XLM/USD Forecast: Stellar Lumens Sitting on Support


(MENAFN- Daily Forex) The Stellar Lumens market had a very quiet session on Tuesday as we are sitting on $0.25, an area that has been supportive more than once. Because of this, it will be interesting to see the market over the next couple of days, because if this area holds, that could be a huge deal for the market going forward. Furthermore, I would make an argument that the support extends all the way down to the $0.20 level, so that is something that needs to be held in the back of your mind as well. In fact, even if we do break down a little bit from here, I am not as concerned as I would be on a breakdown below the $0.20 handle.

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Unfortunately, if the overall crypto markets are going to get sold off, smaller markets like this one will become victims. Nonetheless, I do believe this is a situation where we will continue to see a lot of value hunting in the crypto markets overall, so I do not see why this one would be any different than some of the other ones such as Monero, Litecoin , and the like.

The 50 day EMA currently sits at the $0.29 level and is drifting lower, so that could offer a bit of resistance on any type of rally, but at the end of the day I do not think it is a huge deal. After all, this is a market that has seen a lot of volatility as of late, just as most of the crypto pairs have. The candlestick from the trading session on Monday was rather negative, but I do like the fact that we stopped right at the $0.25 level and have held quite stringently. To me that is a good sign and I will have to continue to look at it through that prism. On a break above the highs of the Monday session, I think that is probably a sign that we are going to go much higher, and I would have to look at it as a buying opportunity. Whether or not it is a longer-term“buy-and-hold” type of opportunity is a completely different question, but I think you will probably have a run towards the 200 day EMA if that does in fact end up happening.

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Daily Forex

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