- Analyst who forecasted Bitcoin’s 2018 bear run isn’t bullish on Stellar
- The analyst has predicted that Stellar Lumens’ current rally will soon end
- Some analysts remain bullish on Stellar’s price action
Stellar Lumens News Today – in recent days the digital asset market has been in a bullish pattern. Most of the top tokens have started to rise. They have done very well against the top digital currency by market cap, Bitcoin. Stellar Lumens the coin in focus, just like the bulk of other large-cap coins, has performed remarkably well against the USD and Bitcoin in recent weeks.
According to data given by TradingView, the digital asset has gone up by 58% against the USD. During the same period, the XLM price has gone up by 24% against the value of BTC. While this positive action for the digital currency has continued, one analyst remains unsure of the price XLM. The commentator isn’t confident that the price of Stellar will rally higher. The analyst in question has accurately predicted Bitcoin’s bottom of $3,200 in the 2018 crypto bear market.
Historically Accurate Analyst Says Stellar’s Rally Could Soon End
In the last few days, Stellar has dropped most of the gains it posted in July. A few days ago, the asset plummeted and underperformed Bitcoin. It has since seen a short-term rally. But despite this price bounce, the above-mentioned analyst expects fresh downsides for XLM against BTC. In an August 5 analysis he remarked:
“I dumped XLM. I am not interested anymore. The coin is moving into the bearish breakout range. It is in a 5 wave decline. It will head back to a lower range and new lows. This will likely be triggered by BTC pumping.”
Underscoring this prediction, several analysts expect digital currencies to outperform Bitcoin. This is because the price of the later is breaking higher via the macro trends.
Some Traders and Analysts Beg to Differ
While the above prediction for Stellar Lumens may likely be a possibility (considering the accuracy of the analyst behind it), others remain bullish. The above-mentioned sentiment about XLM is different from that of many other analysts. Some say the digital asset isn’t dropping any time soon. They feel the rally will continue for now. One trader shared a chart on August 3 to back up his prediction.
According to the chart, the recent performance of XLM’s price has allowed the digital asset to break high above the one-year-long accumulation range which has stood for some time. With this breakout, which is backed by Stellar’s “volume expansion,” is priming the digital asset for a “130%” price rally against Bitcoin. The trader said Stellar remains one of his favorite digital currencies. This is a sentiment shared by many others.