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Stellar price forecast: Bullish pressure likely on XLM after price correction

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Sellar is testing the $0.080 resistance level; if the bulls break the initial resistance level, XLM’s price will rise and reach a high of $0.09 price level.

Key Highlights

  • The demand zone of $0.07 holds as the bulls marked an upward move
  • XLM market is facing resistance at the $0.08 price level
  • Stellar Lumens native crypto, XLM’s price is likely to rise to the previous high of $0.09 price level

Stellar Current Statistics

The current price: $0.074

Market Capitalization: $1,467,975,839

Trading Volume: $56,933,556

Major supply zones: $0.09, $0.1, $0.11

Major demand zones: $0.07, $0.06, $0.05

Stellar (XLM) Price Analysis

The price of Stellar has reached the demand zone of $0.070 price level. The $0.070 support level is holding as the bulls struck an upward move to the previous high. In the previous low of July 16, the $0.080 support level was held as the bulls claimed an upward move but were resisted at the $0.10 price level.

This resistance resulted in the price to fall to the present low at $0.072 but before the support level at $0.070 price level. Today, the coin is testing the $0.080 resistance level; if the bulls break the initial resistance level, XLM’s price will rise and reach a high of $0.09 price level. On the other side, if the bulls break above the $0.09 price level, the crypto will continue its upward move.

XLMUSD-Daily Chart August 13, 2019

Chart Indicators Reading

Meanwhile, the XLM price is out of the oversold region of the Stochastic indicator, and it is above the 25% range. This indicates that buyers are likely to emerge, and it also shows a bullish signal. The bulls break the lower trend line, and the candlestick closed on the above it.

This is an indication that the bullish trend is likely to continue. The 12-day alongside 26-day EMA is still trending and pointing southward (indicating the downward direction). On the other side, if the bulls manage to break above the EMAs, the cryptocurrency’s price will be in the bullish trend zone.

General Outlook for XLM

The coin is likely to rise if the bulls manage to sustain the price above the lower trend line. Similarly, if the bulls break the initial resistance at the $0.08 price level, Stellar (XLM) will continue the bullish movement. On the other hand, if the bears break below the lower trend line again, the market will resume its downward trend.

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Stellar Lumens puts an end to its largest airdrop to date

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The Stellar Development Foundation is shutting down its $120 million airdrop program amid fraudulent account sign-ups.

Stellar’s largest airdrop to date is canceled

In September, the Stellar Development Foundation (SDF)—“a non-profit organization founded in 2014 to support the development and growth of the open-source Stellar network”—partnered up with Keybase, a free group messaging community and file transfer hub, to distribute 2 billion XLM for 20 months among the messaging platform’s user base.

The idea was to bring new users to Keybase and help expand the adoption of Lumens by getting it “into the hands of real people,” as stated by Denelle Dixon, SDF’s CEO. Dixon stated:

“All you have to do is have an authenticated Keybase account, and your XLM will appear in your wallet–automatically, every month, for as long as the airdrop continues.”

Now, the Foundation and Keybase revealed in a blog post that they would no longer continue with the giveaway. The decision comes after a massive number of fraudulent sign-ups tried to take advantage of the airdrop program overwhelming the companies’ capacity to verify accounts. The announcement read:

“Starting in the last week or so, hordes of fake people were beginning to come in, far beyond the capacity of Keybase or SDF to filter. It’s not in the Stellar network’s interest to reward those people; it is also not in Keybase’s interest to have them as Keybase users.”

Thus far, only 200 million Lumens were airdropped, worth about $10.6 million. And, SDF will distribute the final 100 million Lumens among Keybase’s verified users next week. For everyone else, registrations are closed.

This represents just 15 percent of the 2 billion XLM that were promised by the firms. But, as stated at the beginning of the program, “SDF reserves the right to end this giveaway early.” Now, it remains to be seen whether the Foundation will direct the remaining 1.7 billion Lumens to support other projects or if it will add it to the 55 billion tokens burned last month.

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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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