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Altcoin Thursday: Stellar (XLM)

10 June 2021 | ZebPay Trade-Desk

As always, you pick the coin and we cover it. This week, for our Altcoin Thursday, we have Stellar (XLM) in store for you all!

Stellar is built on an open network that allows money to be moved and stored safely. Overtime, as technology developed, the Stellar network shifted its focus towards helping financial firms and institutions connect with one another through active participation on the blockchain.  Stellar makes it possible to create, send and trade digital representations of all forms of money—dollars, pesos, bitcoin, pretty much anything. It’s specifically designed to make traditional forms of money—the money people have been spending and saving for centuries—more useful and accessible. 

XLM, post making the low of $0.274 showed a good recovery and surged almost by 72% up to $0.473. The asset then resisted at these levels and prices retraced almost by 34%. Technically, on the daily time frame, XLM has made a ‘Dragonfly Doji’ pattern (Trend Reversal Pattern) at the crucial support level of $0.310 (78.6% Fibonacci Retracement Level) and has started moving upwards. For the prices to further rally, it needs to trade and sustain above the resistance level $0.4 levels.

Support 2Support 1XLMResistance 1Resistance 2

This concludes on the Altcoin synopsis for this week. Don’t forget to keep an eye out for our new poll, and let us know which coin you would like us to cover next week!

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation, or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness, or reliability of the information, opinions, or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum, etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.


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