Yesterday was a very promising day for nearly all cryptocurrencies. Although some bearish momentum began forming in the evening, it seems things have taken a turn for the better again. The Stellar price, which already showed signs of a promising bull run last week, is simply continuing its momentum. For now, the $0.1 level acts as solid support, which comes as somewhat of a surprise.
Stellar Price is Still Moving up
It is quite interesting to see how all of these individual markets behave under the current market circumstances. While it is only normal to see most markets benefit from Bitcoin’s ongoing trend, it would appear things are picking up steam where XLM is concerned. Its bull run last week is still not over, by the look of things, which comes as somewhat of a surprise. Not necessarily because people expected a downtrend, but primarily because reaching $0.1 was expected to trigger more backlash.
Over the past 24 hours, the Stellar price has noted another 4.3% increase in USD value and gained 3.74% over Bitcoin. This new push brings the XLM value to $0.103951 or 2,661 Satoshi. It would appear these levels will need to act as further support, although it remains to be seen if that can effectively happen. The $148.5m in 24-hour trading volume is not exactly that impressive, but it is not necessarily the worst development either.
On social media, it would appear there is a lot of excitement regarding XLM at this point. CryptoCurrency seems to be cheerleading from the sidelines, although some people will undoubtedly interpret this as shilling. While the current market momentum would certainly warrant holding XLM in search of further profits, one would think this run will not continue forever. In fact, there may be some sort of small correction at some point in the very near future.
— CryptoCurrency 🤑 (@crypto_goat_) March 12, 2019
For those who are looking at the actual XLM chart, it would appear things are not looking all that bad either. There have been numerous waves up and down where this market is concerned, yet it seems a drop below $0.1 will not necessarily occur anytime soon. That is, unless the Bitcoin price were to drop well below the current level, which is always a possibility. The current circumstances seem to indicate the uneasy Bitcoin momentum could remain in place for a while.
12345 impulse wave is ✅ but momentum is so high and we might not even have a significant pull back! #asiamoney20/20 #stellar $xlm @StellarOrg @xlm_usd @Stellar_XLM_ @StellarXLMTR #XLM pic.twitter.com/mkyzUIb6E3
— HJ (@HJ_XLM) March 13, 2019
For those users who are interested in XLM arbitrage opportunities, it seems there are plenty of choices today. More specifically, there is a good profit to be pocketed from exploring XLM price differences between the exchanges below. One potential downside is how EXMO doesn’t necessarily have the most liquidity to speak of, which could thwart any attempt at scoring the big money.
Buy at #Binance and sell at #EXMO. Ratio: 2.53%
Buy at #Sistemkoin and sell at #EXMO. Ratio: 1.62%
Buy at #Kraken and sell at #EXMO. Ratio: 2.43%
Buy at #KuCoin and sell at #EXMO. Ratio: 1.59%#bitcoin #arbitrage #arbitraj #arbingtool https://t.co/xiFUPzcOcC
— Arbing Tool (@ArbingTool) March 13, 2019
All things considered, Stellar is going on quite a good run as of late. The positive momentum is still in place even today, yet there is a genuine chance this trend will sour later today. When that happens, the value should not drop below $0.1 in the process, although the 2,600 Satoshi level may come under a bit of pressure in the process. Maintaining the market cap rank 9 position should not pose any genuine problems either.
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.