The month of July proved rewarding for Stellar Lumens (XLM) supporters, achieving a magnificent 60% rise month-on-month despite a sequence of significant downtrends over the past year. This rally, pushed by strong momentum, has seen prices skyrocket from a meagre $0.075 mid-June to a whopping $0.17. Current prices hover around $0.16, fuelled by widespread investor enthusiasm post Ripple’s brush with the SEC.
Undoubtedly, the bull run has as much potential for extension as it does for a sudden downfall, leaving the audience wondering whether the glass is half-full or half-empty. The technical indicators are optimistic – moving averages provide solid backing, with the first bounce observed mid-July reflecting off the 20DMA and 200DMA. The 20DMA remains on the rise, providing additional support to the escalating price, while the MACD at 0.00071 indicates a continued bullish momentum.
However, analysts with a sharp eye might notice the RSI warning of impending trouble, with a sizeable overheating to 67 pointing towards a bearish divergence – the price structure of XLM hints at becoming technically over-bought. This could be a red flag calling for a minor localised retracement and a phase of stabilization post the rapid surge.
In addition to the ongoing rally, another intriguing prospect is the pre-sale of the potential game-changer in blockchain, BTC20. While usual tokens work merely as means of payment, BTC20 aims to exploit Ethereum’s robust smart contracts, piggybacking on DeFi’s prospects, NFT’s creativity and the democratic view of DAOs to bring a new definition to the future of cryptocurrency. The token acts as a value carrier, providing a path into a broad range of future projects, thereby fulfilling promises of speed, efficiency, and diversity.
BTC20 also promises rewards for long-term holders via a revolutionary staking-to-earn mechanism, helping cater to the high-risk climate of cryptocurrency investments. On environmental considerations, BTC20’s switch from the proof-of-work model to the more sustainable proof-of-stake model is seen as a giant stride towards resolving Bitcoin’s mammoth energy consumption issues.
The opportunity, undoubtedly unique, reminds crypto enthusiasts of Bitcoin’s early days. Adopting BTC20 at this stage, priced at $1, might yield exponential growth analogous to Bitcoin’s journey, especially in light of the developers’ long-term vision. The tokens are on sale, with enthusiasts rushing to grab their share before they sell out.
However, investors should approach cryptocurrency with caution. This article aims to provide information rather than investment advice. As with any high-risk asset, you stand a chance to lose your investment entirely.
Source: Cryptonews
