Stellar Lumens (XLM) Technical Analysis: Outperforms the Top 10 but Can This Support Continue?


via cryptovest

Stellar rises to the top today, gaining 5.79% against BTC and growing, leaving a vast majority of the top 10 crypto behind in the red. Stellar has been making the rounds, in the news recently, starting off with a rumor that circulated from Business Insider that Facebook was interested in working with Stellar to explore new blockchain-based services. Facebook has since denied all allegations of this supposed partnership, Cryptovest reported earlier today.

Secondly, Stellar has confirmed a genuine partnership with Shift Markets, who, according to their official website state that they are ‘a turn-key solution to start a cryptocurrency exchange or brokerage’. The union with Shift Markets will help increase Stellar Network’s reach and introduce Stellar to a large network of liquidity providers.

Finally, Bitpanda, ‘Europe’s leading retail exchange’, also recently added Stellar Lumens to its listing - allowing its users to purchase Stellar Lumens with fiat currencies quickly and securely.

With all eyes on XLM right now, for how much longer can we expect this bullish support to hold out? Let’s take a look.

The Story So Far

Looking at the XLM/BTC chart over 1hr candles, we can see that buying momentum is starting to correct downward since the bull run this morning. Over the last four hours, the price action was able to break into the bull target zone between 3,742 and 3,778 Sats two times, but bearish opposition has started to mount against the asset, forcing XLM back towards the lower support region at 3,645 Sats.

Right now a fight between bulls and bears is taking place, with bears trying to break the current support and bulls attempting to springboard back into another run.

The Story Now

On the indicators we can see that a number of promising bullish signals have arrived for XLM that suggest it may be about to retest the bull target zone above, including;

  • 50 EMA (blue) has passed through the 500 EMA (yellow) which is a great signal that shows short-term momentum is strong right now for Stellar Lumens.
  • Candles are still tracking above the center line in the Bollinger bands, which suggests this correction will be brief.
  • Moving averages on the MACD are bullish and high above the signal line.
  • RSI has briefly recovered back into the channel after nearly exiting into the overbought region.
  • Ichimoku is showing a bullish cloud with a positive T/K crossing and no sign of a reversal just yet.

From these indicators we should expect XLM to relaunch into another bullish phase and eye down the 3,742 Sats resistance as the first target. There may be some further selling pressure in the interim as BTC bears start to lurk again; where the lower support region at 3,550 Sats may be tested before we see XLM buyers push back.

Stellar Lumens Price Target

All price targets are set from the current support region at 3,646 Sats.

Price Target 1: The first price target will be the early resistance at 3,742 Sats (2.63% ROI)

Price Target 2: The next price target will be the second resistance in the bull target box, at 3,780 Sats (3.68% ROI)

Price Target 3: From there we would expect the asset to be moving towards a pattern breakout, finding the next bearish resistance along the way at around the 3,800 Sats mark. (4.61% ROI from 3,814 Sats).

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I don’t think anything can be profitable in a bear market. But for sure this seems like a coin that’ll retrace a lot less than most alts

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There is only one coin anyone should own, #Bitcoin. When scaling layers are more developed the current spate of garbage trading on exchanges shall get leveled.

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Owning one coin is pretty risky. It’s possible Bitcoin doesn’t become a world currency after all. Owning coins that are completely different to Bitcoin ( i.e. a different consensus algorithm and use ) is a good way to diversify.

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That’s called putting all one’s eggs in the same basket,never heard of that being a good strategy. Wonder why the Crypto hedge funds don’t just buy bitcoin and nothing else?

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I could not disagree more. Knowing what you know and making judgements about its value is what make something risky or not. BITCOIN is the Highest Quality, Least Expensive, most misunderstood Asset on the planet. Making it the least risky think one can own. You ought to own it in size. Spend more time understanding why. I owned but sold my stellar lumens and will not buy it back.

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Cause they do not yet understand the space. Business will be built on the scaling layers of Bitcoin. That is where one will one day diversify away from bitcoin.

