Altcoins Daily Preview: Stellar Lumens (XLM) to Rise 260% by Dec 2019–Fintech Leaders
By design, the crypto market is inherently volatile. That’s to say asset prices can swing by large margins in matter of minutes, hours or days. We saw what happened in Sep last year when XRP prices soared 400 percent a few days before xRapid and the super hyped SWELL conference. Therefore, although their outlook is a bit outrageous—and even full of hope, the analysis from a “panel of experts” lead by Ben Ritchie, COO of digital capital management and Bitcoin educator and investor, Jimmy Song cannot be binned just like that.
In their own view, the crypto market is likely to make a U-turn and that means a change of fortune for asset prices including Lumens. While Jimmy Song retained a bearish outlook saying BTC may as well tank to $2,100 before snapping back to trend, Ritchie cited adoption levels and the overall impact of traditional markets on cryptocurrencies.
Even so, the market is generally apprehensive with the scars of 2018 yet to heal. Therefore, while experts can spew random numbers, it will be hard to settle on a figure because like any asset, unpredictable macros can be a real bummer. Anyhow, the year is still “young” and as optimism fill the air, the short to medium term projection largely depends on January’s barometer.
Stellar Lumens Price Analysis
If anything, Stellar Lumens (XLM) has been consolidating against the USD for the better part of the year. By dropping from 30 cents to 15 cents after four months from July to Nov 2018, XLM is pretty stable. However, let’s not forget that by dropping and closing below 15 cents in mid-November, XLM is trading within a bear breakout pattern against the USD.
As laid out in previous altcoin daily previews, 15 cents should be important as far as XLM trading is concerned and for bulls to be in control, then the bear breakout pattern confining recent price action must be nullified.
If not, then rejection of higher highs could trigger a sell off in the third phase of a bear breakout pattern. It is for this sole reason that we retain a neutral approach, tracking XLM performance in the short term.
Rallies above 15 cents will no doubt increase XLM mark cap, opening up opportunities for retest of 30 cents. on the flip side, declines below 8 cents could see XLM sink towards 5 cents or lower by end of January 2019.
Litecoin Price Analysis
LTC prices may be stable but recoveries above $50 anchors on reaction at $35. Note there is a bull trap and although the trend is still up, traders need to see increased market participation confirming late Dec 2018 upswings. That mean, bulls will be in control but for positions to be initiated, prices must surge above $35 at the back of above average volumes. Thereafter, we shall trade in line with previous trade plans with targets at $50. Otherwise, declines below $30 exposes LTC to Dec 2018 lows of $20.