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Stellar Price Analysis: XLM/USD is looking to test a key resistance zone

  • XLM is trading 4.24% higher on another good day for cryptos.
  • XLM/USD is now headed toward a key level and if it breaks the sky is the limit.

XLM/USD Daily Chart

Stellar is looking up on Friday trading over 4% higher. 

The XLM/USD pair is now headed to an important resistance zone at 0.08990.

This would be an important break out as the next resistance is much higher up.

If the level fails to breaks, then 0.0650 could be the next support although it’s pretty far out.

XLM Analysis

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Stellar

News Today and Headlines for Stellar Lumens – February 18-2020

  • Stellar Development Foundation is now a part of the Blockchain Association
  • The Blockchain Association is Devoted to promoting crypto
  • BA lobby’s for policymakers to reduce their strict regulation of the asset class

Stellar Lumens News Today – the Stellar Development Foundation, announced last week that it has become a member of the Blockchain Association. The Blockchain Association is an industry trade and lobbying movement that includes the biggest players in the crypto space, including Coinbase, Ripple, and Kraken to name a few. The Blockchain Association is devoted to spreading the crypto gospel to Congress and US regulators. The goal is to make sure that the Blockchain industry thrives in the United States.

Stellar (XLM) Price Today – XLM / USD

NamePrice
Bitcoin$10,115.184.72%
Stellar$0.0766.70%

The Blockchain Association was Behind Advancing the Token Taxonomy Act

One of the big issues that the Blockchain Association faced last year was pushing the “The Token Taxonomy Act” forward. The act is aimed at excluding cryptocurrencies from been classified as a securities offering. The Blockchain Association is one of 40 different groups that are currently lobbying on behalf of the Blockchain and crypto initiatives per data from CQ Roll Call, a website dedicated to reports on Congress. These groups spent a total of $42 million lobbying Congress in quarter one of 2019.

By teaming up with SDF, the Blockchain Association will be able to leverage Stellar’s expertise to highlight the potential of Blockchain technology in their discussions with policymakers. Candace Kelly, Stellar’s general counsel, echoed this sentiment via a blog post that came with the announcement of SDF joining the Blockchain Association. Kelly said the Blockchain Association, represents a unified voice, that is fostering important conversations to educate policymakers on the advantages of the Blockchain.”

The U.S will be Left Behind in Blockchain Technology if Nothing is Done Soon

Lobbying groups like the Blockchain Association is designed to try to push US lawmakers to act fast on the Blockchain technology and crypto space as well as reduce some restrictions if the country is to rival economies like China and be a leader in the crypto space.

China is moving fast in the Blockchain space. The country has been working on the development of a state-backed digital asset. The Chinese government has expressed its support for the Blockchain industry. Now, many players in the US Blockchain industry are fighting to make sure that America isn’t left behind.

Recently, the United States government has expressed fear of cryptocurrency claiming that the asset class is disrupting the dominance of USD. Now the Trump Administration is preparing to release fresh crypto laws. While Washington’s discussions on Blockchain technology continue to mature, many in the country will continue to focus on Blockchain’s well-publicized and overblown negative uses.

Whether Congress is prepared to give in to the demands of lobbyists or not may potentially determine whether the US can catch its international rivals in the race to become number one in the Blockchain space.

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Stellar

Stellar Lumen (XLM) Price Nosedives Below $0.075, More Losses Possible

  • Stellar lumen price topped near the $0.0888 area and declined heavily against the US Dollar.
  • XLM price broke a few key supports near $0.0800 to enter a bearish zone.
  • There was a break below a major bullish trend line with support near $0.0752 on the 4-hours chart (data feed via Kraken).
  • The pair even broke the $0.0700 support area and it is currently consolidating losses.

Stellar lumen price is trading in a bearish zone against the US Dollar and bitcoin. XLM could continue to move down if it fails to recover back above $0.0780.

Stellar Lumen Price Analysis (XLM to USD)

After a strong upward move, stellar lumen price failed to continue higher above the $0.0888 level against the US Dollar. The XLM/USD pair formed a short term top and recently started a sharp decline below $0.0800.

There was a break below the $0.0780 support area and the 55 simple moving average (4-hours). It opened the doors for more losses and the price even broke the $0.0700 support area.

A swing low is formed near $0.0669 and the price is currently consolidating losses. An initial resistance is near the $0.0720 level. It coincides with the 23.6% Fibonacci retracement level of the recent decline from the $0.0888 high to $0.0669 low.

Besides, the broken bullish trend line might act as a key hurdle for the bulls near the $0.0750 level. The next resistance is seen near the $0.0760 level and the 55 simple moving average (4-hours).

To move into a positive zone, stellar price must move back above the $0.0780 and $0.0800 resistance levels. The 50% Fibonacci retracement level of the recent decline from the $0.0888 high to $0.0669 low is also near the $0.0780 level.

If not, the price is likely to continue lower below the $0.0700 and $0.0680 levels. On the downside, the first key support is seen near the $0.0650 level. If the bulls fail to defend the $0.0650 support, there is a risk of a larger decline below the $0.0620 support area in the near term.

Stellar Lumen Price

Stellar Lumen Price

The chart indicates that XLM price is back in a negative zone below the $0.0750 level. If there is a clear break below the $0.0650, the bears are likely to take control. They might even target a test of the $0.0600 zone in the coming sessions.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is currently losing momentum in the bearish zone.

4 hours RSI – The RSI for XLM/USD is now well below the 50 level.

Key Support Levels – $0.0680 and $0.0650.

Key Resistance Levels – $0.0760, $0.0780 and $0.0800.

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The stellar Development Foundation Partners With The Blockchain Association

  • The stellar Development Foundation is driven by the idea that Blockchain technology is the way forward.
  • The SDF believes that Blockchain could make the system a lot better.
  • SDF wants to ensure that its ecosystem takes the central place in the public dialogues.

The stellar Development Foundation is driven by the idea that Blockchain technology is the way forward. Keeping this in mind, SDF is going to use this technology to provide equitable access to the global financial system.

They believe that the currently implemented financial system is getting old. Being deployed decades ago, the financial system is unable to reflect the requirements of the consumers. It doesn’t take advantage of the technology that offers a more equitable system, making it easier, faster, and more reliable when it comes to global transactions.

The SDF believes that Blockchain could make the system a lot better. It could provide a greater trust in the institutions and give power to the customers. Acknowledging this fact, SDF has launched Stellar, which is a global public Blockchain that is connecting today’s financial infrastructure in such a way that it provides greater financial access and inclusion and thereby unlocking the world’s economic potential.

However, the change proposed by SDF is not going to be instantaneous. It needs a lot of discussion and debates to clarify what the ultimate goal is. These conversations need to be straightforward so that it gets to the root of the risks and rewards offered by this technology. A collaboration between SDF, stakeholders, government institutions, and enterprises is of utmost importance.

SDF knows that it is a way forward, and to do it appropriately and to create a world where we want to live in, and they require everyone to be a part of the conversation that is going to decide how to shape the future. SDF wants to ensure that its ecosystem takes the central place in the public dialogues.

To ensure that the future mentioned above can come true, SDF has joined the Blockchain Association. The Blockchain Association is ensuring that the important conversation is not ignored by educating the policymakers about the usefulness of Blockchain.

They are representing the numerous industries that are realizing the importance of Blockchains; they understand the specific needs of the Stellar Development Foundation and are working to ensure a better future.

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