It is always complicated to make sense of cryptocurrency markets during the weekend. Bitcoin seems to be recovering slightly, yet the top markets remain under a lot of pressure. The Stellar price is trying to move up swiftly, although the going will not be without hurdles. A push to $0.09 should not pose that many problems today.
Stellar Price Shows Signs of a Recovery
When Bitcoin remains stuck in sideways trading momentum for an extended period of time, one has to wonder how the alternative markets will respond. As is usually the case, these markets tend to follow Bitcoin’s pattern almost to a fault. Stellar is no exception, although its current bullish signs offer a welcome reprieve for holders and speculators alike.
Over the past 24 hours, there has been a 4% Stellar price increase across both its USD and BTC value. This brings the value per XLM back to $0.0877, or 2,281 Satoshi. A push to $0.09 should be more than possible under these market circumstances. However, that will primarily depend on what happens to Bitcoin later today.
Mark Johnson seems to have faith in Stellar Lumens at this time. At the same time, this rise from $0.083 to $0.087 has been very quick, which means there should be some sort of a retrace in the next few hours or days. Even so, it also shows this push was perhaps coming for some time, yet only materialized today, for some unknown reason.
— Mark Johnson (@johnson14851) March 3, 2019
The XLM chart shared by TheCryptoCryBaby shows there may be some interesting back-and-forth momentum in the coming days. While it remains unlikely XLM has bottomed out for 2019, there is also no indication a further drop will materialize in quick succession. Rest assured there will be some exciting and disappointment in the near future.
#XLM has the long forgotten lost sunken treasure of lumen been anchored here on the bottom for the last time? Will it finally get to andromeda or keep sleeping with the fishes on the double bottom? #Stellar pic.twitter.com/AyHAuqnvlo
— TheCryptoCryBaby (@TheCryptoCrybby) March 3, 2019
Arbitrage opportunities can often save traders’ portfolios without too many problems. In the case of XLM, there is a very appealing triangular arbitrage option worth exploring. Exploring these options usually requires multiple exchanges, although CEX and Kraken have a solid reputation. BitBns, on the other hand, is unknown to most traders.
Hurry! 65.66% triangular arbitrage considering volume in #XLM via #Cex. If you buy #XLM in #BTC market from #Kraken and convert it to #BTC in #Cex and sell it on #BitBns.
— KoinKnight (@KoinKnight) March 3, 2019
As is always the case in one of the most volatile financial industries in the world, nothing is ever set in stone. The promising XLM price momentum at this time can easily look very different in the hours and days to come. While XLM has sufficient trading volume to make good things happen, there are plenty of traders who will chase any quick profit and move on to a different market.
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.