Stellar (XLM) In Deep Sideways Action Despite Major Announcement From Grayscale Investment

Stellar (XLM) In Deep Sideways Action Despite Major Announcement From Grayscale Investment

XLM has in the last couple of hours managed to record some marginal gains. This comes off the back of some positive news from Grayscale investment. In a recent announcement, the investment firm confirmed it will begin supporting Stellar.

The company further confirmed that Stellar would constitute a single investment product. Stellar now joins a list of elite coins like Bitcoin, Ethereum, XRP, Bitcoin Cash, and Litecoin that are single investment products.

The introduction of Stellar will see it receive exposure to investors. This could see demand for Stellar go up and prices steadily climb. The addition of the token reportedly arose from investor’s demand which further demonstrates XLM’s current interest growth.

At the time of press, Stellar seems to be stuck in sideways action, a trend being established by the wider market led by Bitcoin BTC.

Via Coinmarketcap.com

Although Stellar has been able to maintain above $0.10 through the recent price drop, the coin has been unable to break past the $0.11 resistance point. During the crypto surge on December 24, Stellar soared as high as $0.13, one of the more respectable positions for the coin. In the short-term, the coin will be looking to retest the $0.13 position with the prospect of a higher position remaining imminent.

Bitcoin (BTC) And Ethereum (ETH) Price Analysis

The wider market is still in a stalemate with major coins recording marginal movements. Bitcoin is still trading within the $3,650 range with many wondering what direction the coin will take next. According to many, soon a trend will emerge. The coin will need to breach past the $3,700 position marking a bullish trend or drop below $3,500 and set a bearish trend.

If prices drop below $3,500, many are of the opinion that the coin will find a bottom at around or slightly below $3,000. However, price consolidation has seen the prospect of a bearish trend drop. If bitcoin can continue holding ground above $3,500, a rally could be triggered soon.

Via Coin360.com

Ethereum ETH, on the other hand, has also been holding on above $120. At the time of press, Ethereum is trading for a little over $121 marking a marginal change from the last 24 hours.

In the short-term, Ethereum will have to ensure it stays above $120 and ensure investor confidence is on a high. The network upgrade at the time of press is yet to be scheduled by the team, with its success a major catalyst over the direction the coin takes.

What's Your Thought On This ?, Let Us Know In the Comment section Below.
♥Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram