Stellar Lumens blockchain project started as a Ripple fork, which is not much of a surprise when you take into account that the same man co-founded both blockchains. Then, it stopped being a fork, and it became Ripple’s most direct competitor.
As we write this, it’s trading at $0.093498. It has lost 4.4% over the previous 24 hours, and 5.6% in the last week.
While the project’s fundamentals are robust, the coin’s market performance does not seem to reflect it.
Let’s see what the technical scenarios tell us for the next day and the next month.
24-hours technical analysis
It seems that it is not the day for XLM. Every moving average and every technical indicator is signaling for the bears.
The price is below the first support level (0.103876 USD). The coin is trading downward; it’s losing value slowly, which is not the best idea to step in and buy some.
So the first support level is being tested right now. That means it could plummet or stay trading sideways.
The daily technical doesn’t support the notion of taking any long positions on XLM. But let’s see what we can find from the monthly.
Monthly technical analysis
The monthly is not as bad as the daily, but the signals are still for the bears.
Seven out of twelve moving averages are bearish. Every single technical indicator is bearish too.
The price is below the pivot point ($0.11635) but above the first support level (0,09112). So the signals there are also bearish.
The good news is that the green trading volumes are higher than the red ones, but they’ve not been enough for the bullets to take over the market.
Outlook
Today is not the day to join the XLM market. The price behavior is just too confusing, so if you want to trade something today, you will do better to try Bitcoin, Litecoin, or Bitcoin Cash. They’re all in the red zone too but still if you want to make a buck trading digital assets today, those would be better options. But you could also be late for those soon because the price could be already too high to make a profit.
You should carry out your own research today and find the best opportunities to invest in digital coins. But Stellar (XLM) is not one of them. It will be. Consequently, the cryptocurrency market is all about timing, which needs discipline, patience, and an investment plan.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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