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The altcoin known as Stellar (XLM) has been among the top ten list of crypto assets by market cap for some time, but has been among the least hyped of the bunch since the bear market first began in 2018.
That all may change, soon, as the crypto asset may be poised for as much as a 50% gain against Bitcoin in the coming days, according to one prominent crypto analyst.
Stellar Launchpad Ready For Over 50% Pump Against Bitcoin
Stellar (XLM) has struggled throughout the bear market to maintain any positive momentum and is one of the few crypto assets that hasn’t yet broken out of downtrend resistance dating back as far as its previous all-time high.
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At the peak of the crypto hype bubble, Stellar had reached prices of nearly $1 per token, but is currently down over 90% and is trading at just under 8 cents per token.
Things appeared bleaker for Stellar, and was trading at under 5 cents per token in September, but the Stellar Foundation recently burned half of the token supply, causing a massive pump. The Stellar Foundation burned 55 million XLM tokens, resulting in a 25% surge in asset prices.
But the pump may not completely be over, and Stellar instead may be gearing up for another leg up, and one that could result in as much as a 50% gain against Bitcoin in the coming days.
According to prominent crypto analyst DonAlt, Stellar is showing signs that XLM/BTC trading pair is ready for an extremely strong move up, now that resistance has been breached, and could be targeting 1400 sats.
XLM Supply Burn Wasn’t Enough To Restore Bullish Momentum
XLM is currently trading at around 900 sats, and a move to 1400 sats would be a 55% increase from current prices. However, the increase is based on performance against Bitcoin on the XLM/BTC trading pair, and not the US dollar.
On XLM/USD charts, the crypto asset has yet to break out from downtrend resistance and could continue to be locked in a downtrend against the dollar, all while it outperforms Bitcoin. Such a move would suggest Bitcoin could suffer a dangerous drop, causing a divergence in performance next to Stellar.
Stellar is currently the 10th largest cryptocurrency by market cap, right behind Bitcoin for Bitcoin Satoshi Vision, and just ahead of Justin Sun’s Tron cryptocurrency.
Related Reading | Nearly Two Years Later, A Retail Crypto Fund Experiment Is Down 81%
Stellar remains down as much as 90% from its former all-time high price, and for the crypto asset to return to such prices, would require a 1,150% gain. XLM is just one of many altcoins that has underperformed Bitcoin by a large margin in 2019.
Featured image from Shutterstock
