Today is proving to be another difficult day for all cryptocurrencies and digital assets. Considering how things are not looking all that great on the hourly charts things can easily swing in either direction. For the XLM price, the recent uptrend pushed the value above $0.15 again, even though there is no gain or loss in BTC value. That makes for an interesting trend in many different ways.
XLM Price Reclaims $0.15 for now
The past week has been rather disastrous for most cryptocurrencies and digital assets. That is not necessarily surprising whatsoever, as most of these markets derive value directly from Bitcoin itself. XLM Has proven to be no exception in this regard, as its value dipped to the low end of $0.13 a few days ago. It seems that is now a thing of the past following today’s uptrend.
In the past 24 hours, the XLM price has gained 8% in USD value and remained flat in BTC value. That latter part is pretty interesting, especially when considering how assets and altcoins usually derive value from their BTC ratio directly. At the same time, both XLM and XRP have shown a tendency to ignore Bitcoin’s overall trend more often than not. How this particular push will pan out in the coming days, is difficult to predict.
When looking across social media, it is evident this positive momentum has gotten some people rather excited. Cyptocurrencyaustralia purchased some chap XLM as well as other currencies to flip for a higher price. Short-term profits are still the main objective for a lot of cryptocurrency enthusiasts and traders first and foremost, Buying XLM and quickly flipping it will certainly achieve that goal, albeit not necessarily in the BTC department.
Bought some #xrp #xlm #vet #med / #medx just this morning Australia time. Nibbled at some #omg as find that interesting. Some real quality coins there V – #zil had a great day! https://t.co/VHj79WJeCb
— cryptocurrencyaustralia (@BTCandCryptoOz) November 28, 2018
A similar positive sentiment is echoed by ETN 911RS2. This particular trader is confident Bitcoin will moon again, whereas Litecoin, XLM, and ETN will see similar trends. A very optimistic outlook, considering how all of these currencies and assets have seen their fair share of setbacks in recent months. It is certainly possible all of them will rise side-by-side, but for now, the uneasy situation remains in place.
I think #bitcoin will
all the others? I don’t care
— ETN 911RS2 (@ETN911RS2) November 28, 2018
Not everyone is confident this current recovery period will remain in place for very long. If Bas Haenraets is to be believed, the momentum will turn around fairly quickly, as it has all of the telltale signs of a “dead cat bounce”. A rather depressing outlook, although it is also one of the more realistic opinions given the current conditions. Even so, some optimism would be more than welcome.
Dead cat’s bounce. #xlm
— Bas Haenraets (@Bas72) November 28, 2018
Considering how all of the markets are evolving in the past few weeks, things are not looking all that great right now. For the XLM price, sustaining a value of $0.15 is not all that easy, especially if the XLM/BTC ratio remains rather flat. That doesn’t mean nothing big will happen moving forward, though, but for now, things simply are not looking all that attractive. With the weekend not that far off, now is the time to make some big movements, either for XLM or any other asset tracked on Coinmarketcap.