Polymath hopes to do for traditional securities what Ethereum has done for ICO based fundraising
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Stellar formed lower highs and found support at 0.3000 to create a descending triangle on its 1-hour time frame. Price is on its way to test support and a bounce could take it back to the top around 0.3200.
However, the 100 SMA is below the longer-term 200 SMA to suggest that the path of least resistance is to the downside. This means that support is more likely to break than to hold. The chart pattern is around 0.1000 tall so the resulting selloff could last by the same height.
The 200 SMA lines up with the top of the triangle to add to its strength as resistance while the 100 SMA is just nearby and could keep gains in check also.
RSI is pulling up from oversold levels, though, so buyers could still have the upper hand. Similarly, stochastic has dipped into oversold territory and turned higher to signal a return in bullish pressure.
The US dollar is coming off a strong week but could see these gains unwind as the FOMC minutes will be released. Some policymakers have been expressing concerns about labor market slack and these could be echoed in the transcript of their latest meeting.
Doubts that two or three more hikes are in the cards for this year could lead to dollar selling while hawkish remarks could mean more gains. For now, the dollar is drawing support also from the trade truce between the US and China as Mnuchin announced that actions are put “on hold”.
Stellar is seen to challenge Ripple this year as IBM will join Veridium Labs to allow for carbon credits to be traded as a token by means of the blockchain technology. This might also mark first of the many projects that IBM has lined up for Stellar.
On the flip side, Ripple is being sued by investors who believe that it is a security but is not being marketed as such.
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