Stellar has been closely trending along Ripple due to their similarity in design and objective and is now following the general crypto market in this corrective move after the recent announcement by the Chinese government. It has been declining since May after a dramatic spike saw it rise almost 30x against Bitcoin in just a couple of months.
From an Elliott Wave perspective, lumens are nearing a bottom as an ending diagonal of wave C. While it's not easy to determine an accurate bottoming price range and time span, the current pattern indicates that we should be nearing a long term low in the next few weeks and could get very close to the March low. A strong reversal should ensue after that.
This will present crypto-enthusiasts and others alike with a great buying opportunity that will see Stellar literally propel itself to the moon.
From an Elliott Wave perspective, lumens are nearing a bottom as an ending diagonal of wave C. While it's not easy to determine an accurate bottoming price range and time span, the current pattern indicates that we should be nearing a long term low in the next few weeks and could get very close to the March low. A strong reversal should ensue after that.
This will present crypto-enthusiasts and others alike with a great buying opportunity that will see Stellar literally propel itself to the moon.