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I don’t think you understand that bitcoin itself has limitations that if not fixed could make it unable to be used by the masses.

Imagine having a global currency that secures itself by everyone having a race to burn the most power. It could be pretty chaotic.

Not saying Bitcoin won’t succeed, I’m saying it is good to keep a diversified portfolio because you never know what will happen. The world may choose PoS, another consensus algo could be created that’s even better, BTC mining centralization may become too huge and Bitcoin could be too slow to adapt.

BITCOIN is the Highest Quality, Least Expensive, most misunderstood Asset

Change the word ‘Bitcoin’ into ‘Cryptocurrency’

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I don’t think you understand the nature of scaling. Bitcoin is the hardest money on the planer. It can scale in the existing legacy system or with things like the lightning network. No coin can scale at the protocol level.

I understand it extremely well. I’ve done significant work

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Imagine having a global currency that secures itself by everyone having a race to burn the most power. It could be pretty chaotic.

Talking about this kind of scaling.

Not saying Bitcoin won’t succeed, I’m saying it is good to keep a diversified portfolio because you never know what will happen. The world may choose PoS, another consensus algo could be created that’s even better, BTC mining centralization may become too huge and Bitcoin could be too slow to adapt…

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If i can find some things for you to read listen to I will post. Your comments are easily dispelled. And really not insightful.

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Your comments are easily dispelled.

Ok i’m waiting.

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Then change Cryptocurrency into Cryptoasset

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Wrong, The word is Bitcoin. This is not understood yet, but it shall be.

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https://www.linkedin.com/pulse/bitcoin-power-used-mine-paul-snow/?trackingId=0cdAt4EAo5zFZdiffgfV9Q%3D%3D

Here is one, There are others, I thought I had them in book marks, but they were not where I looked. You thoughts are not unique. But neither are they accurate.

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The issue I have there is that Bitcoin is being compared to centralized systems ( which are also producing thousands of more transactions than Bitcoin ).

Bitcoin has a unique selling point that they do not have, what you need to do is compare Bitcoin to other cryptocurrencies, compare how immutable they are and how much energy they use.

I’m not talking about Visa killing bitcoin, I’m talking about another cryptocurrency being mainstream adopted.

Visa can’t compete with bitcoin in the same way other cryptocurrencies can.

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you need to do more work understanding why proof of work is so important. Stop reading Marketing Garbage and do some real work. I have seen comments like yours hundreds of times. They are merely a demonstration of poor knowledge base. I do not mean to insult you but , people like you start with . A set of preconceived notions which have no applicability. You operate as s surface level with out going deep and expect to be taught. I am not here to teach you or debate you. I really don’t care what you think. Bitcoin will win because Bitcoin is hard money. Hard money wins. You need to immerse your self in understanding Hard money. That is the core of what Bitcoin is. With out an understanding of hard money you understand nothing. You can own all the crap coins you want. Again I don’t care, not my money. https://twitter.com/eric_lombrozo/status/1035256530310856704

tweet from Udi wertheimer
Dear “Blockchain experts”. If you’re going to read just 18 words from the Bitcoin whitepaper, these are the ones you should read:

“But the main benefits are lost if a trusted third party is still required to prevent double-spending”.

Bitcoin will win. You can believe that or not. You can not stop it. Bitcoin is Software.
I suggest you spend your time understanding why Bitcoin will win. You can argue with bitcoin or me. Neither one cares. You will be the only loser.
You have the opportunity of a lifetime to buy Bitcoin at what will be seen as extraordinarily cheap prices in the not distant future. So learn why and start accumulating.
Enough with the shit coins. I don’t care. The will be proven to be a total waste of money. Maybe not in the short run but in the long run. And on a risk reward basis you will never in your life see a better bet.

https://medium.com/@hassmccook - https://medium.com/@hassmccook/the-economic-environmental-cost-of-bitcoin-part-i-ac162067721d there are 6 parts.

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Spend your time learning about Bitcoin. Too much garbage out there.

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Meaning what? You read the article and do not agree? Or you read the title and responded without reading the article?

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