.

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XLM price is trending down on the 4-hour chart. Source: XLMUSDT Tradingview

Stars face macroeconomic hurdles

Despite network upgrades, partnerships and use cases, Stellar (XLM) is responding to the macro environment. The milestones announced by the SDF are balanced by a global economic environment of high inflation, higher interest rates and reduced liquidity in global markets.

On short timeframes, XLM price fixes important support below its current levels. Material Indicators data shows that about $1 million worth of buy orders are waiting to be potentially used as support if the XLM price continues to move lower.

Significant indicators record an increase in buying pressure from small investors. Unless major investors enter the market with buy orders, this trend suggests a potential retest of lower levels.

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XLM price (blue line on the chart) with some support (yellow and red levels below the price) on short timeframes. Source: Significant figures.

The price of XLM and the cryptocurrency market could get a boost if the U.S. public company reporting season is positive, Urrien Timmer, director of macroeconomics at investment firm Fidelity, hinted at such a possibility.

The SDF report hints at a long-term rise in the value of Stellar and its native token, but the current macroeconomic conditions are not favorable. If XLM and the major cryptocurrencies are able to maintain their current levels beyond this week, this could be a potential sign of a sustained bullish price move.





Credit : www.newsbtc.com

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