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Stellar price analysis 29 May 2019; under-performing due to Bitcoin

XLM price may 13 2019

Stellar Lumens was predicted to break major resistance levels within this week, but unfortunately, it fell to the Bitcoin market pattern once again.

The market pattern has been repeating itself for the last three weeks, this one included. In most cases, we’d see the coin gain in value within the first few days of the week, but then start tumbling sometime on Wednesday and Thursday.

Fridays are usually the consolidation moments, and it’s gearing up the be the same thing this week as well. Not only for Stellar Lumens but for every altcoin out there, you name it.

XLM price chart

XLM chart by Trading View

There are exactly two scenarios for XLM to take a stance in. The good news is that both of these scenarios are bullish indicators, therefore its time to get your tinfoil hats out and start speculating.

There’s supposed to be a sideways movement by the end of 2019, which could ensure either a $1 price point by the end of August and the continuation of a frozen market by December, or a minimum rally of $0.17, which is very unlikely to be the case.

The second scenario is a consolidation to the $0.35 price point due to market movements. Which is also unlikely as Stellar shows independence in most cases, it’s just that these three weeks turned out to be so discriminatory for the coin.

BUT, were the pattern to continue here’s what we should expect. Every time, BTC enters and leaves the Wednesday bear market, it ends the week with at least a $500 gain, which keeps decreasing in percentage as the coin grows. Therefore, we should expect this type of pattern to continue, as the gains become more and more achievable.

XLM is supposed to follow this pattern as well, alongside other altcoins in the market. Were the pattern to continue, we still have around 30 weeks of similar shifts ahead of us. The best case scenario is for XLM to grow as high as $1, but there’s a chance that it may surpass it yet.

Overall, keep an eye on this week’s pattern. If another bull rush starts on Friday, then the pattern will be officially confirmed and a new bullish trend formed for August 2019. It may be the best time to stock up with XLM while it’s still cheap.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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