XLM Price Analysis: Stellar explodes 200% and faces a potential correction
|- XLM price is up by more than 200% since January 3 as XRP loses strength.
- It seems that XRP holders are eying up XLM as a potential investment option.
Cryptocurrency enthusiasts have always debated which coin was better, XLM or XRP. Both have a shared history and founders but there are significant differences like the ownership of coins. After the SEC sued Ripple, it seems that many XRP investors have switched their attention towards XLM as a potential alternative.
XLM price faces short-term correction after massive rally
After a 200% rally towards $0.39, XLM seems to be slowing down and faces a potential correction. On the 2-hour chart, the TD Sequential indicator has just presented a sell signal.
XLM/USD 2-hour chart
The validation of this signal can quickly push XLM down to the 26-EMA at $0.231 if the 12-EMA at $0.27 is broken. Below that level XLM can find support at around $0.205 and $0.18.
However, if the bulls can defend the 12-EMA at $0.27, they will face very little support to the upside. XLM price can quickly climb back towards the high of $0.39 and above hitting the psychological level at $0.40
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.