Markets

Stellar Lumens XLM The Only Top 10 Crypto To See Gains On Tuesday

On a day that all top 10 cryptocurrencies were down, one altcoin saw a stellar 6% gain. And that is no other than Stellar Lumens XLM. Since the start of 2018 Stellar has been a newcomer to the big leagues in the cryptocurrency world.

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Stellar Lumens XLM Technical Analysis

XLM/USD has been supported by the 78% Fibonacci retracement level of 0.32. While it remains below the daily Ichimoku cloud, it appears to be gradually making its way back up to the pivot point and 61% Fibonacci retracement level of 0.46. The Chiko span is also moving away from the delayed cloud, moving up. On a less bullish note, the future cloud is moving downwards, and so are the Tenkan and Kijun lines.

Stellar Lumens XLM Technical Analysis

With this, we could expect the period of consolidation to continue a bit longer between the two Fibonacci levels. The key resistance is set at 50% Fibonacci level of 0.55.

Why is Stellar in Top 10 Cryptocurrencies?

Stellar is gaining more popularity among the crypto crowd because its blockchain performs fast transactions, and allows for the rapid exchange of fiat currencies such as GBP and USD. Not only that, Stellar lumens cover the conversion fee. Its recent partnerships with IBM and Deloitte adds to the company’s credibility in the space.

End of January, digital payments company Stripe also announced it may add support for the XLM currency.

Stellar has frequently been the winner among top cryptos on days that the majority of the market is down.

Its direct competition could be Ripple. Like Ripple, Stellar slashes Bitcoin’s blockchain transaction settling speed from 10 minutes to a matter of seconds. But where Ripple is considered more centralized, thanks to partnerships with even more established banking institutions and its for-profit status. Stellar operates as a non-profit.

Although Stellar has dropped from the 6th position to the 7th largest crypto by market cap, the market participants still appear to have faith in the digital currency. At the time of writing, Stellar is trailing behind Bitcoin, Ethereum, Ripple, Bitcoin Cash, Cardano, and Litecoin.

This article was originally published on InvestDiva.com.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Kiana Danial

Kiana Danial is an award-winning, internationally recognized personal investing and wealth management expert. She is a highly sought-after professional speaker, author and executive coach who delivers inspirational workshops and seminars to corporations, universities and entrepreneurial groups. She is a frequent expert on many TV and radio stations and has reported on the financial markets directly from the floor of NYSE and Nasdaq. She is a weekly investment expert guest on Tokyo’s #1 Investment TV Show. She has been featured in The Wall Street Journal, TIME Magazine, CNN, Forbes, The Street, and numerous other publications. Kiana’s book "Invest Diva's Guide to Making Money in Forex" was picked by McGraw-Hill only two years after she first moved to the US, and was an immediate domestic and international success. At a young age, she has won numerous awards including Best Financial Education Provider at Shanghai Forex Expo in 2014, New York Business Women of Influence Honoree in 2015, and Pro Bono Humanitarian Award by IA Bar Association in 2013. Born and raised in Iran to a Jewish family as a religious minority, she was awarded a scholarship from the Japanese government to study Electrical Engineering in Japan, where she obtained two degrees in Electrical Engineering and researched on Quantum Physics in classes conducted in the Japanese language. Being the only girl and foreigner in her classes made her decide to dedicate her life to empowering minorities, especially women in male dominated industries. As the CEO of Invest Diva, Kiana’s goal is to empower and educate women to grow their wealth by investing like a ROCK STAR.

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