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Home Cryptocurrency news

This Cryptocurrency Shows Clear Technical Breakout of 800-Day Downtrend

Tony Spilotro by Tony Spilotro
8 months ago
in Cryptocurrency news, Stellar
Reading Time: 3min read
stellar cryptocurrency xlmusd xlmbtc
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One of the cryptocurrency market’s worst-performing altcoins has finally broken out from an over 800-day downtrend.

With all remaining diagonal downtrend resistance cleared, what’s next will likely be retests of key horizontal and psychological resistance levels above, and possibly even the asset’s former all-time high. What exactly will it take for this cryptocurrency to get there, and could this be yet another sign the next bull run is beginning?

Remembering The Cryptocurrency Bubble and Altcoin Explosion

Some two weeks after Bitcoin shocked the world by reaching $20,000 per BTC, a FOMO driven retail rush to buy altcoins like Stellar, Ripple, Ethereum, and countless others cause their valuations to skyrocket.

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According to data from popular crypto metrics platform CoinMarketCap, the cryptocurrency known as Stellar (XLM) reached an all-time high of $0.938144 USD on January 04, 2018.

Related Reading | Ripple and Stellar Lead List of Worst Performing Crypto Assets Year To Date

Following that day, Stellar has spent a grand total of 878 days and counting locked in a devastating downtrend that wiped out over 97% of its returns at one point.

At the final downtrend low, Stellar dropped to a price of $0.02 per XLM token.

During the downtrend, it wasn’t just prices that were falling.

Stellar once enjoyed a dominant spot within the top ten cryptocurrency assets by market cap, now it is ranked twelfth behind the relative newcomer, and recent crypto superstar Tezos.

Not even burning half of the asset’s available supply at one point was enough to spark a sustainable recovery.

It led to the altcoin earning a reputation for being among the worst-performing cryptocurrencies over the last two years, alongside Ripple. Adding insult to injury for Stellar, even as disliked as Ripple is with the crypto community XRP has maintained its top-five position while XLM fell out of the top ten completely, making arguable the worst performer of the two.

stellar xlm cryptocurrency altcoin

Stellar (XLM) Clear For Takeoff, Following Break of 800-Day Downtrend

Yet suddenly, after over 850 days worth of selling, demand is finally outweighing supply, and the price per XLM is rising again. The recent growth against BTC and USD has pushed XLM through the top of the downtrend channel leaving no significant diagonal resistance left to contend with.

Stellar does have many rounded-number, horizontal and psychological resistances that stand in the way between it and a full recovery, but with downtrend resistance out of the way, chances of any recovery actually sustaining is much more probable.

Investors will want to watch for a retest of former resistance to confirm as support. This could suggest more downside isn’t out of the cards initially but may be what is healthiest in the grande scheme of long term recovery.

Related Reading | Stellar’s Fractal Shows How Epic the Next Crypto Bull Market Can Be

Breakouts in other altcoins are a strong sign interest is returning to the cryptocurrency space. Bitcoin appears to be right behind and is as fundamentally healthy as its ever been.

Although these assets are still trading nowhere near their former all-time highs, the last time around proved that when people start feverishly buying these hard-capped, highly illiquid assets, prices can skyrocket rather quickly.

If this is the next bull run beginning, Stellar has finally refueled and is ready for takeoff. How far this mission goes this time around remains untold.

Tags: bitcoincrypto xlmstellarxlmbtcxlmusdxlmusdt
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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