Greetings to you beautiful and handsome looking Steemians. Is indeed a great day of my life today to be counted among the living. Today I will be sharing my day 5 trading competition which is all about a popular crypto called XLM. Here in this competition I will be using XLM/BTC pair in my trade. Firstly before I continue I am so grateful to my term leaders fredquantum-kouba01 Traders for they noble support so far. After presenting my Day 1 trade, Day 2 trade, Day 3 trade and Day 4 trade I am here to discuss about my day 5 trading competition which is a trade of XLM/BTC. Let's get started below.
The name and Introduction of the project token
Stellar (XLM) is a cryptocurrency that handles financial transaction through the used of a peer to peer (P2P) network. It makes use of its limen token,to settles financial transaction, and it goal is to compete with other fast growing infrastructure platform like Ripple. However, the founder of Stellar was ones Ripple member and the blockchain of XLM that is currently a hard fork of the Ripple (XRP) blockchain.
Stellar is known as a decentralized blockchain network that allow users to create, send and trade different types of cryptos. Stellar was firstly created in 2014 and fully launched in 2015 with the goal of bringing the whole financial system of the world together under the umbrella of one single network. Stellar is not like other decentralized exchange that make use of technology when users wan to create they own decentralized application, instead, it is spread across several servers. This implies that all the activities that is perform in Stellar is monitored by a different network.
The native token of the network, lumens, is what serve as a gap that make it cheaper to trade asset across the whole world. As I have earlier said Stellar is and hard fork of Ripple that was rewritten. Stellar was founded by Jes MaCaleb together with a lawyer called Joyce Kim after he Jes MaCaleb left Ripple in 2013 over an arguments the future direction of Ripple company's.
Why I am optimistic about XLM token today, and how long I think it can rise.
To be Sincere, I am really optimistic and confident about this altcoin called Stellar Lumens (XLM) because of the recent strong and positive performance of the token. I know what it means whenever the XLM token starts getting this positive performance, due to the fact that the Stellar foundation holds around 30 billion lumens for the improvement of the project.Without wasting time, let me point out some details about this token, that makes me so optimistic and confident about it.The total number of XML to ever be created, and currently in existence is 50 billion XML token, and out of this 50 billion XML token, only 20 billion XML token are exchanged and traded across the crypto market. The remaining 30 billion XML token created was meant for the promotion of the project in the nearest future.
This remaining XML token is with the Stellar's foundation, and they would see to it that this project gets all the positive vibes it would need to get to the top. This basically means that this token has a very bright and positive future, So investors are given the opportunity to buy now and profits in the nearest future.
Lately, they have equally been positive reviews and predictions by crypto experts like Lukas Wiesflecker, Crypto NewZ and so on about the bright future of this token, and believe me with positive reviews and prediction by experts the market would tend to rise due to market psychology. Honestly, speaking, Stellar XLM has shown the world and the crypto market some promises that the token then to achieve since the creation of the token, its value has further risen from just little amount to a greater amount. Current price of XLM is shown below.
screenshot gotten from Coinmarketcap
Looking at the two data we can see that the growth of XLM, the token could be a good long-term investment, for both traders and Investors. Although, before investing in this token, it will be nice if you have carried out your own personal research than investing base on what I have said, because this token is not exempted from the risk that is associated with cryptos.
Analysis of Stellar XLM
I like making analysis using two different pairs before placing muy order. Here I will be giving analysis with both XLM/USDT pair and XLM/BTC pairs, of which is BTC pair that is used and place my order. Also, the price reached $0.1912 support level
From the chart above which is XLM/USDT pair, we can see that there was a breakout from falling wedge, the price of XLM was rejected when it was trading at $0.2020 resistance level and was unable to make a higher-high. From the chart we can see a downtrend move, with a bearish momentum. RSI fall below 50 and the On balance volume is indicating that the volume on down days is equal to the volume on up days.
Looking at the chart of XLM/BTC pair, we can see that there was a breakout from falling wedge,price was rejected when it was trading at $0.00000510 resistance level and was unable to make a higher-high.Supoort level is at $0.00000494.From the chart we can see a downtrend move, with a bearish momentum. RSI fall below 50 and the On balance volume is indicating that the volume on down days is equal to the volume on up days.
After studying the chart critically, I then place a buy order trade and set my take profit at $0.00000459, stoploss at $0.00000843 and my entry price at $0.00000493. After doing this I immediately went to my Binance exchange and placed a limit order at $0.00000491 when the market price is still at $0.00000493. The order took 3 minutes to be executed.
My Plan to Hold XLM long or Sell
My plan is to just hold XLM token for a short time like a week before selling the token. But if I discovered that within a short period of time holding the token my profit became large I will rather buy and hold more of the XLM token than selling it.
Reasons why I am recommending traders to buy XLM
As I have earlier said, there have been some positive reviews and price prediction concerning XLM that was given by experts in the crypto industry like Lukas Wiesflecker and so many other who has predicted the bright future Stellar (XLM). With just what some of this crypto experts has predicted I will have no choice than to recommend this tokens to most traders out there to buy, because the future of this token have been seen by experts that are far better than me in the market.
Conclusion:
When you're looking for a cryptocurrency that settles financial transactions using peer to peer (P2P) network just know that it's Stellar XLM. It's more focused on infrastructure than anything other type of industry. At this point, I have come to the end of my competition for this week. I am so much grateful to professor @kouba01, @fredquantum and to you my beloved reader for your time and lovely support. Thank you and Remain Bless.
All my enteries for this week trading competition Season 6 Week 1:can be found on the links below 👇.
Hello @jasminemary,
Thank you for choosing our team to participate in the 1st week of Season 6 of this trading competition, hoping that you will make gains during this period, you deserve a Total|6/10 rating, according to the following scale:
My opinion on your choice of pair and your trading style :
Although the XLM Dollar price has not had an impressive performance over the past two years, we clearly believe that the upside potential represents a great opportunity for a medium to long term investment.
It should be remembered, however, that the cryptocurrency sector remains extremely volatile, so it is essential to carry out your own research before making any investment decision.
We thank you again for your effort and we look forward to reading your next article.
Sincerely, @kouba01
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