Sleepy Crypto Token XLM to take on BTC?
Would you purchase a Crypto token based on a crypto analysts take? Or would you do your own research (DYOR)?
What if, a crypto analyst stated Stellar (XLM) was ready to moon and take on rivals such as BTC? But, they didn't provide you with any reason for the token to move higher? So, I wanted to take a look and using my developing TA skills to see how XLM looks for a possible trade.
Let's look at some charts of XLM - below is the 1Day chart
Next let's look at the 1-month chart of XLM
Now let's examine a 1-year chart of XLM
XLM Regular chart on the monthly going back to 2019
XLM logarithmic monthly going back to 2019
More TA Research
- Looking at the XLM Volume its continues to trend lower, not higher.
- Looking at VWAP its moving slightly higher.
- MACD is still going lower.
- RSI is 36 and appears to still be in downward direction
- Heikin Ashi candle shows perhaps a bottoming candle yesterday? I would want to see what today's close brings us and confirmation of bottom.
- Switching from Candles (all types) to line it appears that XLM is trending sideways (using the daily chart) and this still under development and could break up or down.
- The XLMBTC advance/decline line is on the upswing
- The only XLM related ground breakthroughs from XLM was a partnership with Mastercard. However, this is more around verify interactions between consumers and businesses using blockchain networks. So still not convinced its enough allow XLM to directly compete against BTC or even Doge.... After a quick search here on Publish0x no articles have been published in regards to XLM since 2019. Doesn't sound like its garnering a lot of eyeballs!
Summary
I would not take any analyst at his word at this point in my financial journey. I have learned notebooks full over the past 2-years in terms of financial TA that I feel I know some of the probabilities to move the equity or crypto. Granted I don't have any insight or inside info of course. Recall the charts are your best guide. That said, I only see one (1) probability of a reason XLM will rise so I would not venture into XLM at this point. Not to say I would not keep it on my watch pile. What is your research showing you?
Disclaimer - I am not a financial advisor nor is this financial advice!!!
Credits - Pics 1-3 belong to Coinmarketcap.com - all rights remain
Pic #4 & #5 belongs to Trading View
