Technical Analysis of Stellar(Nov.8th)

Stellar is a secure platform designed to provide access to an affordable and open financial system making it easier for users to achieve financial independence. According to some analysts, this platform can be the future of banking because it strives to provide a practical solution to key global issues. Stellar has own cryptocurrency known as Lumens ($XLM) and lots of financial institutions and technical specialists are already supporting the Stellar network. Stellar partners include the likes of IBM, Deloitte, Stripe, NEC Payments, Gramio Technologies, Distributed Lab among others (on the official website, you can find all Stellar partners). This is a highly speculative cryptocurrency and still very risky but lots of analysts agree that XLM is currently at a point where it has the potential to make very big gains. When we look at the 1-year chart we can see that Stellar is moving in “downtrend”. As long as Stellar (XLM) is below $0.30 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $0.22 and $0.28 – If the Stellar jumps above $0.28 that would be a “BUY” signal and the open way to $0.30. If the XLM jumps above  $0.30 that could be a strong signal of the trend reversal and the open way to $0.34. On the other side, if the XLM falls below $0.20 that will be a strong signal “SELL” signal and the next target could be around $0.18.

Advice: This is a highly speculative cryptocurrency and still very risky but XLM has a very good risk/reward ratio in the market right now which means you stand to gain a lot more for taking a comparatively smaller risk. Yes, it is true that the price could fall even more but the current price of XLM stands around $0.25 and this is very close to strong support which stands at $0.20. As for the technical picture, XLM remains in bearish phase but if the price advances above $0.30, short-term traders can enter the position with the stop loss at $0.28 and take profit at $0.34 or even $0.5.

 

About Stanko 84 Articles
I am a professional forex, cryptocurrency and stock trader looking for more opportunities to penetrate the field. Writing, research, analysis, are all things I enjoy doing aside from the core trading practice as they provide a deeper perspective of market activity. I am well versed in technical analysis as well as sentiment behavior. I have 10 years experience in stock and currency markets ( analysis and trading), I am also an experienced cryptocurrency analyst. I have been writing business, finance, stock articles for over five years. My biggest strength is in technical analysis

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