A lot of traders and speculators are keeping a close eye on short-term profits first and foremost. That is only to be expected after an incredibly bearish year for Bitcoin and altcoins. Stellar Lumens, or XLM, is one of the currencies people have high expectations of. As such, the following three short-term predictions are well worth keeping in mind.
A Solid Weekend Buy
Enthusiasm is all part of the game when dealing with cryptocurrencies and digital assets. In the case of XLM, it would appear the opinions on its near-term price momentum are somewhat divided. For Sevensphere, XLM is the buy of the weekend more people should pursue. Given its current price of $0.17, Sevensphere is confident this will act as a level of support for the foreseeable future.
More importantly, this trader is convinced that level of XLM will serve as a support level to push the value to $0.129 in the coming week. It is expected such a value will be hit prior to December 20018. It seems like a rather unrealistic price target, although a bounce to $0.2 seems more likely under the current circumstances. If that happens, a further push to $0.24 may not necessarily be out of the question either.
Shorting too $0.08 is Possible
It is evident there is a lot of bearish pressure across all cryptocurrency markets right now. XLM Is no exception in this regard, as its value may continue to drop further. If the support at $.171 were to break, trader Mycotoxin expects a lot of pain to follow in the coming days. So much even that the value per XLM may very well drop below $0.09 fairly quickly.
Although this chart may not necessarily come to fruition anytime soon, one cannot deny the possibility is certainly very real. There is no bottom for any cryptocurrency and digital asset right now, and it is possible all markets will feel the pressure in coming months As such, this bearish XLM price trend is certainly plausible.
Stay Away From XLM Altogether
Although the value of XLM can easily swing either way in the coming days and weeks., there are those who try to encourage users from staying away from this particular market altogether. The chart outlined by beelao is pretty interesting, and not necessarily because it forms a sort of dinosaur first and foremost. Instead, it is evident this particular trader wants people to steer away from XLM for many different reasons.
According to this user, it was one of the few coins which seemingly has lost its day trading potential for the foreseeable future. That is primarily because this user only sees further losses on the horizon until it hits the support zone at $0.06. That is not necessarily something to look forward to, but there isn’t much one can do about this expected trend at this time.
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.