A year after payment system, Stripe, said it could add support to Stellar Lumens, the token’s price reached a key support level to hint further gains. Being one of Ripple’s key competitors, Stellar is also seeing stellar support from crypto experts. When is the best time to buy Stellar Lumens, XLM?
Stellar Lumens (XLM) Fundamentals
Stellar Lumens which go by the ticker symbol, XLM is a fork of Ripple’s XRP. It was founded by crypto legend, and former Ripple executive, Jed McCaleb. The crypto settles financial transactions through a peer-to-peer network. It aims to compete with other rapid settlement infrastructure platforms like Ripple.
The giant American payment system, Stripe, was one of the first backers of Stellar back in 2014, and last year hinted it may double down on its support. Now a panel of six crypto professionals predicts that XLM could double in price by the end of January, and quadruple by the end of 2019. With that, let’s take a look at the charts to see what’s the best price to get your hands on some Stellar Lumens.
XLM/BTC Technical Analysis
Looking at the XLM/BTC’s daily chart, you’d notice that the pair has been mainly ranging in the past year, bouncing up and down between key pivot levels 0.000040 and 0.000028. In the past few days, it’s been testing the lower levels once again, with no luck in breaking below it. If history is to repeat itself, we could indeed see a bounce back up towards 0.000040.
However, if the pair succeeds in breaking the lower pivot level, that could open doors for further drops towards the key support and lows of March 2018, at 0.000021, which could be an even better buying opportunity. Keep in mind that the pair also has a thick Ichimoku cloud acting as strong resistance.
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I’d also like to hear from you and your thoughts on Stellar Lumens. Do you think the experts are having too high of an expectation for the crypto? Do you think XLM will drop further before we see any gains? Let me know in the comments after you subscribe and I’ll see you with more updates next time.