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 warns its Users about XLM Crypto Scams
According to reports making rounds in the digital currency space, Stellar has posted an important notice for its users. The network has issued a warning to its users against the now frequent phishing scams. It is no secret that phishing scams have proliferated in recent times and these scams are aimed at the XLM users.
This warning from the Stellar organization comes at a time where the majority of the top coin has entered the red zone.
Scammers Have Been Using Two Links to Promote Their Scheme
A Reddit user was the first to take note of the issue. The user noticed two scam domains on the lines of the stellardrop.org as well as the xn--stelar-5db.org. Both were redirecting users to another website that uses the URL stełlar.org. Scammers are sharing this link a fake link.
The Malicious Domain Name Looked Similar to stellar.org
The issue here as discovered by the Reddit user is that the malicious domain name has a striking resemblance to the authentic stellar.org. As we all know, stellar.org is the official URL for the Stellar Organization. It was discovered that the only difference between the real thing and the malicious one is the l that has a stroke which is: ł.
And the eagle-eyed Reddit user was able to take note of that in places. This foreign character, ł is barely noticeable. This is because of the font type and size that it was presented in.
Any of the three malicious links redirected Stellar users to a fugacious Stellar Account Viewer. Any user who then enters their Secret Keys, into the malicious Viewer will immediately lose their Stellar holdings/funds. Hence, the reason why it is important that Stellar users manually type in domain names into any browsers to make sure that they are entering the correct website instead of a fake Stellar Account Viewer.
Stellar Shared a Notice to warn Users
As a result of the risks posed by the recent methods that cybercriminals used to scam users, the Stellar organization decided to take action. Stellar posted a notice to warn its users. They shared information about the ways scammers used to promote their schemes. The warning issued to Stellar users reads:
IMPORTANT: SDF will NEVER ask for your private keys. SDF isn’t holding XLM giveaways. We will NEVER ask you to make any fund deposits to any particular wallet addresses. Check all URLs moving forward!
The Stellar Development Foundation requested that XML users quickly report any suspicious activity. Users are to send information to SDF if they see the malicious link in use. They then linked XML users to Stellar’s security guide if they need more information about how to stay vigilant against these scammers attacking the crypto space.
One Twitter user went on to point out that a large number of fake advertisements like the phishing scam has been observed in social media giant Facebook. The user calls on the Stellar organization should take up the matter with the crypto giant.
As of press time the price of Stellar is trading at $0.068684.The digital asset is reportedly down by 5.63% in the last 24 hours of trade following a drop among the major tokens. This drop was initiated by BTC.
Stellar Lumen (XLM) Price Remains In Downtrend Below $0.0820
- Stellar lumen price corrected higher after trading to a new monthly low at $0.0716 against the US Dollar.
- XLM price is currently trading below the key $0.0800 and $0.0815 resistance levels.
- There is a major bearish trend line forming with resistance near $0.0790 on the 4-hours chart (data feed via Kraken).
- The pair could resume its decline unless there is an upside break above the $0.0800 and $0.0820 levels.
Stellar lumen price is trading in a bearish zone below $0.0820 against the US Dollar. XLM price might resume its decline towards the $0.0700 support area.
Stellar Lumen Price Analysis (XLM to USD)
This past week, stellar lumen price declined heavily below the $0.0815 support area against the US Dollar. The XLM/USD pair traded below the $0.0800 support and the 55 simple moving average (4-hours). Moreover, there was a break below the $0.0750 support and the price traded to a new monthly low at $0.0716. Recently, it started an upside correction above the $0.0750 resistance.
There was a break above the $0.0780 resistance plus the 50% Fibonacci retracement level of the downward move from the $0.0844 high to $0.0716 low. However, the upward move was capped by the key $0.0800 resistance area. More importantly, there is a major bearish trend line forming with resistance near $0.0790 on the 4-hours chart. The price also failed to settle above the $0.0795 level and the 55 simple moving average (4-hours).
