The Stellar network has done well enough since it’s launch. But as it’s always the case there isn’t any perfect Blockchain solution. The network is always evolving as startups look for ways to improve their protocol and facilitate better user experience. Now, the Stellar Blockchain reportedly hit a snag in recent days after reports came to light that the Blockchain network went offline on May 15 for about 67 minutes.
Stellar Lumens News Today: What Caused the Hour-Long Shutdown?
The hour-long halt doesn’t speak well of the network. Many claim the shut down occurred as a result of Stellar’s Consensus Protocol failing. But What really caused Stellar’s hour-long shutdown? The Stellar Development Foundation believes it wasn’t a failure of Stellar’s Consensus Algorithm. Via a blog post regarding Stellar’s shutdown, the Stellar Development Foundation remarked that the network failed because new nodes took a larger amount of consensus responsibility at an early stage.
Via the aforementioned blog post that was published after the reports of the incident came to light, the Stellar Development Foundation had this to say:
“The halt didn’t occur because Stellar’s Consensus Algorithm failed . In fact, the consensus worked as originally intended. For Stellar’s system, a temporary halt is often preferable to the confusion of a fork. However, the incident from yesterday shows that Stellar must look for better tooling around uptime. The network needs better status monitoring for its validators. Stellar has to ensure that it is easier to re-initiate a validator after it going down.”
Stellar Lumens Price Prediction: This Isn’t the First Time Stellar Was Accused of Not Being Completely Decentralized
As reports of the halt spread, analysts, enthusiasts and experts, all started to share their thoughts on Stellar with many criticizing the platform not being decentralization enough. The fact that a management team can put the network down or make it halt is enough to call the network a heavily centralized protocol.
This recent predicament with Stellar isn’t the first time the network has been accused of being a centrally controlling network. Earlier in the year, a group of researchers heavily criticized XLM and Stellar. Accusing the network of a lack of decentralization. According to the group all the nodes in Stellar can’t run the Stellar consensus protocol should only two nodes fail. The two nodes are operated and controlled by one organization, known as the Stellar Development Foundation.
Stellar Lumens Price Prediction: Many New Nodes Were Added to Stellar’s Network
However, the Stellar Development Foundation stated in its blog post regarding the shutdown, that even though it is accused of being over-centralized the opposite is the case. The halt occurred because many new nodes were included on the network. Then Stellar added that this situation caused the nodes to take more than enough consensus responsibility too early.
Many cryptocurrency enthusiasts have different ideas about what happened. Whatever the truth may be in any case, the biggest losers for such a situation is always the users. It is users who are affected with shutdowns, whether the network is if centralized or not decentralized enough. The Price of Stellar Lumens was trading at $0.132472 as of press time according to CoinMarketCap. The digital asset is down by 0.96% in the last 24 hours.
How Will This Affect The Price Of Stellar Lumens?
The price of XLM was not largely affected by the shutdown. It only saw a small loss of value and seems bullish in the short term. The network has lots of viable partnerships to push its value through the roof. The coin is occupying the ninth position on Coin Market cap.
Stellar Lumen (XLM) Price Start Fresh Increase Above $0.1350
- Stellar lumen price is facing a few key hurdles near $0.1320 and $0.1345 against the US Dollar.
- XLM price is holding the $0.1250 support and it could continue to rise in the near term.
- There is a short term breakout pattern forming with resistance at $0.1280 on the 4-hours chart (data feed via Kraken).
- The pair is currently moving higher and it looks set for an upside break above $0.1300.
Stellar lumen price is gaining traction and it could climb above $0.1350 against the US Dollar. XLM price must stay above the $0.1200 level to remains in a positive zone.
Stellar Lumen Price Analysis (XLM to USD)
This past week, stellar lumen price gained tractionabove the $0.1300 resistance against the US Dollar. The XLM/USD pair even broke the $0.1320 resistance and settled above the 55 simple moving average (4-hours). However, the price failed to clear the $0.1345 and $0.1350 resistance levels. A swing high was formed near $0.1345 and the price recently corrected lower.
It broke the $0.1300 support to move away from the pivot levels. The price even traded below the 50% Fibonacci retracement level of the upward move from the $0.1204 low to $0.1345 high. Finally, there was a spike below the $0.1250 support, the 55 simple moving average (4-hours), and the 61.8% Fibonacci retracement level of the upward move from the $0.1204 low to $0.1345 high.
However, the $0.1244 level acted as a support. Moreover, the 76.4% Fibonacci retracement level of the upward move from the $0.1204 low to $0.1345 high also provided support. At the moment, the price is moving higher and is currently stable above $0.1250. Besides, there is a short term breakout pattern forming with resistance at $0.1280 on the 4-hours chart.
Therefore, it seems like the price is forming a breakout pattern either above $0.1300 or below $0.1250. If there is an upside break, the price could retest the $0.1320 or $0.1350 resistance. On the downside, the main support is near $0.1250, below which the price may slide towards $0.1180.
The chart indicates that XLM price is trading with a positive bias above the $0.1250 level. If there is a clear break above the $0.1300 and $0.1320 levels, the price is likely to gain bullish momentum. In the mentioned scenario, the price may even climb further above the $0.1400 and $0.1420 levels. The next key resistance is near $0.1500.
4 hours MACD – The MACD for XLM/USD is slowly moving in the bullish zone, with a positive bias.
4 hours RSI – The RSI for XLM/USD is currently just near the 50 level, with a positive angle.
