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Although Stellar (XLMUSD) rallied its monthly ascent since mid-July, approached its monthly high of $0.352 (as per Kraken) could buck the major trend which is still in the consolidation phase.
At that juncture, the pair forms sharp-shooting star pattern candlesticks at peaks. The back-to-back bearish patterns have occurred at 0.332037 and 0.336500 levels to signal weakness (refer 4H chart).
As a result, the price slides below DMAs, for now, further dips seem to be on cards as both leading oscillators signal bearish momentum. Consequently, the bears have managed to break major supports (at 0.280076 levels) after sliding below 21-DMA, abrupt upswings constantly restrained below 7-DMA.
With the current market prices acting like a living roller-coaster ride, though the bearish potential is foreseen in the short-run, the crypto-universe turns to the latest infrastructure development and news on collaborations. The Stellar Lumen (XLM) has been receiving exclusively exciting news that Stellar’s partner, SatoshiPay, is equipped and staged for Initial Public Offering (IPO) on AIM, a sub-market of the London Stock Exchange. Stellar Lumens steps the cross-border transaction game up in the name of “TransferTo”, the firm announced its partnership with Stellar to improve efficiency in international money transfer.
On these fundamental grounds, needless to specify, XLM, at any time, may resume in a bullish trend in the long-term outlook.
On trading perspective, one can look ahead for shorts on every rally for targets upto 0.260879 levels but with strict stop loss 0.280076 levels. Thereby, one can achieve an attractive risk/reward ratio with this trade.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -23 levels (which is mildly bearish), while hourly USD spot index was at 10 (absolutely neutral) while articulating (at 09:02GMT). For more details on the index, please refer below weblink:
