Stellar (XLM) Buyers Must Check Out These Data Before Going Long

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Stellar is one of the cryptocurrencies that has had an interesting and fruitful 2021, which is probably why altcoins are making positive noise these days for being a viable asset for long trading.

  • Stellar may enter a sluggish phase in the coming sessions
  • XLM is up -10.1% in the past week
  • Stellar is on an extended bearish momentum
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In the crypto space, long trading involves buying an asset and making a profit as its price increases. On the other hand, short trading occurs when one sells a borrowed security and buys it back at a lower price, thereby generating income from the short price.

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Stellar is hot in the eyes of investors looking to make money from long trading as the current price of the digital currency is well below its 2021 levels.

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Given the potential of the virtual coin to drive tremendous growth in price, it is easy to understand why investors might choose Stellar for their longer trading plan.

But, as with other ventures, it would be wise to first pay close attention to the price movement of XLM, before deciding to invest big on it and play the long game.

Stellar Price Analysis and Trajectory

After a spectacular performance in May 2021, when it reached several yearly highs, Stellar plunged into a gradual bearish rally and has now been located at trendline resistance for over 17 months.

Source: TradingView

At press time, data from koingeco Shows that the crypto is trading at $0.113 and is down 10.1% over the past week. Compared to year-on-year, Stellar is up – 68.8%.

The bearish momentum of the crypto market hits xlm Very tough as its price fluctuates between $0.09 and $0.1 which has been its support range for the past 22 months.

Since various metrics such as the 20 and 50 EMAs and the relative strength index indicate that the asset may look to be in a sluggish phase in the coming sessions, investors looking to trade longer may find it difficult to get that kind of profit. is what they expect.

Stellar’s spectacular 2021 showing

As mentioned earlier, XLM had an impressive performance in 2021, ending as one of the most viewed digital assets of the year.

After starting 2021 with a price of $0.133, the crypto wasted no time as it increased its value by 224% to $0.432 during the first week of January.

The following month, Stellar successfully completed a bullish rally as it reached $0.6. But the asset was not immune to the volatility of its position, as it experienced a drop in price before bouncing back on April 14 when it changed hands at $0.689.

The month of May turned out to be even better for crypto, as it achieved a high trading price of $0.791 on the 17th.

But it appears that Stellar has suddenly used up all its momentum as its price plummeted in the months that followed.

XLM total market cap at $2.9 billion on the daily chart | Featured image from CoinLive, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.



Credit : www.newsbtc.com

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