Stellar (XLM) has had a good run in intra-day trading, gaining over 10%. While this bull-run could be the result of the renewed positive sentiment in crypto, it could also be driven by the possibility that Stellar could make a major announcement tomorrow. On the 12th of this month, Stellar, announced that Jed (cofounder) will be discussing the crypto’s direction at an event hosted by baypay forum. The tweet read as below:
“On April 19th, @JedMcCaleb will be discussing his journey as @StellarOrg Founder and outlining the road ahead for Stellar. This event is hosted by @baypayforum. See more details here: (link: https://www.baypayforum.com/e041918) baypayforum.com/e041918 #Stellar #Blockchain”
Part of the reason why the market is excited is because baypay is all about innovations in financial technologies. There is the expectation that Jed wants to announce some major breakthroughs that Stellar has made, and would like to release to the market. Others are anticipating that Jed could speak about upcoming partnerships
Whatever, the announcement will be, it is clear that Stellar (XLM) investors are up for some good returns in the next few hours. The price action is already signaling to a major move in coming hours. Trading volumes have increased from around $95 million to over $162 million in 48 hours. That’s an indicator that money is flowing into this crypto, as investors expect a major pump in case some major announcements are made. On top of that, we see an inside bar formation, followed by 3 strong bullish candles in the daily charts. That’s strong indicator that there is a strong bullish momentum in Stellar at the moment, as we approach D-Day.
So should you be buying into Stellar at the moment? Well, the answer is yes and no. Yes, because Stellar is a strong project that will continue to make gains irrespective of whether there is any news tomorrow, or not. As a matter of fact, if money continues flowing back into crypto as it is doing right now, we are likely to see Stellar surpass last year’s highs and hit $1. It’s fundamentals are sound.
The NO part relates more to tomorrow and not the long-run prospects of this crypto. In the last few months, we have seen several hyped-up crypto meetups that have not amounted to much. This has taken excitement out of such meetups creating a situation where the market simply no longer responds. That’s why there is a real possibility that there won’t be much change in price tomorrow, and if you are a short-term trader, you might actually not gain anything.
There is also the possibility that the market could tank in the short-run once the announcement is made. That’s in following to the mantra of buy the rumor and sell the news. Using this analogy, once Jed delivers his speech, short-term investors who got in early anticipating this event might be looking to cash out, and hurt those who are getting in at current prices.
Either way, if you take a medium to long-term view of Stellar (XLM), you will make good money with this crypto, especially if some good news come out tomorrow.