If anything, Stellar Lumens (XLM) has been consolidating against the USD for the better part of the year. Anyhow, the year is still “young” and as optimism fill the air, the short to medium term projection largely depends on January’s barometer. Therefore, while experts can spew random numbers, it will be hard to settle on a figure because like any asset, unpredictable macros can be a real bummer. While Jimmy Song retained a bearish outlook saying BTC may as well tank to $2,100 before snapping back to trend, Ritchie cited adoption levels and the overall impact of traditional markets on cryptocurrencies.Īlso Read: After $182M Funding Round, Crypto Platform Bakkt Makes AcquisitionĮven so, the market is generally apprehensive with the scars of 2018 yet to heal. In their own view, the crypto market is likely to make a U-turn and that means a change of fortune for asset prices including Lumens.
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Therefore, although their outlook is a bit outrageous-and even full of hopium, the analysis from a “ panel of experts” lead by Ben Ritchie, COO of digital capital management and Bitcoin educator and investor, Jimmy Song cannot be binned just like that.
We saw what happened in Sep last year when XRP prices soared 400 percent a few days before xRapid and the super hyped SWELL conference. That’s to say asset prices can swing by large margins in matter of minutes, hours or days. However, I, for one, will be hoping to be proved wrong.ĭon’t miss a beat! Follow us on Telegram and Twitter.By design, the crypto market is inherently volatile. Although given the current weakness and lack of interest in the cryptocurrency market, the downside looks favourable. The XLM price could either be 46% lower or 30% higher, depending on which trend is first to fail. In conclusion, I see one of two scenarios coming to fruition in the foreseeable future. Having said that, should XLM advance beyond $0.2469, the 50-day moving average at $0.3139 becomes a logical target. Until Stellar can clear this restrictive trend line, it raises the chances of a break on the downside. This is, therefore, the first line of resistance. If XLM loses this support, the price to watch is $0.1150, around 46% below the current level.Īdditionally, a descending trendline at $0.2469, from the end of June, defines the top end of the recent range. Notably, XLM has not closed below this price since the 5th of January, so it should be considered a significant support level. The daily chart highlights a strong level of horizontal support at $0.2270. All that remains is to see in which direction the breakout tales XLM. This has the potential to act as an adrenaline shot to the lifeless Stellar Lumens price. Furthermore, the price is now approaching the end of the pattern, indicating a breakout is on the horizon. With Stellar grinding sideways, a triangle formation has been created on the daily chart. However, this is not to be taken as a positive for XLM as it results from THETA’s accelerating losses. Although, when I started writing this, it was the 19th, behind Theta Coin. Stellar’s 7-day, 6.85% decline sees it ranked as the 18th largest cryptocurrency with a $5.56 billion market cap. Although, the bias has certainly been to the downside, and for the majority of that time, Stellar Lumens has been below $0.2500. The XLM price has been devoid of any excitement of late, having spent most of the last 3 weeks jammed in a tight range between $0.2200 and $0.30000.
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