Additionally, the price topped near the 61.8% Fibonacci retracement level of the downward move from the $0.0844 high to $0.0716 low. At the moment, the price is declining and is trading below the $0.0780 level. If it continues to decline, the $0.0750 level might provide support. However, if the price fails to stay above $0.0750, the bears could eye the $0.0720 and $0.0700 support levels.
Conversely, the price must break the trend line, the 55 SMA, and the $0.0800 resistance to start a decent upward move. More importantly, the price must surpass the $0.0815 and $0.0820 resistances (the previous supports) to move into a bullish zone.
The chart indicates that XLM price is clearly trading below a few important resistances near $0.0800 and $0.0815. Therefore, the price is likely to resume its decline unless there is an upside break above the $0.0800 and $0.0820 levels. The main support on the downside is near $0.0750, below which the price could test the $0.0700 level.
4 hours MACD – The MACD for XLM/USD is gaining strength in the bearish zone.
4 hours RSI – The RSI for XLM/USD is currently near the 50 level, with a bearish angle.
Key Support Levels – $0.0750 and $0.0700.
Key Resistance Levels – $0.0800, $0.0815 and $0.0820.
eToro Adds Stellar (XLM) as Base Currency for Trading Pairs on the eToroX Exchange
In a tweet and blog post on August 7, 2019, eToroX, a digital asset platform and a subsidiary of social trading company eToro announced it had added Stellar Lumens (XLM) as a base currency for trading pairs on the eToroX exchange. As a result, users of the Exchange can buy, hold or trade XLM against other cryptocurrencies and stablecoins supported on eToroX.
XLM Becomes Base Currency on eToroX
Per the announcement, eToroX has added XLM as a base currency for trading pairs on its cryptocurrency exchange, eToroX. XLM can now be traded against other crypto assets including stablecoins which are supported on the Exchange. Also, platform users can either decide to buy, hold, or sell XLM on eToroX.
Reportedly, the trading pairs that can be formed with Stellar include XLM/GBPX (eToro Pound sterling), XLM/EURX (eToro Euro), and XLM/JPYX (eToro Japanese yen). Others are XLM/CHFX, XLM/AUDX (eToro Australian dollars), and XLM/NZDX (New Zealand dollars). EURX, JPYX, CHFX, AUDX, and NZDX, are some of the stablecoins launched by eToroX in April this year and pegged to eight fiat currencies.
Stellar’s Aim of Connecting People, Banks, and Payment Systems
According to eToroX, Stellar is a decentralized payment network protocol, and its virtual asset XLM is used to connect people, banks, and payment systems. The connection is in a bid to provide low-cost access to financial services to people around the world.
Doron Rosenblum, eToroX Managing Director while making comments said eToroX believes in blockchain’s potential to include more people in a new financial world. Likewise, Stellar has the same point of view, and as such, the company is excited to add its crypto-asset on its platform.
Jed McCaleb, CTO of the Stellar Development Foundation said:
“It’s exciting that eToro has added Stellar Lumens as a base currency on the eToroX Exchange…We believe eToro is playing an important role in bridging the gap between traditional financial markets and the blockchain world.”
eToroX Reveals it Will Add More GBPX-based FX Trading Pairs
In other news, eToroX has revealed it intends to add five additional GBPX-based FX trading pairs. Also, these pairs will include BPX-JPYX, GBPX-CADX, GBPX-CHFX, GBPX-NZDX, and GBPX-AUDX. Plans are also being made to add more new base and counter currencies as well as new crypto assets, asset pairs and stablecoin in the next few months.
Before this time, eToro had announced the addition of 120 ERC-20 tokens to its multi-crypto on-chain wallet. Some of these tokens were cryptocurrencies including Maker (MKR), Basic Attention Token (BAT), and OmiseGO (OMG). eToro stablecoins were also added and these were EURX and USDX.