Stellar lumen price rallied significantly and broke the key $0.1100 resistance. XLM price is currently testing the $0.1250 resistance and it is likely to climb further higher.
- Stellar lumens price rallied more than 15% and settled above the key $0.1100 pivot area.
- There was a break above a key bearish trend line with resistance at $0.1020 on the 4-hours chart.
- XLM is currently struggling below $0.1250, but it is likely to extend gains in the coming sessions.
Stellar Lumen Price Analysis (XLM To USD)
This week, we saw a strong rally in bitcoin and altcoins such as Ethereum, ripple, cardano, bitcoin cash, EOS and litecoin. Stellar lumen was not left behind, as it started a sharp upward move after there was a clear break above the $0.1000 barrier.
Click to Enlarge Chart
Looking at the 4-hours chart of XLM/USD, the pair surged above the $0.1020 and $0.1050 resistance levels to start a decent uptrend. There was even a close above the $0.1050 resistance and the 25 simple moving average (4-hours).
Besides, there was a break above a key bearish trend line with resistance at $0.1020. More importantly, the price broke the key $0.1100 pivot level and surged above $0.1200.
However, the upward move faced a strong resistance near the $0.1250 area (the previous support). A swing high was formed at $0.1246 and the price is currently correcting gains. It moved below $0.1200 and the 23.6% Fib retracement level of the recent wave from the $0.1063 low to $0.1246 high.
On the downside, there are many supports near the $0.1105 and $0.1100 levels. An immediate support is at $0.1155, which is the 50% Fib retracement level of the recent wave from the $0.1063 low to $0.1246 high.
The main support is near $0.1100, where the bulls are likely to defend a bearish break. On the upside, a clear break above the $0.1250 resistance could push stellar price towards the $0.1310 resistance level.
If XLM price continues to grind above $0.1300 and $0.1310, the next stop for the bulls might be near the $0.1420 level.
The market data is provided by TradingView, Bitfinex.
Stellar Lumens (XLM) Price Bounces Back After Being Dragged Into Controversy with Ripple
Stellar Lumens is one of the most adopted and active crypto projects in the cryptocurrency space. The blockchain project has proven to be very useful. As such, it has bagged a lot of strategic partnerships over the past years. Stellar Lumens solves a unique problem in the crypto space, just like Ripple’s XRP. In fact, Stellar Lumens is the only major rival of XRP in the industry.
The price of Stellar Lumens, Stellar Lumens price prediction 2019, Stellar Lumens news today, and the developments around the coin has significantly contributed to its growth over the years. Stellar Lumens price forecast has made many digital asset investors invest in the coin. The bullish Stellar Lumens news today has also contributed to the array of partnerships Stellar Lumens boasts of today.
Stellar Lumens was hard forked Ripple. The blockchain was recently dragged into controversy after having disagreements with Ripple. This disagreement impacted the entire system of Stellar Lumens significantly. The entire system was down for about two hours. Developers at the blockchain of stellar confirmed this occurrence. Via a tweet, Tim Swanson also confirmed this. The debate about decentralization also erupted as a result of this incident.
Back in April, the chief scientist at Stellar said that one of the major concerns for Stellar Lumens is decentralization. He further added that Stellar Lumens is not decentralized. Adding that the centralized nature of Stellar Lumens makes it insecure. This controversy had a significant impact on the price of Stellar Lumens for a short period of time.
Stellar Lumens News Today: Coinbase Set to Dish out $100M in Crypto – Stellar Lumens Is on the List
This is one of the few bullish Stellar Lumens news today that has contributed to the significant comeback of the digital currency. According to a recent announcement, Coinbase – a very popular digital currency trading platform – will be giving away $100 million in Stellar Lumens, Ox, and Basic Attention Token.
For Coinbase users to earn free tokens, they have to complete tasks, answer quizzes, and try news decentralized protocols. The initiative is called Coinbase Earn, and it is giving out a total of $100 million in crypto. With this development, Coinbase users with a smartphone in any of the supported countries can earn Stellar Lumens (XLM) or any of the other coins by just learning more about cryptocurrencies.
Stellar Lumens Price Prediction 2019 – Stellar Lumens Price Forecast – XLM USD Price – Stellar Lumens New Today
The price of Stellar Lumens is currently hovering around the $0.14 level. Stellar Lumens is currently trading in the green and it might test a new high soon. Some analysts believe that stellar lumen price will plunge towards the $0.10 before it corrects higher. The next major hurdle of the coin is at the $0.25 mark. Stellar Lumens price prediction 2019 is 30 cents. The price prediction of Stellar Lumens for 2020 is $1.
