Stellar (XLM) Continues To Rise Against Bitcoin (BTC)

Stellar (XLM) might appear to have erased most of its gain made since April 2018 but the fact of the matter is that it has been trading in an interesting pattern of falling wedges on both the XLM/BTC and XLM/USD charts. Another interesting observation is that both charts for Stellar (XLM) look extremely similar. The current pattern of falling wedges that Stellar (XLM) follows comprises of a large falling wedge in which the price trades for an extended period of a few months. After that, the price upticks and continues to trade high for another month followed by entry into another wedge. This falling wedge is smaller than the previous one and the price trades in it for a few weeks as opposed to months in the larger wedge. A break out of this wedge will result in the price trading higher for a while before entering into another wedge to trade for a few days. This will most likely be followed by the bullish run up for Stellar (XLM) to mark new highs for the year. Stellar (XLM) is currently performing well against Bitcoin (BTC). The price is up 4% against Bitcoin (BTC), which is the highest among all top 20 coins. RSI levels appear close to oversold levels and have already indicated a reversal. One thing about Stellar (XLM) is that its fast pace price action can also be used as indicator for the price action of the rest of the cryptocurrencies in the market. Stellar (XLM) made a high of just over $1 in January 2018 before falling own to sub $0.2 levels. The price action for XLM/USD has also continued to trade in falling wedges that grow smaller over the time. This tightening range of price action movement coupled with decreasing volume signal a hidden bullish divergence which could be instrumental in giving the price a major boost any time soon. Smart money appears to have been busy accumulating at every dip as Stellar (XLM) continues to show enormous potential as a peer to peer payment transfer solution. Stellar (XLM) currently appears to have Ripple (XRP) as a major competitor with far more influence but Stellar (XLM) is not exactly in the same space as Ripple (XRP). While Ripple (XRP) is focused on cross border payments by empowering the banks or financial institutions, Stellar (XLM) is focused on direct peer to peer dealing for transfer of funds. This means that it wants to cut the middle man and allow for a direct exchange of value among people. All things considered, this is exactly what most people would want in future which is why Stellar (XLM) seems to be a project with a lot of potential especially after its partnership with IBM. Stellar (XLM) is currently working to get central banks to use its blockchain to issue their own coins. There is a very high likelihood of this happening considering IBM is already a major fintech supplier to most of these central banks. Stellar (XLM) continues to be one of the few cryptocurrencies that investors are ready to pick faster than Bitcoin (BTC) at the first sign of a market recovery.