The XLM cryptocurrency has risen 18% (on BTC) after the uptrend started on 7th March 2019. As the Price of BTC continues to trade in a small range of $3920-$3850, the price of XLM/BTC has been on the rise.
XLM On the Rise – Surged More than 20 Percent
The price of XLM at 7 00 GMT on 11 March is $0.1, trading above $0.86 level on 7 march by 20%. The Bullish Marubuzo on the chart has been indicative of a bull action. However, the RSI signal is pushing towards the over-bought region.
XLM was the 4th ranked cryptocurrency by market capitalization not long ago, XLM broke the support levels at $0.3, $0.2 and $0.18 in late 2018. Nevertheless, it performed better than most other cryptocurrencies in the previous year. XLM has a lot of room upwards to grow with 200% gains in sight. However, new buyers must enter the space and volume must rise considerably before a bullish move can be confirmed.
On the 4-Hour Chart of XLM, Multiple candlestick analysis suggests that bearish movement is in succession next. The bearish engulfing pattern with a Doji like candle-stick which has turned into a shooting star indicates correction can be expected in the short term.
Did Jesse Lund ‘Spill The Beans’ Earlier?
In an interview last month, however, Jesse Lund, the head of blockchain and digital currencies at IBM might have spilt have the speans regarding the timing of a new announcement on a “global scale”. In the interview, Lund talked about the partnership of IBM with the Stellar Foundation and XLM’s utility in the system.
Lund confirmed that XLM will be one of the assets that will be used as a medium of transfer of value on the ‘World wire’. IBM had earlier in 2018 announced a partnership with Stellar Foundation to implement Stellar’s blockchain technology in IBM ‘World Wire’ project to improve the current payment system of the world. Stellar has also formed ‘Interstellar’ in partnership is esteemed blockchain firm, Chain to provide blockchain related services to Financial Institutions.
Moreover, he indicated a large scale announcement which will be made at the Money 20/20 Asia Conference to held in Singapore from 19-21 March. Jed McCaleb the co-founder of XLM and earlier XRP is also a keynote speaker at the event.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com