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Stellar Lumens (XLM) Leads The Charge On Crypto Trend Reversal
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Stellar Lumens (XLM) Leads The Charge On Crypto Trend Reversal

Chart With Stellar Crypto Values Stellar Lumens (XLM) has recorded one of the biggest gains since the market eyed a recovery these past few days. Apparently, IBM has big plans for the company and investors do not want to miss out. The team behind Stellar is all excited to use IBM’s influence to broker new partnerships with large financial institutions. It is pertinent to note that IBM is already a major product supplier to most central banks. If these central banks decide to issue their own cryptocurrencies, chances are they will use the Stellar blockchain. Apart from positive news, technical indicators also point to a rally and XLM could likely see some big gains for this quarter. Chart patterns and RSI levels indicate favorable conditions for a bullish entry on the weekly chart. XLM/BTC also looks attractive for long positions as the downside is limited and the risk/reward is appealing. Chart With Stellar Crypto Values Before it fell from its all time high, XLM rose all the way from a meager $0.04 to $1 in a short span of less than 2 months.  This was 25x increase in price which means if you had invested $1000 at 4 cents in the month of November last year, you would have made a $24,000 profit if you had cashed out in December! These kinds of gains are nowhere to be seen in any other market. The thing about market is, it works in cycles. XLM is back at a point where similar gains can be expected. It is at a price of $0.23 at the time of this writing. The next bullish wave could record similar gains which are why we saw the price rose by more than 15% yesterday in anticipation of the next bull run. Stellar is similar to Ripple in a lot of ways but what makes it even more attractive to investors right now is its comparatively smaller supply and smaller market cap which means it needs a lot less effort than XRP to make big gains. Some investors are discussing the possibility of Stellar Lumens (XLM) making it to the top three in terms of market cap. In order for XLM to currently make it to top three that is by knocking out Ripple its price has to rise to $1.10. While it might seem like a big deal, Stellar has actually reached the price of $1 before. If it continues to make big gains with its current pace, it could probably achieve this goal. A similar event happened last year when Ripple (XRP) exceeded Ethereum in marketcap to secure second spot. However, that win was short-lived and Ripple had to fall back to the third slot but the event did spark some debate about Ripple knocking out Bitcoin and being the number one coin and brought Ripple (XRP) to the limelight. The recent turn of events have brought a lot of attention to projects with actual use cases as coins with no use were wiped out during the crash. Stellar (XLM) like, Ripple (XRP) is one of those few projects with real use cases which is why it is increasingly gaining popularity and attention.  

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I work as the key Trading Analyst for Crypto Daily and provide the team with regular analyses and updates regarding the technical performance of all cryptocurrencies on the market. I am responsible for the production of articles and posts for Crypto Daily’s own technical analysis section and spend my time monitoring and commenting on the varied moves the markets make on a daily basis.

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