Whereas most cryptocurrency markets noted very strong momentum last night, it seems another shakeup might occur pretty soon. There is no real bearish pressure to speak of just yet, but it seems a continuation of this strong uptrend might pose its own set of challenges. The Stellar price is still inching up, but its losses in BTC value can easily negate the push to $0.12.
Stellar Price Uptrend Might end Soon
Volatility is nothing new in the cryptocurrency industry by any means. Bitcoin, altcoins, tokens, and assets all see very odd market shifts, even if they don’t always make sense at that time. For now, most of the top markets remain in the green as they cling to minor gains first and foremost. However, it seems a few of these alternatives deal with pressure on their internal ratio over Bitcoin. That can trigger some minor USD losses if this trend keeps up.
To put this in perspective, the current Stellar price is still up by 2.34% over the past 24 hours. That in itself is promising, as one XLM is now priced at $0.115763. What is rather worrisome is how XLM/BTC not just fails to note any gains, but has effectively dipped in the red on this Wednesday morning. A 0.27% drop is nothing significant, but it shows there may be some bearish pressure coming from that direction.
There are some key developments taking place behind the scenes which may paint a positive outlook for Stellar. First of all, the number of active nodes and active validators continues to increase every quarter. That in itself is an ongoing sign of ecosystem growth and decentralized network support. Although it will not impact the price necessarily, any sort of growth is more than welcome for any project active in this industry today.
https://twitter.com/Crypt0bags/status/1118296986543898624
Secondly, the Stellar team has released their Monthly Roundup for April of 2019. In this report is some interesting information pertaining to platform updates, events, and development projects driven by the community. These reports often get community members excited, as it shows the growth rate is still strong. Projects keeping the community engaged often tend to do well compared to those who struggle to communicate in any significant manner.
It's that time again! Our #Stellar Monthly Roundup for April is now live. We've got details on platform updates, past and upcoming events and meetups, and new dev projects from the community. Check it out: https://t.co/lucqqQRUsi pic.twitter.com/Qk5RtaNabv
— Stellar (@StellarOrg) April 16, 2019
Traders keeping a close eye on the XLM chart may have noticed the momentum can easily swing either way. More specifically, the XLM/BTC chart is not looking all that great right now, and there are little to no improvements in sight at this time. If the key trendline is broken in a bearish manner, there is a genuine chance the 2,200 Satoshi level will not hold for much longer. Even so, the current pressure isn’t necessarily significant enough to warrant further bearish pressure in the coming hours.
めっちゃ落ちてるやん！
(T-T)#XLM pic.twitter.com/7qvFKWWueo— 【KJ】投資垢/仮想通貨&日本個別株 (@bitcoin_renaiw) April 17, 2019
For the time being, it is difficult to determine where Stellar might be heading next. Although there is a chance this is the sign of bearish pressure looming on the horizon, it remains to be seen how things will play out exactly. Everything stands and falls based on what happens to Bitcoin. The world’s leading cryptocurrency isn’t under too much pressure as of yet, but things can always change in a heartbeat.
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.
Image(s): Shutterstock.com