Bitcoin
BTC$42 098.18

-3.78%

Ethereum
ETH$2 929.10

-5.31%

Tether
USDT$1.000360

0.04%

Cardano
ADA$2.13

-4.16%

Binance Coin
BNB$340.05

-2.66%

XRP
XRP$0.938176

-2.60%

Stellar Might Awake With a Morning Star


#Stellar

2019 wasn’t very kind to Stellar, and its holders, as the once-promising cryptocurrency was sliding down the ranks, losing in both capitalization and market value. In the said period, XML got devalued by 66% in USD, and was defeated in the race for gains by both Bitcoin (-74%) and Ethereum (-60%).

Fundamentally, Stellar also hasn’t made much progress - for instance, the company’s long-term partner Nodle, which offers a blockchain solution for IoT, announced that they are going to leave the Stellar ecosystem and migrate to the proprietary blockchain.

Nevertheless, traders still show a lot of interest in this coin since its average trading volume across all exchange platforms has been kept in a tight range between $381 million and $428 million during the last three months, which still makes XLM a relatively comfortable coin for trading, especially for shorting virtuosos.

The market remains indecisive with a slight hint to bullishness 


After the cryptocurrency market crashed, a lot of coins have had an immediate bullish reaction that resulted in a green candle closing above the previous collapsing red one. But in the case of Stellar, there has been a period of indecisiveness that lasted for two weeks, with the price failing to close above the preceding “sell-off” level.

1-week XML/USDT chart

However, that reluctance to push the price higher immediately after the crash resulted in the formation of the double doji, which is widely considered as a sign of hesitancy with the expectation for a bullish breakout when it emerges at the bottom of the downward move. This week’s candle should serve as a confirmation of the upcoming bullish move, especially if it manages to close above the upper wicks of the previous candles or $0.044.

The absence of a lower shadow on the current candle also indicates that the bulls might be seizing the initiative for the time being - plus, we see a decent buying volume during the last two weeks. In the present circumstances, however, this pattern shouldn’t constitute a sure signal to go long - like any other signal for that matter - but traders must keep a close eye on the further developments on that time frame.

1-day XML/USDT chart

On the daily time frame, XML is approaching the edge of the ascending wedge formation, which signals about the imminent breakout, most probably in the direction of the 50-period EMA that would be running at approximately $0.047 - $0.05, and act as a resistance. MACD is also in support of the upside move as it has already laid the course to a zero borderline.

But traders should also be aware of the fact that the price is still mainly in the bearish zone, whereas the bulls’ efforts to break the resistance at $0.044 were to no avail, despite the substantial buying volume during the entire week. If that level is not being broken in the next few days, traders who bought at $0.037 or $0.039 could grow tired of waiting and begin to exit their positions for a minimal profit that would ultimately result in a 10% to 13% price drop, thus throwing the price to the previous support at $0.036. Therefore, the name of the game right now is to put stop-losses strategically and watch out for the wedge breakout.

Author: Alex Paulson for Crypto-Rating.com

Related

Stellar (XLM): The Crypto Winter Is Not Over Yet
Stellar (XLM): The Crypto Winter Is Not Over Yet
Stellar (XLM): Rolling Back to the March Price Levels
Stellar (XLM): Rolling Back to the March Price Levels
Stellar (XLM) Is the Reversal Already On?
Stellar (XLM) Is the Reversal Already On?
Stellar (XLM): Here Comes Resistance Again
Stellar (XLM): Here Comes Resistance Again
Stellar (XLM) Sends Conflicting Signals
Stellar (XLM) Sends Conflicting Signals
Stellar is Looking Down Into the Abyss
Stellar is Looking Down Into the Abyss
Stellar (XLM): Just Getting Out of the Slump
Stellar (XLM): Just Getting Out of the Slump
Stellar trying to get out of the bear claws
Stellar trying to get out of the bear claws
Stellar (XLM) Price Forecast
Stellar (XLM) Price Forecast

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 75.6% 41 $42 098.18 -3.78% -2.79% $792 647 747 198 $31 255 848 261
2 Ethereum (ETH) ETH Ethereum predictions 69.2% 55 $2 929.10 -5.31% -4.28% $344 776 996 910 $17 375 599 531
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000360 0.04% 0.03% $68 567 748 968 $68 145 566 729
4 Cardano (ADA) ADA Cardano predictions 64.8% 70 $2.13 -4.16% -1.60% $68 342 556 564 $2 772 300 629
5 Binance Coin (BNB) BNB Binance Coin predictions 72.8% 59 $340.05 -2.66% -8.68% $57 174 896 989 $1 453 895 839
6 XRP (XRP) XRP XRP predictions 71.6% 50 $0.938176 -2.60% -1.10% $43 829 348 412 $2 741 251 966
7 Solana (SOL) SOL Solana predictions 64.8% 68 $135.72 -7.90% -4.56% $40 364 707 779 $2 586 556 062
8 USD Coin (USDC) USDC USD Coin predictions 90.8% 1 $1.000370 0.06% 0.02% $31 272 251 602 $3 236 353 928
9 Polkadot (DOT) DOT Polkadot predictions 68.4% 68 $27.94 -4.36% -5.91% $27 596 817 584 $1 527 139 483
10 Dogecoin (DOGE) DOGE Dogecoin predictions 68.8% 63 $0.201790 -2.23% -4.92% $26 530 096 140 $844 248 344
11 UniSwap (UNI) UNI UniSwap predictions 68% 68 $24.72 1.41% 15.89% $15 118 981 827 $1 169 207 809
12 Avalanche (AVAX) AVAX Avalanche predictions 58.4% 84 $66.71 -5.55% 4.62% $14 695 292 582 $1 112 779 061
13 Terra (LUNA) LUNA Terra predictions 68% 61 $35.63 -3.96% 23.38% $14 249 462 275 $1 572 224 921
14 Binance USD (BUSD) BUSD Binance USD predictions 93.2% 1 $1.000220 0.05% 0.01% $13 529 060 969 $4 713 979 833
15 Chainlink (LINK) LINK Chainlink predictions 65.6% 70 $23.69 -2.65% -1.52% $10 779 957 156 $1 061 112 948

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.