Stellar (XLM) Technical Analysis: Bears Kick XLM out of Bullish Pattern
Cryptovest
Published Sep 12, 2018 08:06AM ET
Updated Sep 12, 2018 10:00AM ET
Stellar (XLM) Technical Analysis: Bears Kick XLM out of Bullish Pattern
Stellar (XLM) remains relatively unscathed by the continuing bear market that has swept over the crypto space in the last week, dropping just 0.96% against BTC today. Other coins in the top 10 worst affected are Cardano, down 11.86 and Ethereum, down a further 10.81% at $171.
On September 10, Lightyear.io, a blockchain startup built on top of the Stellar protocol, announced a merger with Chain, a tech company that managed to raise $40 million in a funding round with the likes of Visa (NYSE:V), Pantera Capital, Citigroup (NYSE:C), and Nasdaq. The new merger has been rebranded ‘Interstellar’ and will make a valuable addition to the expansion of the Stellar network.
Can Stellar hold its current lead over other altcoins in the top 10, or will it cliff-edge like the rest and start sliding into double digit losses? Let’s take a look.
In the 1D XLM/BTC technical analysis on September 11, we can see that bears were able to kick the asset out of a large bullish pennant pattern that had been forming since the January crypto boom. Once XLM fell through the support of this pattern, bullish traders attempted to re-enter into the pattern, but met a new resistance at th...
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