Stellar (XLM) Price Today – XLM / USD
At the press time, XLM USD live price is $0.1412 after an increase of about six percent over the past twenty-four hours. The current market cap of the digital currency is $2.66 billion. The trading volume of the digital currency over the past twenty-four hours is $392.76 million.
Stellar Lumens (XLM) Breaks Key Resistance, Surges 55% To Outdo Bitcoin
- Stellar Lumens (XLM) rally, add 55.6 percent
- The network failed for two hours on May-15
Stellar’s validator nodes “trust” the SDF nodes. Because of that, there was a failure, and the system couldn’t reach consensus for two hours on May-15. At the moment, XLM is under pressure but up 18.8 percent in the last day.
Stellar Lumens (XLM) Price Analysis
In the words of Yorke Rhodes, development around blockchain feels like it is back to 1995. Then, the internet had little interest to the average consumer. Fast forward, 19 years later, and Web-1 is indispensable. Everyone can be a publisher in this decentralized web where communication is seamless.
Now, it’s blockchain’s turn, and as the world readies for “investment,” Stellar is laying down the infrastructure. The native currency, XLM, fulfills the same functions as XRP, a coin that is embroiled in controversies, struggling to clear the centralization and security tag. However, it is XLM that is under investor’s radar.
Aside from influential partners in IBM, Coinbase is airdropping the coin increasing demand for the asset. At the same time, XLM did draw some momentum from the “Coinbase effect” following its listing at the American exchange.
All the same, XLM did crumble for some hours today following a freeze in the network. For two hours on May-15, the platform couldn’t reach consensus meaning no transactions were validated, because, one Redditor said “most validators on the network, if not all of them, trust SDF nodes. So that means that SDF validators are needed for the network to reach consensus.” In his explanation, Jed McCaleb, co-founder of Stellar, said:
“Over the last months, we have worked to get people to not depend on the SDF nodes. As of maybe a month or so ago the SDF nodes could safely go down and the network would continue. However, this also means that the network can halt even if the SDF nodes are still running. Unfortunately, this is what happened.”
With a pin-bar and zero-support, Stellar (XLM) is melting. Even so, it is up 18.8 percent in the last 24 hours and a massive 55.6 percent from last week’s close. At the back of this is a humongous bull bar marking the entry of buyers, thrusting above a 5-month resistance level at 13 cents.
Because of yesterday’s event and volumes behind the breakout bar, every low dip should be a buying opportunity with the first target at 18 cents. That will be a retest of Q2 2018 lows. Nonetheless, any blast above 20 cents could see XLM rally to 30 cents.
On the flip side, should today’s overvaluation spur a sell-off below 11 cents and 8 cents with high participation, our bullish outlook would be null.
From the chart, prices were mostly ranging with caps at 13 cents and floors at 8 cents. After May 15th’s bull bar — 5 million versus 1 million, any bar cementing buyers above 13 cents ought to be with equally high volumes above 5 million.
Missing Stellar Nodes Lead to Network Downtime, Highlight Risks
The Stellar network experienced downtime of around two hours on Wednesday as network validators went missing.
The network deploys a proprietary consensus mechanism called the Stellar Consensus Protocol (SCP), in which a subset (quorum) of validators is selected from the pool of total nodes in order to reach consensus.
While the downtime had gone largely unnoticed, the network hadn’t registered any transactions during that time frame. Since validators are selected by the Stellar Development Foundation (SDF) and the biggest validator nodes are maintained by the SDF itself, the network has lately been scrutinized for being too centralized — especially when many XLM proponents claim the project is more decentralized than its primary competitor, XRP.
Breaking: yesterday the Stellar network went down for about 2 hours… only those who run validators noticed it.
no new transactions were added for ~2 hours.
— Tim Swanson (@ofnumbers) May 16, 2019
The Stellar Network’s Single Point of Failure
In this instance, the network stopped due to some validators of the SDF going down, bringing the whole network to a halt. Previous analysis by Minjeong Kim, Yujin Kwon, and Yongdae Kim has highlighted the single-point-of-failure risk Stellar is under. In many cases, the network stops when two or three validator nodes go down.
For this particular incident, it remains unclear what caused the SDF validators to go down at the same time. Since the network was not used frequently, the community and many others failed to notice it.
Is Stellar’s Network Unsafe?
This latest network halt highlights the risks of having a few critical validator nodes that, when disabled, can jeopardize the entire network. This opens up a few potential vectors for an attack on the network.
Another key takeaway is that the on-chain activity is relatively low for a network of Stellar’s size, in terms of market capitalization.