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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

This Cryptocurrency Shows Clear Technical Breakout of 800-Day Downtrend

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins 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.

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.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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