August 15, 2020
Stellar Lumens (XLM) has fabricated against Bitcoin over the past few days, weakening to follow other principal altcoins higher. Signs suggest that altcoin may soon overtake Bitcoin – a sentiment in line with those shared by crypto dealers.
TD Sequential; Stellar Lumens Could Bounce Against Bitcoin after Drop
Like Bitcoin, a leading cryptocurrency has been pressing higher over recent days; Stellar Lumens has been bleeding out against it. The chart below shows XLM’s underperformance of BTC on the right side of the table.
The coin is supposedly due to bounce, an analysis from Tom Demark Sequential specifies. The sequential is a sign that forms “9” and “13” candles when an asset experiences a technical inflection point in its trend.
In their case, a “buy 9” candle has formed. This recommends that Stellar will recuperate against Bitcoin shortly. The mentioned sequential had quite a strong performance calling XLM pride action in the last months, forecasting local lows in April, late May, and early July.
Other analysts are also bullish on Stellar Lumens. One trader shared the chart below last week, writing the following on why the asset is poised to go parabolic in the weeks ahead:
Some analysts are also bullish on Stellar Lumens. A trader shard the chart below a week ago, writing the following on why the asset is composed to go parabolic in the weeks ahead:
XLM is still one of my favorites
1. Broke +350 days of accumulation range
2. Good volume expansion in the breakout
3. Break-in market structure
4. Currently retesting the accumulation range and making a new higher low.
Bitcoin Needs to Hold $10,500
For altcoins to outperform Bitcoin, some analysts think that the leading cryptocurrency must maintain its consolidation in the $10,500 – 12,000 range. One factually accurate crypto trader wrote on the matter, referencing the chart below:
There are still other analysts that don’t think Bitcoin is still in a bullish state.
One trader stated that since Bitcoin keeps failing to surmount $12,000, it could go back to the $9,000s. However, this same trader noted that altcoins might impede rather well for the time being (Stellar Lumens was not particularly mentioned).