The cryptocurrency community is abuzz with excitement as the Stellar organisation prepares to make a highly anticipated announcement tomorrow (September 12). Speculation is rampant following a cryptic tweet from Stellar, which has ignited rumors about a significant project announcement related to Stellar Lumens (XLM).
With just one day left until the announcement, XLM holders have been feverishly searching for clues. One prevailing rumor suggests that the announcement could involve an integration with Apple Pay. This speculation has caused a flurry of activity in the markets, resulting in choppy price action for XLM. Over the past 24 hours, XLM has experienced a 6.5% decrease in value, currently trading at $0.125.
Despite the recent retracement, XLM has displayed strong technical strength. Prior to the drop, XLM had been on a nine-day climb, reaching a local high of $0.1345, just above the historical support level of $0.13. The fact that XLM has managed to maintain support from the 20-day moving average (20DMA) is crucial, considering that the 20DMA has historically triggered significant downside moves over a period of 34 days.
Preparing for the Announcement
As the markets eagerly await the announcement from Stellar, the retracement in XLM’s price could actually be a positive development. The recent surge in XLM’s Relative Strength Index (RSI) to 59.79 indicated an overheated market, potentially limiting XLM’s upside potential post-announcement. However, the retracement has cooled down the RSI to a neutral signal of 49.4, leaving ample room for a substantial upside move if the Stellar announcement sparks market anticipation.
The Moving Average Convergence Divergence (MACD) also reflects the strengthening retracement, showing continued bullish divergence at 0.00168, despite the sudden 6.72% drop in XLM’s price. Overall, XLM remains technically poised and ready to capitalize on any positive fundamental news that emerges from Stellar’s announcement tomorrow.
Potential Gains and Risks
Looking ahead, XLM has a target price of $0.15, representing a potential 26.22% increase if the announcement proves significant. However, there is also a potential downside risk if the announcement fails to meet expectations, with XLM possibly returning to $0.11, marking a potential 10.83% decrease. Based on these potential gains and risks, XLM currently presents a risk-reward ratio of 2.42, which may attract investors seeking an attractive entry point prior to the announcement.
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