Stellar Price Analysis: XLM/USD in Deep Trouble Floating in the Abyss
- XLM/USD and XLM/BTC plunge into unknown territory, with a lack of technical reference indicators.
- US tech giant IBM was recently advertising for new staff to work on a Stellar blockchain project.
XLM/USD Price Behavior
Stellar’s XLM remains at depressed levels, a price area that has not been observed before, specifically when looking at XLM/USD. The problems to the downside flared after a bearish pennant pattern structure was breached to the downside. XLM/USD was moving within this since the early part of December 2018. Consequently, the price was extremely narrowing, making it increasingly likely to see the mentioned breakout to the downside. Since the described technical move, it has shaved off over 25% in value, with no sign of a change in trend for now.
XLM/BTC Plunged Through Critical Support
The rate of XLM/BTC was forced to breach a critical demand zone, which triggered greater selling pressure. This was initially seen from 0.000003000 down to 0.000002850. On several occasions in 2018, it proved to be of major support and find chunky buying interest. This was notable seen in June, July, September, December and briefly in January. The first few times this area had found support was followed by a large wave of buying pressure. In July the price jumped over 45% and in September big gains of around 50%.
The above highlighting just how key this area was, given the strength of support, but also promoting that huge buying interest. Therefore, when the push below occurred, this was aggressive and explosive in its decline. It is important to also note that the levels of which the price is trading at is very much unknown territory. This makes it harder from a buyer’s perspective of where to potentially enter the market, there isn’t any historic technical levels to refer to.
IBM Hiring Workers for Stellar-Blockchain Project
U.S tech giant IBM is reportedly searching for new staff for its Blockchain Financial Solutions department. The company is currently on the search for people that are familiar with the workings of the Stellar ledger.
In terms of further details of their roles, they will be aimed at helping clients within the cross border payments arena. It will be a service that they sign up for and is anticipated to be able to facilitate them with transformational payment options. This was covered in job advertisement posted on LinkedIn, which have since been closed.
Based on the job posting, IBM is looking for the following: “This role will assist in providing Offering Management expertise in allowing IBM Blockchain Financial Solutions clients, who do cross border payments, to avail themselves of a transformational method to initiate their payments. The Stellar blockchain ledger is used as the system of record for settlement of financial transactions between counter-parties on the World Wire network.”
We will monitor progress on this front in forthcoming articles.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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