Stellar’s SDEX Could be Launching this Month
- Market suggests that Stellar will be looking at launching their decentralized platform this month.
- XLM/USD remains heavily dictated by the triangular pattern set up, but near-term bull run may be eyed
It was reported earlier in the month that the Stellar foundation were in final stages of launching their own decentralized trading platform. This is said to be called SDEX. There are some suggestions across the market now that the launch occur in November. The foundation is also anticipated to make changes to their core protocol.
The Stellar Decentralized Exchange
The SDEX has been one of the key factors of sale exchange with its quick payment network. The exchange facilitates fast transactions, keeping fees low and a scalable platform where ICOs can launch. The speedy and cost-efficient service is a huge boost for users involved and potential investors.
What Does This Alteration Mean?
The alteration to this core protocol would tweak the way in which sales and buy orders are executed. That will be on any Stellar-based trading platform. As it stands, the creation of offers for multiple “shadows” can be done, this adds up to more than the total holdings within the wallet.
Currently, the mentioned offers can vanish, which can lead to potential manipulation of order books. Looking at other trading platforms such as Binance, they have mastered the fake buy and sell walls. They require that the buyer or the seller are to have the exact amount of the cryptocurrency. This means users will not be able to sell or bid amount that are higher than what’s available in their wallet.
Technical Review – XLM/USD Daily Chart
The current technical set up seen for XLM/USD is proven to be very stubborn to say the least. This triangular pattern formation has remained intact for going on 19 weeks now. Neither camp able to have enough momentum, to break out of this formation.
Over the course of the past 12 sessions, XLM/USD has managed to close in the green on just three occasions, further reconfirming how strong the bearish trend continues to be. Any decent rally that is observed from the bulls is sold harder by the bears at the given opportunity.
In terms of volumes, they produced 2018 lows recently. A marginal pick up was seen on Monday, when the market was hit with some fresh downside pressure. Still nowhere near matching the scale of volume seen earlier in the year, even just comparing with September’s volume.
The daily candle close seen yesterday, 31st October, produced a hammer, which could indicate at another small bull run. To the upside, the likely first target would be $0.2455; this is where the upper trend line of the triangular pattern is tracking. If breached eyes on a fast move back up to $0.3000.
Looking at support, convincing comfort isn’t seen until down at 11-12 October low area, $0.2050. If this area is broken, then the next area of demand is observed tracking from $0.1900-0.1700. The price was last seen here on 12th September.
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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