Stellar Lumens XLM/USD Forms Double Bottom On IBM Partnership Updates
Kiana Danial | Apr 03, 2018 12:38AM ET
Stellar Lumens or XLM showed yet another outstanding performance on Monday, days after IBM’s VP confirmed that Stellar is a “big” part of the company’s IBM (NYSE:IBM) blockchain platform strategy and relies mainly on Stellar’s technology. Stellar Lumens is being used in a real-world environment for the company’s blockchain solutions.
But another thing that is getting people even more excited is the mention of central banks. The biggest aspect of the Stellar-IBM deal is to give central banks an efficient crypto that they can work with. A possible implication of this deal is that Stellar Lumens will become the default crypto for central banks, since IBM already offers many of them tech-related services.
A collaboration with central banks could also see Stellar Lumens emerge as the leader in blockchain-based finance, the same market that the likes of Ripple (XRP) are going after.
On these updates, XLM/USD appears to have bottomed out at the 0.18 support level for the second time since March 18th, and in the process of forming an apparent Double Bottom chart pattern on the daily format. The neckline of this pattern lies right at the lower band of the daily Ichimoku cloud and the 23% Fibonacci retracement level of 0.26. If the pair successfully breaks through this level in April, we could expect the pattern to be completed at 0.30.
*This article was originally published
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