Recent price stability revives lost hope of a probable bullish trend after it failed to break out the $7,000 mark last week. However, cryptocurrency enthusiasts are very much optimistic about a massive rally of Stellar such as it happened to Ripple two weeks back.
Bitcoin Value and Recent Stability
Bitcoin price has seen a bearish trend since the beginning of 2018. This affected the whole cryptocurrency market causing a market shed of over $500 billion.
Though all hopes are on the need for a Bitcoin ETF approval by SEC as the cryptocurrency community awaits the rise of Bitcoin back to its all-time highs, however, series of rejection has trailed different proposals. The SEC had cited poor regulation, market volatility, and manipulation among other as the reason for rejections so far.
However, the indecisive stance of SEC on Bitcoin ETF has made many cryptocurrency enthusiasts look beyond it for a bullish trend.
Notably the price of the top valued cryptocurrency, Bitcoin has seen stability in the range of $6,000 to $7,000 in recent months. A contrast to the downward trend that saw it fell from almost $20,000 a year ago to its present value.
Recently, Bitcoin eyed a breakout at a significant resistant of $6,800; it has balanced at $6,500 to $6,600 presently. Also, major cryptocurrencies such as Ethereum (ETH), Ripple (XRP), and EOS have seen a loss of 3% to 5% on October 1st.
The Distinctive Stellar
Amid the loss and stability that has trailed most of the major cryptocurrencies, XLM has been distinctive. The cryptocurrency closed the weekly chart with a bullish move. This shows momentum after the formation of an ascending triangle.
The positive stance of technical indicators of XLM has been the reference of cryptocurrency enthusiasts since September 29th. This led to the prediction of a short-term rally in the coming days.
Carpe Noctom, a technical analyst, noted that the price while at $0.262 if successfully passes $0.27 in the next 12 to 24 hours is heading for a bullish move.
Satoshi Flipper, another technical analyst, noted that XLM is about to pull a ripper out of the symmetrical triangle as long as BTC ‘does not ruin the party’. Stellar’s rise is noted to be dependent on the short-term trend of Bitcoin and the ability of Stellar to surpass a major resistance level.
