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Stellar Lumens XLM/USD Forms Double Bottom On IBM Partnership Updates

Published 04/03/2018, 12:38 AM
Updated 07/09/2023, 06:31 AM

Stellar Lumens or XLM showed yet another outstanding performance on Monday, days after IBM’s VP confirmed that Stellar is a “big” part of the company’s IBM (NYSE:IBM) blockchain platform strategy and relies mainly on Stellar’s technology. Stellar Lumens is being used in a real-world environment for the company’s blockchain solutions.

But another thing that is getting people even more excited is the mention of central banks. The biggest aspect of the Stellar-IBM deal is to give central banks an efficient crypto that they can work with. A possible implication of this deal is that Stellar Lumens will become the default crypto for central banks, since IBM already offers many of them tech-related services.

A collaboration with central banks could also see Stellar Lumens emerge as the leader in blockchain-based finance, the same market that the likes of Ripple (XRP) are going after.

XLM/USD D1 Chart

On these updates, XLM/USD appears to have bottomed out at the 0.18 support level for the second time since March 18th, and in the process of forming an apparent Double Bottom chart pattern on the daily format. The neckline of this pattern lies right at the lower band of the daily Ichimoku cloud and the 23% Fibonacci retracement level of 0.26. If the pair successfully breaks through this level in April, we could expect the pattern to be completed at 0.30.

*This article was originally published here:

Latest comments

Stellar Lumen is trash. Tries to piggy-back off Ripple and it just cant. Ripple attracted bigger investors, bigger banks, and more people when they launched. XLM just copied XRP concept. XLM put a team together of washed-up, failed developers, attempted to copy an existing concept, boast about a no good deal with IBM and still, somehow, XLM, the equivalent to trash, is still being traded.
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