Stellar’s XLM could bounce against bitcoin pretty soon as it retraced against it over the past few days failing to follow the leading altcoins higher. The indicators suggest that the coin could outperform Bitcoin soon which is a sentiment in line with the ones shared by crypto traders so let’s find out more in the upcoming Stellar XLM news.
Stellar Lumens was bleeding against Bitcoin in the past few days as the leading cryptocurrency pressed higher. The price action can be seen in the charts that show how XLM underperformed Bitcoin. According to the Tom Demark Sequential analysis, Stellar’s XLM could bounce against Bitcoin as it formed a 9 and 13 candle when the asset usually undergoes a technical inflection point in the trend. In XLM’s case, the 9 candle was just formed suggesting that Stellar could recover against Bitcoin as the TD sequential had quite a strong performance on calling the XLM price action predicting local lows in May, July and April.
Other analysts are bullish on Stellar Lumens and one trader even shared a chart writing on why the asset could go parabolic including there’s good volume expansion in the breakout, there’s a break in market structure, it is currently retesting the accumulation range and makes new higher lows, it broke +350 days of accumulation range. For other altcoins to outperform Bitcoin, the leading cryptocurrency has to maintain the consolidation between the $10,500 and $12,000 range and an accurate trader even wrote:
“BTC. 11500-11700, then down to test the 10400-10500 support zone, which should hold for a while. Looking for longs above that level and shorts below it. Altcoins should perform very well as long as BTC stays above 10.5k -> $EOS, $XTZ, $XRP, $XLM (Stellar)”
There are some analysts that don’t really believe that Bitcoin entered the bullish state. One trader and analyst even noted that since Bitcoin keeps on failing to sustain the $12,000 price level, it could retrace to the $9,000 region. The same trader however noted that the altcoins could hold up well in a time like this and this time, that asset seems to be Stellar Lumens.
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