Can Stellar (XLM) Hold 61.8% Fibonacci Amid Market Selloff?

Stellar (XLM) has been on a roll these past few days. Its stellar gains are only second next to that of Ripple (XRP). The above 4H chart for XLM/USD shows that there is still plenty of room for further price boosts. However, after its previous rally towards $0.30, we have seen Stellar (XLM) retrace towards the 61.8% Fibonacci. Fortunately for Stellar (XLM) investors, this level has held strongly for now as the price has already closed one 4H candle above it and has now formed another green candle which is also likely to close above the 61.8% Fibonacci level. Bullish volume for XLM/USD has been picking up as can be seen in the form of big green spikes on the XLM/USD chart. RSI for the above chart has also bottomed out and is now preparing to rally higher as the price resumes its uptrend. Wave trend analysis shows that there is still room for the price to go down, but considering that further downside would push Stellar (XLM) into a short term bear trend, it is more likely that the wave trend might reverse from current levels. However, there are some risk factors we have to be aware of. If the price rises from current levels but faces resistance again at the 38.2% Fibonacci and forms a shoulder like the one that already exists, that would complete a solid head and shoulders pattern which would increase the likelihood of Stellar (XLM) facing a major sell pressure that could push the price below $0.20 again. Stellar (XLM)’s outlook appear more positive from Bitcoin (BTC)’s perspective. The above chart for XLM/BTC on the 4H timeframe shows that Stellar (XLM) has just touched the bottom of its ascending channel and that the price is now likely to resume its uptrend towards the top of the ascending channel. RSI for this chart also appears to have bottomed out and is now on the verge of a breakout to the upside. Wave trend analysis shows room for further downside but that would mean breaking the ascending channel. So, it is possible but no likely. Interest in blockchain technologies like Stellar (XLM) and Ripple (XRP) is on a steady rise as more and more people across the globe see the problems with decades old SWIFT which is practically obsolete at this point. If Stellar (XLM) and Ripple (XRP) can process transactions in just a few seconds, why would anyone want to use SWIFT which takes four days, a hefty fee and a lot of questions just to send a few thousand dollars back and forth? These projects have a real shot at accomplishing what they have set out to do. Ripple (XRP) has managed to attract a lot of new investors given their excellent marketing campaigns and community outreach. Stellar (XLM) on the other hand has attracted a lot of new investors mainly because of its tech and future outlook. While Ripple (XRP) may be the short term solution to most of our problems that we face with traditional banking today, Stellar (XLM) is the one better positioned to ultimately dominate the space as it cuts out the middlemen and enable direct peer to peer transactions.