As all cryptocurrency markets remain subjected to some minor bearish pressure, the coming hours can yield some surprising momentum. Some projects will face declines well before their competitors. It seems the Stellar price is still maintaining its uptrend, despite some minor pressure on the hourly chart.
Stellar Price Tries to Hold Its Own
In this volatile world of cryptocurrencies, tokens, and digital assets, any sort of market momentum can materialize when people least expect it. Right now, the bearish sentiment seems to grow stronger by the hour, whereas most traders expected a bullish outbreak. For the time being, Stellar is capable of holding on to its small gains, but that may not remain the case much longer.
To be more specific, the current Stellar price is still up by 1.54% as it rose to $0.112876. There is also a 0.75% gain in XLM/BTC, as the ratio now sits comfortably at 2,127. How long either of these levels will remain in place, is difficult to predict. Once Bitcoin starts to slip, it will go downhill pretty quickly for alternative markets.
What is rather interesting is how all crypto markets seem to maintain their normal trading volume without missing a beat. For Stellar, that is roughly equal to 11% of its market cap, which is more than acceptable under any circumstance. However, if the bearish pressure becomes tangible, this volume may trigger a fair bit of selling off in very quick succession. An interesting few hours lie ahead for this particular market.
On social media, there are some interesting developments worth keeping an eye on. Running a Stellar validator is not overly complicated. Wirex, the payments and payment card provider, currently runs three different validators. They all appeared on the network over the past few weeks, which further seems to confirm the company has high expectations of Stellar.
— CD (@Crypt0bags) April 21, 2019
In a completely different discussion, there is still a lot of excitement regarding the partnership between IBM and Stellar. Since IBM’s blockchain division is using XLM for settlement and built their solution on Stellar’s infrastructure, the possibilities seem virtually limitless. How that will affect the XLM value over the coming months and years, remains somewhat difficult to predict.
@IBMBlockchain is not just using #XLM for bridge and settlement, they've actually built on @StellarOrg for which #XLM is the native asset and needed in order go live on the network. Here is a peak of the current nodes active on #Stellar in the beginning stages. More to be added pic.twitter.com/I3Q31zaLR0
— Samuel Conner (@samconnerone) April 22, 2019
All things considered, Stellar’s price will probably not remain in the green for much longer. That same logic applies to all other markets, thus it is not an isolated incident by any means. For now, the market trend doesn’t seem to warrant any steep declines either, thus it is likely no real damage will be done in the process.
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.