At BeInCrypto, we offer regular price analyses of Stellar lumens and other cryptocurrencies. Today, we are beginning a new series of monthly price analyses for several cryptocurrencies including Stellar lumens.
Stellar Lumens (XLM): Trends and Highlights For March 2019
- The price of XLM/USD has increased significantly in the month of March.
- Stellar lumens broke out from a horizontal channel on Mar 9.
- Lumens broke down from an ascending channel on Mar 21.
- XLM has been on an uptrend since Mar 26.
An Early Horizontal ChannelThe price of XLM on Binance is analyzed at one-hour intervals from Feb 26 to Mar 16 to determine prior movement. On Feb 24, the price reached a low of $0.081. It reached the same level several times during the beginning of March. The price reached a high of $0.091 on Feb 25. It reached the same level several times during the beginning of March. Tracing these highs and lows respectively gives us a horizontal channel. The price traded within the confines of the channel until a breakout occurred on Mar 8. We successfully predicted this movement in our Mar 7 analysis.
An Ascending Channel is Born!After the breakout, the price reached a high of $0.111 on Mar 11. A sharp drop ensued, reaching a low of $0.979 on Mar 12. Several market cycles were completed and the price increased gradually, making higher highs and lows. Tracing these highs and lows respectively gives us an ascending channel:
A Breakdown and ReversalA breakdown from the channel occurred on Mar 21. Even though we believed this breakdown would occur slightly earlier, we successfully predicted it in our Mar 14 analysis. After the breakdown, the price made a low of $0.101 on Mar 21. It continued to decrease over the following days. A lower of low of $0.098 was reached on Mar 26. We predicted that a drop near the $0.1 level would occur in our Mar 21 price analysis. After the Mar 26 low, there was a reversal. Stellar lumens bounced back the price has gradually increased to close at $0.109 at the end of March.
Summary of AnalysisThe price of Stellar Lumens has significantly increased throughout the month of March. Despite several drops and volatility, XLM rose above $1 in early March. This level has been maintained despite a breakdown which occurred near the end of the month. This breakdown was quickly followed by a reversal. Stellar Lumens now begins April 2019 on an uptrend. How long do you think these increases will continue? Let us know your thoughts in the comments below! Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.