- Stellar Lumens is set to bounce against Bitcoin
- The digital asset’s price movement broke +350 days of accumulation
- XLM is currently making a fresh higher low
Stellar Lumens news today – In the last few weeks altcoins have been doing well. Even though Stellar had picked up earlier, a few days back it retraced against Bitcoin and failed to follow the price action of the other leading altcoins. Indicators show that the digital asset may soon bounce against Bitcoin. This sentiment is shared by several cryptocurrency traders. As stated above, the price of Stellar has been bleeding against Bitcoin in recent days as the top digital asset pressed higher. The recent price action can be spotted in the daily chart for XLM/USD. The chart shows XLM’s underperformance against Bitcoin on the right side.
Stellar Lumens Will Rebound Against BTC
According to an analysis of the Tom Demark Sequential indicator, the digital asset is set to bounce against BTC. The sequential indicator typically forms “9” and “13” candles whenever an asset goes through a technical inflection point. In Stellar’s case, a “9” candle was formed. This indicates that Stellar will recover against BTC in the coming days. The Tom Demark Sequential has had a strong performance as can be seen in XLM price in recent months. This instrument has successfully predicted local lows in April, May, and July. Other analysts remain bullish on Stellar as well. One trader shared a chart last week, and the following writing regarding why the digital asset is set to go parabolic in the coming weeks:
“XLM/USD is still a favorite option for me. It has broken a +350 days accumulation range and listed a good volume expansion during the recent breakout. The coin is now retesting the accumulation range. It has made a new higher low.”
Bitcoin Must Hold the $10,500 Mark
For altcoins to perform better than Bitcoin, some analysts believe that the leading digital currency must continue to consolidate within the $10,500 – $12,000 area. One crypto trader who has always been historically accurate with his prediction wrote the below on the matter:
“BTC/USD should sit within $11500 – $11700, before testing the $10400 – $10500 support. This support should hold for some time. Look for long positions above this price level and short areas below it. Altcoins can maintain their excellent performance as long as Bitcoin’s price stays above the $10.5k mark.”
There are some analysts and traders that don’t believe that Bitcoin is still bullish. According to one trader, since Bitcoin keeps failing to move past the $12,000 mark, it could retrace to the $9,000s area. The trader also noted that altcoins might hold up well for the time being. However, the trader didn’t mention Stellar Lumens as one of such altcoins.