There are a lot of eyes on the different cryptocurrency markets as of right now. With Bitcoin suddenly turning bullish a bit, other markets will usually follow suit pretty quickly. As far as the XLM price is concerned, things will undoubtedly get pretty interesting moving forward. Despite some attempts to break the resistance levels, it remains to be seen if the attempt will be successful moving forward.
XLM Price Still Struggles
Depending on how one wants to look at the current market momentum, it seems there is no real course of direction to speak of. More specifically, Bitcoin remains on shaky legs, which usually doesn’t bode well for the other markets either. Although there is a chance this weekend will yield some positive momentum after all, it seems rather unlikely anything big will happen. How that will pan out for XLM, is a different matter altogether.
Over the past 24 hours, there has only been a minor XLM price change. The 0.7% gain in USD value is pretty promising, but the 0.27% loss over Bitcoin will continually put negative pressure on this market. As such, it seems unlikely the current resistance levels will remain in place for some time to come, albeit everything is subject to change in this particular industry. Anything can happen when people least expect it.
The Tweet by OldManTrading is pretty interesting to keep an eye on. More specifically, he claims there are “XLM buybacks” going on, without providing much information. It seems unlikely Stellar is buying back XLM, yet a lot of traders are pretty interested in this asset, by the look of things. A peculiar development, although it remains to be seen what all of this means exactly.
#XLM still doing those buybacks I see 😉
— OldManTrading (@Old_Man_Trading) February 1, 2019
There are quite a few different opinions regarding the XLM momentum as of right now. ByzantineGeneral seemingly has no love lost for this asset in the BTC department. More specifically, this user is convinced there will be a further pullback in the XLM/BTC ratio, with a potential decline to 2,127 Satoshi in the near future. That in itself would be quite problematic for this particular asset, although it is evident the reliance on Bitcoin will harm XLM in the long run.
— ByzantineGeneral⚡ (@RobinDirickx) February 1, 2019
As is usually the case, there are quite a few arbitrage opportunities when it comes to cryptocurrencies, tokens, and digital assets. In the case of XLM, there are plenty of ways to make good money in the coming hours and potentially days. With all of these opportunities on the table, the current price of XLM may become less important to traders and speculators.
Buy at #Gobaba and sell at #EXMO. Ratio: 1.21%
Buy at #Kraken and sell at #HitBTC. Ratio: 0.92%
Buy at #Kraken and sell at #EXMO. Ratio: 3.14%
Buy at #Kraken and sell at #Cex. Ratio: 1.98%#bitcoin #arbitrage #arbitraj #arbingtool https://t.co/xiFUPzcOcC
— Arbing Tool (@ArbingTool) February 1, 2019
Although XLM has no shortage of trading volume whatsoever, it quickly becomes apparent this asset will not see a bull run anytime soon. Although that is not entirely unexpected either, one has to wonder when all markets will reach the 2017 levels again. As of right now, that seems highly unlikely, as the bearish pressure is still very tangible. As such, this weekend will not be a happy one, although there will always be some good money to be made.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
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