Heading into the weekend, it would appear there will be plenty of bearish momentum to go around. Nearly all of the top 10 markets are in the red, with the exception of Bitcoin and, surprisingly enough, Stellar. In fact, the Stellar price notes some minor gains on this Friday afternoon, which can be quite interesting to keep an eye on over the coming days.
Stellar Price Looks Strong all of a Sudden
With Bitcoin still on wobbly legs and the other 2 top markets in the market cap top 3 going in the red, one would expect all other markets to follow suit. While that is the case for most projects, it would appear Stellar is an exception. Although its uptrend is not small by any means, it might not necessarily be all that sustainable either. Increments in XLM/BTC will be required to keep this train going over the course of the weekend.
Over the past 24 hours, the Stellar price has risen by 3.3% in USD value and 3% over Bitcoin itself. This is very positive and seemingly consistent growth, which is all one can ask for. Because of this rise in value, one XLM is now priced at $0.08865, or 2,255 Satoshi. Sustaining this level will not necessarily be complicated, as long as the trading volume doesn’t drop off a cliff all of a sudden.
On social media, there are plenty of people watching the XLM charts right now. That is only normal, as most users simply want to make money at any given time. Right now, Stellar is the most lucrative top market to do so. CryptoJebo expects another uptrend to materialize after the C wave has been completed. An interesting outlook, although there are never any guarantees.
#XLM will start C wave of correction and more upside pic.twitter.com/pwE9Us7RrT
— CryptoJebo (@CryptoJebo) March 8, 2019
Nicky Crypto, on the other hand, is quite pleased with the profits secured by buying XLM at the most opportune time. For the time being, reaching $0.09 might be a bit too difficult, although it seems there is plenty of room for further upward momentum. Whether or not that will materialize over the weekend, has yet to be determined at this point.
#XLM cheers! pic.twitter.com/ojwgdBuZod
— Nicky Crypto (@NickyCrypto) March 8, 2019
For those users who simply want to make a lot of money without paying much attention to potential price swings, the following triangular arbitrage opportunity is worth looking into. With a potential profit of up to 36.5%, there is some good money to be made. One downside is how one has to use both EXMO and BitBns to make this happen, which might not appeal to too many people.
Hurry! 36.73% triangular arbitrage considering volume in #GAS via #EXMO. If you buy #GAS in #BTC market from #Binance and convert it to #XLM in #EXMO and sell it on #BitBns.
— KoinKnight (@KoinKnight) March 8, 2019
Considering how XLM is nearly the only top 10 market noting any real gains right now, the coming weekend will prove to be very peculiar and interesting. If Stellar can buck the negative trend affecting other top markets for a few more days, a push to $0.1 is not entirely out of the question either. At the same time, it is pertinent for traders not to get ahead of themselves under these promising circumstances.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Image(s): Shutterstock.com
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