Stellar presents short-term returns

Stellar presents short-term returns

We all know the headache that the volatility of the ecosystem and especially of the main ones listed in the top ten of the ranking represents for the inexperienced of the crypto world. However, with the help of accurate analyses and the mastery of external variables, it is always possible to benefit in short and long, depending on the strategy to follow.

At the time of writing, the crypto market remains somewhat stable, with market capitalization levels that have not had significant fluctuation, and a Bitcoin that, like most of its followers, play laterally on its prices in recent weeks.

An exemplary case is what Stellar is suffering from with its lumens. Stellar has performed well in short-term trading and traders who are following the trend in a year from now know that the XLM should have recovered. It is an expectation that when supplies rise, the price of XLM could increase.

At the time of writing, XLM’s spot price is $0.126 with +1.32% growth in the last 24 hours and a market cap of just over $2.45 billion, which puts it in the last spot of the select top ten of the crypto market.

The price of Stellar Lumens continues to rise, and the currency will reach a high of $ 0.13 by the end of this month. The token continues to struggle in terms of popularity. Several variables are playing a role here.

On the non-technical side of XLM, you can see that in the process of forming a new level of support and resistance, the significant level of support is currently $0.124 and resistance is seen somewhere on the $0.13 mark. Its strong support rests at S1@$0.120.

Stellar struggles to complete its second wave within the projected triangular pattern by its immediate highs and lows reached, before taking off to the definitive level of R1.

Aroon Uptrend has made across to the south, which is not a cause for concern, as it follows the projected Elliot Wave Triple Correction pattern.

CMF has begun to decline, evidencing the outflow of capital from the XLM ecosystem due to the withdrawal of profits from some investors.

While long-term technical indicators indicate that bullish sentiment will not simply last for XLM, Stellar Lumens is heading towards a new resistance level of $0.15 at the end of August 2019. There was a drop followed by a correction in the resistance levels of $0.121 and $0.123.

Traders expect the price of Stellar Lumens not to bottom out.

Elliot Wave is expected to peak at R1 levels, after walking through previous correction levels of $0.121 and $0.123 and peaks of $0.141 and $0.145 already reached in May of this year.

The average moving indicator of $0.1294 is the breaking point that XLM must now achieve in order to reach R1 levels. The last candles have only been able to test it, but not break it.

RSI, on the other hand, is very low, at limit levels between the buying and selling zone, however, with slight pressure to sell.

Momentum is also bearish but has already begun to show signs of a significant take-off into the positive zone.

Jed McCaleb, co-founder of Stellar Lumens tweet recently confirming the news and warned that users must upgrade before they can run or use a node in the SDK.

Stellar is slowly moving into a new era of its own, and they are attracting more users to its protocol. Protocol 11 is expected to keep your network secure. It will take time for people to upgrade to Protocol 11.

The market has constantly been arguing why this token has not been getting all the attention it deserves. Several crypts that emerged after Stellar such as the TCAT tokens are making steady progress and are gaining recognition.

Weiss Ratings recently questioned why Stellar wasn’t getting as much attention as it deserves, and most followers think it was probably due to weak marketing. However, there is a constant interest in XLM on the part of traders who are interested in short-term profits.

Join our Telegram Channel : @Cryptoknowmics for regular updates and important announcements about Cryptoknowmics or to be a part of our Telegram Group : @cryptoknowmic discussions, query and any suggestion or subscribe to our newsletter
Views expressed here are open to research and analysis from the reader’s side

Comments (No)

Leave a Reply