StellaLumens hit us with two major stories these last few days and the trading crowd is going crazy over it. Well. sort of. What’s going on and what can you expect to happen to XLM’s price action?
The biggest news is that Stellar was listed on Coinbase Pro, one of the most popular exchanges and wallet services. Coinbase Pro has a daily volume of around 70 million dollars, making it one of the biggest US markets. Over the past year, tokens like Zcash and ZeroX Have seen big gains after a Coinbase Listing.
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Another big headline was the launch of the Bitbonds STO, which collected more than a million dollars on its first day. Bitbond is a blockchain lending service, which makes small business loans in Bitcoin. The newly-sold security tokens are actually bonds, based on the Stellar blockchain, with interest paid out in Stellar Lumens.
And there’s one more thing to look forward to, and that’s the Money 20/20 conference in Singapore. Stellar Founder Jed McCaleb is scheduled to be one of the speakers, and IBM’s Jessie Lund has hinted that they’re about to make a big joint announcement.
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XLM Price Action Analysis
The trading crowd seems to be pumped up by all the hype and XLM price has broken above the daily Ichimoku cloud both as traded versus the US dollar, as well as Bitcoin.
Looking at the XLM/USD daily chart, the pair confirmed the break above the cloud on Wednesday, and spent Thursday pulling back as the Ichimoku strategy normally pans out. The future cloud is bullish and all five of Ichimoku moving averages are moving up. The Chiko span has yet to cross above the cloud, indicating we could still see some consolidation before the pair reaches the key resistance levels of 12 and 15 cents respectively. With that, some traders may consider the upper band of the Ichimoku cloud a buying opportunity.
Keep in mind that you should only invest the money you can afford to lose in the crypto markets, and this analysis is my personal market observation, NOT financial advice. Before you get in, you must understand your risk tolerance and financial goals among other factors, and if you need help with those, just visit investdiva.com.
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Another disclaimer, I personally own some XLM along with other crypto assets. Now I’d like to hear from you. Do you think the recent hype on Stellar is here to stay? After you subscribed, head over to the comment section, give me a shoutout and let me know.
Remember that as the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio. Don’t forget to complete your risk management due-diligence before developing your investment strategy.
