The wider altcoin market may be in a slump, but one well-known trader is making an exception for Stellar Lumens. He has taken a leveraged XLM position and is looking to take his profits in two tranches as the price goes up, with a 2.6x gain in his sights.<\/p>\n
Weakness has been the order of the day for many investors lately. The Moon Show\u2019s most recent analysis attributes this to the fact that the total altcoin market cap has slipped below an important support line to levels not seen since mid-September. Some, however, are seeing it as a chance to be selective.<\/p>\n
Our featured trader on the show made the case for XLM, which he says has settled into a historically significant pattern. Having followed the coin\u2019s cycles for nine years, he can vouch for what happens when it comes to rest on this support: a good rally is usually not far behind. \u201cEvery time XLM hits this support, you will see a powerful move,\u201d was how he put it on the episode, confident that history has a way of repeating itself.<\/p>\n
He was quick to point out XLM\u2019s track record of making a comeback from a deep correction. Take the pandemic crash, for instance; Stellar Lumens posted a 3000% run after that. With the coin at the base of a multi-year formation, he considers it a rare opportunity to get in.<\/p>\n
So he has done just that, adding to his XLM position via leverage. His intention is to offload half of what he has once 2.6 times the present price is reached for a nice short-term return. The other half will be sold at an upper bound of $1.83, a figure he chose for technical reasons. It is a risk-managed way to trade in these volatile times.<\/p>\n
On top of his XLM dealings, the trader is working on a challenge to build a Solana account up to 100 SOL from 1. An update on The Moon Show had him reporting 20 SOL in the balance of the YouTube channel to date and a following to match. He also has a video tutorial in the works on the ins and outs of meme token trading, to share some of the lessons and opportunities he has come across in the crypto market lately.<\/p>\n
This article reflects the channel author\u2019s opinion and is not investment advice.<\/em><\/p>\n Every call by The Moon Show and how it played out \u2014 in the BuyCrypt bloggers tracker<\/a>.<\/em><\/p>\n Source \u2014 The Moon Show: https:\/\/www.youtube.com\/watch?v=OoDoARoHQb8<\/a><\/em><\/p>\n <\/p>\n Explore how you can apply trading strategies like those predicting Stellar Lumens’ growth by practicing risk-free on real markets. practice trading risk-free<\/a>.<\/p>\n <\/p>\n