Stellar Lumens [XLM] and Bitcoin Cash [BCH] are the two tokens in the top 10 to lose more than 20% of their value in the past week. Stellar is currently trading at $0.35 with a $6 billion market cap. Market observers believe, Stellar is undervalued and underappreciated right now. On January 3rd of this year, Stellar had reached its historical high at $1.04 going on a massive bull run that week multiplying by 5x in value.
Jim Cook, an Investment Banker turned cryptocurrency investor from Stockholm says,
“Buying in the dip is a philosophy that all experienced and now amateur traders follow, Stellar right now looks really promising. When a token has retraced back to almost 70% of its bullish value, you know something big is coming”
The overall market situation is uncertain with investors in a dilemma on whether to invest big or wait for another low. Some experts feel that the bearish grip over the market is yet to conclude. Bitcoin gaining momentum and crossing 10,000 USD mark last week was a relief for the community but now it is currently in what traders call a “kill zone”
Alessio Rastani, a famous Youtube cryptocurrency market influencer in his recent video says that Bitcoin is now in a “Kill Zone”, he adds,
“If Bitcoin manages to break its resistance at $11,700 then we can expect a bull run to above $14K but if it breaks its current lower resistance at $9200 then according to the Fibonacci retracement tool, Bitcoin could head further down to the $8000 level”
Bitcoin prices have always been important to the other altcoin community because it is still the base token that other tokens rely upon. Stellar, however, experts believe could at its lowest possible value right now and is only upwards from here.
The stellar network doesn’t use mining, all the coins in existence are in the ledger of the network. Approximately 20 Billion XLM are in circulation and 5 billion XLM is used for the smooth functioning of the Stellar.org.
Stellar’s business model has been received well by people, as it tries to solve one of the obvious problems that have been in existence from the time cross-border trade started. Stellar is open source and has an impressive 3 to 5 second confirmation time, latency support for a high number of transactions and it can be used to send or trade any currency.
The post Stellar Lumens [XLM] – another coin in the Top 10 to dip more than 20% – bull run ahead? appeared first on AMBCrypto.
Source: New feed