2018-10-3 17:45 |
The zero-fee decentralized exchange StellarX has been just recently launched by InterStellar, a commercial entity which builds products and services for the Stellar blockchain. Two weeks ago, Stellar Lumens, XLM underwent an appreciation along with the rest of the market which brought it from a price around $0.2 to a week high of $0.3, a 50% gain.
However, it has since retraced despite a lot of anticipation regarding the launch of StellarX exchange. One drawback which has been noted in the media regarding the StellarX exchange is the tethering of assets which involves some trust in a third-party. The price is currently trading around $0.24. Price action is trading around the 50EMA which may provide some support. RSI has been dropping, and MACD has begun converging to the downside which shows increasing momentum to sellers. The MACD has also crossed its signal line to the downside, a bearish indication.
Volume for the drop has been far below the 20-period average daily volume showing a quick turnaround may be in store. This will likely depend on the movement of the market leader Bitcoin which currently represents around 52% of the total market cap for cryptocurrencies.
XLM Daily Chart – Source: Tradingview.comThe market leader Bitcoin has been forming a triangle pattern since January. With its volatility reaching 2018 lows and a continued consolidation taking place in price, many are forecasting a bullish or bearish breakout shortly. This will be important for traders in altcoins such as XLM to monitor as whatever way it plays out will be likely to have a large impact on the overall market.
Bitcoin Triangle Pattern. Bitcoin Daily Chart – Source: Tradingview.com Key Takeaways: XLM increases from $0.2 to $0.3 two weeks ago amid bullish movements across the market but has since retraced to $0.24. Huge anticipation surrounding StellarX exchange but the price has consolidated and dropped. RSI and MACD dropping showing increasing momentum to the sellers. Important for traders to closely monitor triangle pattern forming in Bitcoin. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Stellar Lumen’s [XLM] Performance After StellarX Launch was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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