Stellar Lumens (XLM) Forum with for newcomers and contributor's rewarded Check here




Stellar Lumens (XLM) Down 50% Since IBM Parted Ways With Jesse Lund
  • 1 Vote(s) - 4 Average
  • 1
  • 2
  • 3
  • 4
  • 5

#1
[Image: techanalysis-alts2-500x300.jpg]
Stellar Lumens (XLM) Down 50% Since IBM Parted Ways With Jesse Lund

  • Stellar Lumens (XLM) battered, slides 14.5 percent

  • Even with IBM, bears are relentless
Coinciding with Jesse Lund and CTO Yang exit, XLM prices are in a downtrend. Presently, XLM is at a precipice with traders aware that losses below 7 cents could see bears aim for new lows. Meanwhile, the coin is down 14.5 percent from last week’s close.

Stellar Lumens Price Analysis

Fundamentals

Despite seamless communication, finance appears to be lagging. However, the introduction of a new layer, a web built on top of the internet is where future generations will flourish on. Blockchain is the anchor block for a distributed and free internet of value.

Good news is, Stellar is right in the middle, carving out market share at this definitive juncture. Support from heavyweights as IBM is also significant. Understandably, the clamor is for good reasons.

The global remittance is on the rise. For example, statistics from the World Bank show that by close of the financial year 2018, outflows to developing countries surged to $529 billion, an increase of 9.6 percent from $483 billion of 2017.

IBM involvement is bullish for Stellar considering their ties in traditional banking and their influence. Because of IBM commitment to the blockchain, six banks are planning to launch stable coins on the network.

Then again, thanks to World-Wire Stellar, right out of the gate supports 42 different fiat currencies from 72 countries. However, the exit of Jesse Lund and CTO Yang sent shock waves which encouragingly, Stellar is recovering.

Candlestick Arrangement

[Image: Stellar-Lumens-Daily-Chart-July-11.png]

At the time of writing, XLM is down 14.5 percent week-to-date and 8.2 percent in 24 hours. From the chart, it is clear that bears are in the driving seat. Even though price action is bullish, candlestick arrangement and other technical factors point to weakness.

First, notice that not only is XLM printing lower with increasing volumes but the banding along the lower Bollinger Band (BB) hint of fractures. Add that to price divergence from the middle BB and odds are XLM will likely tumble below the second layer of support at 7 cents.

That will wipe out gains of the last six months while simultaneously setting the pace for further draw down as XLM print new lows.  Even so, support from spot rates could see bulls aim for Q1 2019 highs of between 13 cents and 14 cents.

Technical Indicators

XLM is at a precipice. With a meltdown threatening investors, May 16 bear candlestick leads this trade plan. If there is support with high trading volumes exceeding 5.45 million of May 16, XLM may snap back to trend as buyers aim for 14 cents. Conversely, losses below 7 cents at the back of increasing participation spells doom for XLM.



by Dalmas Ngetich
Reply


Possibly Related Threads...
Thread Author Replies Views Last Post
  Binance Unrolls Stellar (XLM) Staking crytocure 0 2 6 minutes ago
Last Post: crytocure
  Stellar Lumen (XLM) Price Could Continue Higher Above $0.1000 crytocure 0 7 1 hour ago
Last Post: crytocure
  Stellar Price Analysis: Stellar Kicks off the Week on a Good Note Trading at $0.091 crytocure 0 7 1 hour ago
Last Post: crytocure
  Stellar Price Analysis: XLM Price Trades Under Selling Pressure crytocure 0 22 Yesterday, 02:38 PM
Last Post: crytocure
  Stellar Price Analysis: XLM Value Dropped by More Than -30% in 30 Days crytocure 0 22 Yesterday, 11:45 AM
Last Post: crytocure
  Stellar Price Analysis: Stellar (XLM) price touching skies; upsurge in the coin crytocure 0 36 20-07-2019, 02:26 PM
Last Post: crytocure
  Stellar Lumens Just Got A Major Push From The World’s Largest Cryptocurrency Exchange crytocure 0 31 20-07-2019, 10:31 AM
Last Post: crytocure
  How to Buy Stellar Lumens crytocure 0 31 20-07-2019, 10:15 AM
Last Post: crytocure
  Nexo’s Initiative Makes Stellar The Latest Collateral Option for Over 200k Crypto Use crytocure 0 48 19-07-2019, 02:32 PM
Last Post: crytocure
  Stellar Added To Nexo’s Instant Crypto Credit Lines; XLM Price Gets A 3.5% Boost crytocure 0 36 19-07-2019, 02:24 PM
Last Post: crytocure



Users browsing this thread: 1 Guest(s)