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Stellar Lumens overtakes Cardano on the cryptocurrency charts after surging by 9.01% in an hour

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2019 has been a difficult year to keep your eyes off the virtual asset ecosystem, since the valuation of cryptocurrencies has been going through a continuous cycle of major pump and dump. The trend continued at press time, as a massive price surge was unfolding for Stellar Lumens [XLM]. The altcoin had been relatively quiet over the past few weeks, with minor gains followed by major corrections in the market.

Source: Coinmarketcap

However at press time, XLM was pumping at an enormous rate of 9.01 percent in an hour, with a massive trade volume of nearly $500 million over the past 24 hours. The growth rate over the last 24 hours was recorded to be 10.20 percent and the market capitalization of the altcoin was around $1.9 billion.

The altcoin was traded the most on the BW.com exchange, where the trading pair of XLM/USDT garnered about $101 million in 24 hour trading volume, which was equivalent to around 20 percent of the market cap. BW.com was followed by LATOKEN in the 2nd place, with a trading volume of $66.81 million via the XLM/BTC pair.

Source: Trading View

It can be observed from the charts that XLM was consistently falling in valuation over the last 24 hours, before recording the aforementioned market surge. The token was down to $0.086, before the hike took its valuation to $0.1001, at press time.

It was suggested that the current pump was surfacing due to the influence of Bitcoin in the market as BTC was witnessing a pump of 2.37 percent in an hour at the same time. However, speculations suggest that XLM will undergo another price correction, when the dust settles.

Source.ambcrypto

Stellar

Stellar’s Denelle Dixon asserts Foundation is not a regulated entity

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We are not a regulated entity because we are… And I don’t think the network layer should ever be regulated,” said Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation. Both Ripple and Stellar have explored ways to make cross-border payments easier. While the former has repeatedly called for an international framework for its product suite, the same cannot be said about the SDF whose main focus lies on the unbanked population and emerging markets globally.

According to the Stellar exec, if the network layer is regulated, “it’s like regulating the Internet.” On the latest edition of Money 3.0, Abra’s Bill Barhydt sat down with Dixon and addressed the regulatory environment and the Foundation’s stand regarding the same. Dixon stated,

“We’ve spent time with regulatory bodies, folks that do regulate like FinCEN and the Fed, and folks that actually do provide regulation of various different pieces, and also different areas in the DOJ [Department of Justice]. Those are traditional regulators, but we also have spent time with the policymakers, which are the domestically and extraterritorially focusing on Congress people and senators.”

She also highlighted that all the entities that “touch fiat on and off are already regulated by wherever they sit and whatever bodies” they have to engage with. Talking about money laundering in fiat money versus crypto, the exec said,

“Blockchain has a record, it’s open, it’s transparent. So even having those kinds of conversations really changes the dynamic. But at the outset, we’re not regulated. And also our wallet is a noncustodial wallet, and so we’re not from that standpoint from the application layer.”

Jed McCaleb, Stellar Co-founder and CTO, had previously stated that the Stellar Development Foundation [SDF] works mainly with licensed and regulated partners such as banks, fintech startups, and remittance companies. However, the Stellar protocol is a foundational and open technology usable by anyone. The Foundation’s goal is to leverage the Stellar network to increase financial access globally and in particular, to the more than 2.5 billion unbanked people in emerging markets across the world.

In a bid to improve the financial landscape and promote financial inclusion, Stellar had also announced a new initiative called the Stellar Partnership Grant Program.

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Stellar’s Very Own Lightning Torch Has Been Showing Off Its Network Efficiency

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  • A scheme called the Lightning Trust Chain was started at the beginning of the year by a big cryptocurrency fan.
  • It started to gain some traction across the industry.
  • The bitcoin torch was a success and so with that, the Stellar Foundation took some ideas and has been running its own version of the “torch”.

A scheme called the Lightning Trust Chain was started at the beginning of the year by a big cryptocurrency fan nicknamed hodlonaut and it started to gain some traction across the industry. It then became known by many as the Lightning Torch. This torch was a way to test Bitcoin’s new second network layer that promised to give better scaling and quicker transactions at much lower costs.

So for those who don’t know, the “torch” was passed from one person to another, with each individual pitching in 10,000 Satoshis into the account. The funds later were accumulated and then sent to the Bitcoin Venezuela initiative when the testing the torch ended back in the Spring.

The bitcoin torch was a success and so with that, the Stellar Foundation took some ideas and has been running its own version of the “torch”. This was done as a way to show off its network efficiency with the initiative being started by a user called, Wouter Arkink back in summer.

As per ZyCrypto:

“Everyone passing the torch has to use Keybase, an end-to-end suite of apps adopted by the Stellar community. However, one doesn’t have to really be on Keybase to receive the torch. A friend can pass the torch to someone on Twitter, in which case the person can receive it once they get on Keybase. Stellar also uses the apps in its airdropping campaigns.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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Stellar Lumen (XLM) Price Could Dive Before Fresh Increase

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  • Stellar lumen price is struggling to climb above the $0.0565 and $0.0580 resistances against the US Dollar.
  • XLM price is currently trading in a range above the main $0.0535 support area.
  • There is a major bearish trend line forming with resistance near $0.0562 on the 4-hours chart (data feed via Kraken).
  • The pair could dive towards $0.0520 before it starts a fresh increase towards $0.0620 and $0.0650.

Stellar lumen price is showing bearish signs against the US Dollar and bitcoin. XLM price must surpass the $0.0620 resistance to move into a positive zone.

Stellar Lumen Price Analysis (XLM to USD)

In the past few days, stellar lumen price remained in a bearish zone below the $0.0620 pivot level against the US Dollar. As a result, the XLM/USD pair traded below the $0.0600 and $0.0580 support levels.

Moreover, the price settled below the $0.0580 level and the 55 simple moving average (4-hours). Finally, the price declined below the $0.0550 level and tested the main $0.0535 support area.

The recent low was near $0.0537 and the price is currently correcting higher. It is trading above the 23.6% Fibonacci retracement level of the recent decline from the $0.0597 high to $0.0537 low.

However, the price seems to be facing resistance near the $0.0560 level and the 55 simple moving average (4-hours). Besides, there is a major bearish trend line forming with resistance near $0.0562 on the 4-hours chart.

Above the trend line, the next resistance is near $0.0567. Additionally, the 50% Fibonacci retracement level of the recent decline from the $0.0597 high to $0.0537 low is at $0.0567.

A clear break above $0.0567 and a follow through above the $0.0580 resistance could push the price towards the main $0.0620 resistance area. Any further gains may perhaps lead stellar price towards the $0.0685 level.

An intermediate resistance is near the $0.0633 level since it is the 1.618 Fib extension level of the recent decline from the $0.0597 high to $0.0537 low.

On the downside, the main support is near the $0.0635 level. If there is a downside break below $0.0635, the price might test $0.0620 or even $0.0600 in the near term.

Stellar Lumen Price

Stellar Lumen Price

The chart indicates that XLM price is clearly trading in a bearish zone below $0.0565 and $0.0580. The current price action suggests the price could dive below the $0.0635 support area before it starts a fresh increase.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is currently showing a few bearish signs.

4 hours RSI – The RSI for XLM/USD is currently declining and it is just below the 50 level.

Key Support Levels – $0.0535 and $0.0520.

Key Resistance Levels – $0.0565, $0.0580 and $0.0620.

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