Key Support Levels – $0.1250 and $0.1220.
Key Resistance Levels – $0.1300, $0.1320 and $0.1350.
Crypto Enthusiasts Forecast Potential 100% Stellar (XLM) Price Growth in a Month
Despite all misfortunes and the bearish mood on the market, Stellar will grow. When? Read XLM price forecasts from TradingView
How is Stellar doing? The world’s 10th largest cryptocurrency has been through bad times: it keeps falling in search of the second bottom, but traders claim that the accumulation phase is almost over. Soon, XLM is expected to surprise us. How exactly? Let’s check Stellar price forecasts from tradingview users.
Pump to $0.15 in June
As we know, Stellar depends on banking, and its project focuses on Decentralized Exchange, in which there are some projects (SLT and CLN).
SLT did a great job in the past year, but now it’s time for CLN, which is trading at around 0.21 XLM per coin. They are providing a platform to Freelancers. Cryptolancers (CLN) is recently listed on Stellarport, having high volume and best price. All of that has attracted big whales these days to invest in Cryptolancers. So the track of Stellar (XLM) can lead it to $0.15-0.16 in the end of June. So it’s better to keep both CLN and Stellar. Why? As the user predicted before, the price of CLN it will be 2 XLM in the upcoming month.
XLM/BTC prepares for amazing longs!
User ChaseWallace predicts a few amazing things for Stellar.
1st amazing buy would be right now with a stop under the bear market low (great risk/reward ratio).
The 2nd amazing buy would be the obvious next one when Stellar starts beating the first resistance lines.
There’s no explanation how this will go and when exactly it happens, but it’s clear that Stellar grants us cool trading opportunities.
The trend is reversing!
We know that Bottom Head & Shoulders Pattern has recently been formed, and the price failed to stay above the critical resistance levels (H&S neckline and the blue EMA 200). Currently, a potential wedge is forming up, and we should be bullish if the price breaks $0.132 with a final target of $0.19. We should short/stop if the wedge breaks downward.👉MUST READ
Bull flag pattern for XLM
The price chart from YMula provides us with a few trading tips: we should accumulate between $0.12-0.14 and release the sum between $0.18-0.20 to gain profits.
Head & Shoulders pattern – check it out!
This price chart proves that XLM is ready to go to the Moon! Good time for potential investments: there’s an H&S pattern that has formed. We should go long with pattern confirmation or accumulate before the break out, using stop-loss strategy.
Now when XLM has broken out of the triangle, it’s expected to move up even despite the recent pessimistic moods on the market. Many crypto experts and amateur users predict that XLM should hit the $0.25 target, thus, growing by 100%. Some traders claim that it should reach the $0.30 threshold in the short term.
The last broken wedge was followed by a strong sell off. Looks like the market needs to reset before rallying, so let’s see if history repeats and Stellar goes through another strong rally again.
As for XLM/BTC pair, we are waiting for a 4H price chart to confirm a bullish SFP, even after a double retest of the 4H pivot. Full confirmation of bullish period will be at 1476 satoshi with high bullish volume off of a bounce from here.
XLM Slip, Will Stellar-IBM Partnership Be in Tatters After Lund’s Exit?
- Stellar Lumens (XLM) prices steady and out of the top 10
- World Wire proponents, Jesse Lund, and CTO Stanley Yong, exit IBM
The exit of Jesse Lund, the global head of blockchain for financial services and digital currencies, and CTO Stanley Yong of IBM could jeopardize their partnership with Stellar. Even though XLM is bullish, participation is low. The only pass for higher highs is if prices rally past 13 cents.
Stellar Lumens Price Analysis
The success of any blockchain depends on what it brings on the table. That is, use case. If it finds that and the network benefits from the network effect, then whether the project goes forward or not is heavily reliant on well-oiled partners. In the case of Ripple, more than 200 global banks are part of the process. Because of that Brad Garlinghouse and team, has the impetus for building infrastructure that will replace SWIFT as a real-time global payment platform.
Meanwhile, Stellar as a competing platform, has the backing of an experienced, century-old phenomenon in IBM. Better known as Big Blue, the American giant prides in the World-Wire. Out of the gate, Stellar now supports 42 different currencies from 72 countries thanks to the involvement of IBM.
Their objective is outright: Battle it out with Ripple and onboard as many banks as possible to their network. Enabling this is innovation and determination. Already, six banks will be launching stablecoins on the Stellar network. However, all this is under threat following the departure of CTO Stanley Yong and Jesse Lund. They were instrumental in pushing World Wire on the Stellar network.
Presently, XLM is steady, off the top ten and struggling to keep up. Replaced by ADA and within range from TRX, XLM market cap is susceptible to another Flipping. All the same, there is an opportunity for savvy traders.
Trading within a bullish breakout pattern and ranging below Q1 2019 highs, XLM is technically bullish. As such, aggressive traders can buy the dips as long as prices are above 11 cents or June low.
Meanwhile, conservative traders keen on trading clear signals, any close above 13 cents or May high is a chance. In that scenario, every low would be a buying opportunity with a modest target at 18 cents. Ideally, accompanying this upsurge should be high trading volumes confirming buyers of early May. That will set the motion for further gains with traders aiming at 30 cents.
From above and as reiterated, any upsurge above 13 cents ought to be with high participation. For this reason, the over-extension of May 16th leads this bar. It has high trading volumes of 5.45 million. Therefore, breaks above 13 cents or 11 cents (nullifying this trade plan) ought to exceed 5.45 million.