2019-10-3 00:42 |
XLM is still among the top 10 coins by market cap, sitting right on the edge of this ranking at position number 10 with a market capitalization of $1.191 billion.
Measured in sats, XLM is at 717 satoshis which corresponds to $0.059. It has outperformed bitcoin by almost 18% in the last 30 days but it is down by a whopping 81% for the year.
XLMBTC weekly chartMacro trend for XLM is bearish, however, the giant falling wedge pattern that started forming back in November 2018 is almost done – XLM is about to breakout upwards.
The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge. … As a reversal pattern, the falling wedge slopes down and with the prevailing trend.
XLM/BTC DailyOn a smaller scale, XLM daily chart is also bearish but looks much more choppy with short jolts up and down in a horizontal channel between two Fibonacci levels. It also appears to be forming a symmetric triangle pattern – known for its neutral effect: the movement is imminent but this pattern can go both ways.
That brings us to the overall market influence on the price of XLM and all altcoins. Should the market ensue on a bull run, Stellar will test the Fib236 at 884 sats as the first resistance level. If it bursts through this zone, there are no snags above it all the way up to the 1540 sats zone where it meets its old support/resistance zone from May this year.
Total market cap analysisJust like in the days before, the overall market is still glued below the resistance level of $219 billions. We need to gain momentum to test this zone before any significant bull run is to be expected.
Here is a guide how to store XLM and this one is on long term Stellar prediction.
What can give an impetus for a move up? Right now, no fundamentals of significant magnitude are on the horizon and the only thing that could prop the market up is either whale manipulation or another round of Tether printing.
The Crypto fear and greed index is also looking much better as the needle travels north, reaching the 39 points on this scale that uses 5 different source of information to calculate its value – Volatility, volume, social media, google trends, dominance. As a reminder, the pointer stooped to the levels of 20-25 points only couple of days ago. So the sentiment is on the rise.
Other XLM NewsThe Stellar Development Foundation has tabled a proposal to do away with the inflation mechanism in the Stellar Lumens (XLM) protocol. The Foundation published a blog post announcing the proposal to the community, explaining that the mechanism isn’t serving its intended purpose.
The proposal to eliminate XLM inflation will now be subject to a vote by the validator nodes on the Stellar network.
The post Stellar Lumens (XLM) Price Analysis and Prediction: Poised For A Jolt Up appeared first on CaptainAltcoin.
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