As all cryptocurrency markets continue to dwindle, the outlook has grown grimmer. It is evident a reversal is more than needed, yet it will not necessarily happen in the near future. For the Stellar price, things are not looking all that great now. More specifically, it would appear the negative pressure will continue to reign supreme for some time to come.
Negative Stellar Trend Remains in Place
For an industry in which most offerings rely on ₿itcoin’s momentum, it is evident things are not going too well right now. That situation may not necessarily change in the near future either. As long as ₿itcoin can’t note any real gains, the losses will continue to pile up. For and other markets, that is a worrisome outlook to keep in mind. It also shows things will not necessarily improve moving forward.
Over the past 24 hours, there has been further negative pressure on the Stellar price. Following another 3.25% loss in USD value, one XLM is now valued at $0.0785. The XLM/BTC ratio hasn’t improved either in the past few hours. A fresh 3.8% decline for that ratio pushes the value to 2,265 Satoshi. It is not the activity traders are looking for right now. Sadly, it seems this trend will continue for quite some time to come.
There is still some support for XLM to keep in mind. According to Coin Kilavuz, XLM should be run as long as it remains above $0.07. So far, that hasn’t posed any real problems, but the “safe buffer” continues to shrink every single day. As long as that level isn’t broken, a fresh push to $0.125 can materialize at some point in 2019. Failure to support this level can spell all kinds of trouble.
– – TradingView
— Coin Kılavuz (@coinkilavuz)
Astanto seems convinced there will be a new bull trend in 2019. Although pinpointing the exact date and time will be difficult under the current circumstances, one has to acknowledge this negative pressure should relent sooner or later. Slow and steady often wins races, even in the world of cryptocurrency and digital assets. As such, this temporary pressure should not be of great concern to long-term investors and speculators.
we trusted on 2019 crypto bull run. Slow but sure
— Astanto || SeyBlock (@astantoid)
Even though the current momentum doesn’t warrant any real positivity, there are other ways to make money. More specifically, there are a few minor arbitrage opportunities involving XLM to take advantage of right now. It is a more than welcome alternative given the current market conditions, although the potential profits aren’t exactly stellar either.
Buy at and sell at . Ratio: 1.05%
Buy at and sell at . Ratio: 1.50%— Arbing Tool (@ArbingTool)
One thing seemingly hindering XLM’s momentum is the rather low trading volume. For a top 10 asset ranked by market cap, below $100m in volume is rather poor. It seems to confirm the overall interest in all markets is dropping off significantly, although that may just be a temporary setback. Until things pick up in a significant manner, reaching $0.1 again seems virtually impossible where XLM is concerned.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Image(s): Shutterstock.com
Published at Tue, 05 Feb 2019 13:36:03 +0000
