2018-12-23 22:22 |
Stellar XLM has been quite a competitive token since it went live on the cryptocurrency market. XLM has been one of the longest-running tokens with a record from as far back as 2014, and for this very reason, it is considered one of the very few tokens that have shown itself to be a promising option for trading. However, knowing that times and seasons are strong determinants of when a cryptocurrency can rake in the most in both losses and gains, it is fair to question XLM’s reliability at this time. Does XLM pose as the best tradable token at this time period?
To answer this question, a few factors significant to the cryptocurrency market structure has to be put into consideration. The first of which is the short term bullish/bearish trends that the market has been experiencing for a while, and seeing that the bears have topped these trends on more occasions, it is not exactly the best time to trade a sizeable amount in any coin/token for the purpose of trading. In fact, some traders have suggested that until their token/coin of interest hits a new yearly all-time high, trading may not profit so much and is not an option at the moment.
Another factor that threatens the reliability of XLM is its inability to break out from its trading price of $0.1, and that has been the case for most altcoins. While XLM can be credited for maintaining long-term stability, a breakout in trading price does much more for traders as they can be sure to attain profits sooner than later.
But the XLM token has been unable to make the much-needed move and has since been dangling between trading prices of $0.09 and $0.1. To interpret that, one can say that the token has not made any significant increase in trading volume, which goes on to mean that XLM has not attracted a good number of new traders. This can be traced back to the 13th of November when XLM snatched the 5th position from EOS for a short period and later lost it due to its inability to maintain stability.
In conclusion, Stellar XLM might have been one of the longest-running tokens, its fluctuating trading volume, and the market cap does that present it as the best possible token to be traded. However, seeing that the bulls are just around the corner, a change in direction is not impossible to achieve in the coming months.
The post Is this the Best Time to Acquire More Stellar Lumens [XLM]? appeared first on ZyCrypto.
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