Stellar Lumens (XLM) currently trades at a market cap of 1,556 million USD, is ranked 11th on coinmarketcap.com with a price of 0.079256 USD/ 0.00000696 BTC which is up 2,563.46% from the launch price.
Stellar aims to facilitate cross-asset transfers of value at a low cost while maintaining an open and accessible financial system. The XLM cryptocurrency is the intermediary which facilitates transfers across currencies and platforms. Stellar is backed by the non-profit organization, Stellar.org.
The largest exchanges where XLM is currently available include Coinbase, Binance, BitMax, Huobi, OKEx, and HitBTC.
XLM has great social media traction with 275.8k twitter followers, 103k Reddit group members, and 23k Facebook group followers.
Price Action Analysis:
XLM reached an all-time high of 0.938144 USD on Jan 04, 2018 and currently trades around 0.075918 USD on Binance after finding support around the 0.0718 USD previous low set at the beginning of the year. Overall price action still looks bearish as lower lows have been set with prices falling for the past months in a continuous trend; in the short term, however, we have retraced some of the move to the downside with resistance around 0.095-0.1 USD.
On a 4H time frame, we can see a clear downtrend along the 100 period moving average (seen as the blue line on the chart below) with additional resistance provided by the downward sloping resistance trend line. The trend line will likely be retested in the upcoming days before a continuation to the downside and an attempt to break below 0.071 USD, which would be a new multi-year low, highlighting further bearish momentum for the coming months.
On the daily chart against Bitcoin, a clear downtrend can be seen with prices setting new lows yesterday around 605 Satoshi. XLM is currently trading around 670 Satoshi, indicating we will likely see a move to retest the previous support of 760 Satoshi before continuing to the downside in the upcoming weeks as Bitcoin likely continues increasing its dominance and absorbing new capital. Additional resistance can be seen around 900 Satoshi if the previously mentioned resistance fails to hold and reverse prices. The next target to the downside after prices break below 600 Satoshi will likely be the 500 Satoshi level as it is an important psychological round number.
On the 4H time frame, we can see the current short term reversal is quite strong with an almost 12% move to the upside seen in the past days, indicating we will likely see a continuation to the upside to the previously mentioned support turned resistance level of 760 Satoshi. In the medium term, however, the downtrend looks to be here to stay with prices likely reverse and continue trading to the downside as no major indication of a bullish reversal can be seen. A short opportunity would likely yield good results around the 760 Satoshi level as we can see additional resistance provided by the 100 period moving average (shown by the blue line on the chart below) closing in on the area.
Overall, though XLM seems to have solid fundamentals and social media traction, price action looks bearish, trading in line with most altcoins currently. A short trade would likely have a good probability of being profitable as the market still shows no signs of a major reversal from the current multi month bearish trend.