Stellar Lumens has surprised us with two big stories in the past few days and the traders are crazy about them. Spring. somehow. What’s going on and what can you expect from XLM’s price promotion?
The biggest news is that Stellar has been listed on Coinbase Pro, one of the most popular exchanges and wallet services. Coinbase Pro has a daily volume of around $ 70 million, making it one of the largest US markets. Over the past year, tokens like Zcash and ZeroX have made big gains after being listed on Coinbase.
Another big headline was the launch of the STO bit bond, which grossed more than a million dollars on day one. Bitbond is a blockchain lending service that provides small business loans in Bitcoin. The newly sold security tokens are actually bonds that are based on the Stellar blockchain and whose interest is paid out in Stellar Lumens.
And there is one more thing to look forward to and that is the Money 20/20 conference in Singapore. Stellar founder Jed McCaleb is said to be one of the speakers, and IBM’s Jessie Lund has hinted that they are about to make a big joint announcement.
XLM price action analysis
The trading crowd seems to be pumped up by all the hype and the XLM price is broken against both the US dollar and Bitcoin via the daily Ichimoku cloud.
Looking at the XLM / USD daily chart, the pair confirmed the break above the cloud on Wednesday and spent Thursday pulling back as Ichimoku strategy usually works. The future cloud is bullish and all five Ichimoku moving averages are moving up. The chiko range has yet to cross the cloud, suggesting that we may see some consolidation before the pair hits key resistance levels of 12 and 15 cents respectively. Hence, some traders may consider the Ichimoku Cloud’s upper band as a buying opportunity.
Remember that you should only invest the money that you can afford to lose in the crypto markets and this analysis is my personal market watch, NOT financial advice. Before jumping in, you need to understand your risk tolerance and financial goals, among other things. If you need help with this, just visit investdiva.com.
Another disclaimer, I personally own some XLM along with other crypto assets. Now I would like to hear from you. Do you think the recent Stellar hype will continue? After subscribing, head over to the comments section, give me a greeting and let me know.
Remember that the 4th point of the IDDA technique is to calculate your risk tolerance before deciding on the investment strategy that is right for your portfolio. Don’t forget to complete your risk management due diligence before developing your investment strategy.
By Yoshiko for InvestDiva.com.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
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