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Stellar Lumens (XLM) Technical Analysis – Is Stellar Acting Stellar?
In 2014, Jed McCaleb the founder of Mt. Gox and co-founder of Ripple (XRP), launched the network system Stellar with former lawyer Joyce Kim. Before the official launch, McCaleb formed a website called “Secret Bitcoin Project”.
The nonprofit Stellar Development Foundation was created in collaboration with Stripe CEO Patrick Collision and the project officially launched that July. Stellar received $3 million in seed funding from Stripe.
Stellar was released as a decentralized payment network and protocol with a native currency, Stellar. At its launch, the network had 100 billion Stellars of which 25 percent of those would be given to other non-profits working toward financial inclusion.
Stripe received 2 percent or 2 billion of the initial Stellars in return for its seed $3M investment. The cryptocurrency, originally known as Stellar, was later called Lumens or XLM, as we know it today.
With a bit of Stellar Lumens (XLM) history behind us, let’s take a look at what is transpiring with XLM from a technical perspective and what may be in store moving forward from the daily chart below:
As we can observe from the daily chart above, after bottoming-out in early April followed by a nice counter-trend rally into early May, where XLM found stiff resistance at the .50 level, XLM has since found the going a bit rougher, sliding lower within a downward channel.
Additionally, XLM presently finds itself attempting to hold both its 50 and 200DMA’s at ‘potential’ support as well as its short-term uptrend line (purple line) as we can witness above.
While the present technical posture of XLM offers both investors/traders no real edge, it’s clear that Lumens finds itself at an important inflection point, technically speaking, with no clear direction.
That being said, it certainly is a positive that XLM continues to do battle at both its 50 and 200DMA’s as well as continuing to hold the line/s.
However, from a negative standpoint, XLM has not been capable of generating any real upside momentum, indicating thus far, that buyers and sellers continue to find themselves on a goal-line stand. In essence, we are witnessing a stalemate at present.
Thus, as both buyers and sellers remain engaged with neither seemingly in control at the moment, let’s take a look at some levels to monitor moving forward that may provide both investors/traders with some clarity.
If, at any point in the days ahead XLM is capable of hurdling the .35 and perhaps, more importantly, the .39 levels, such accomplishment, should it materialize, would surely be a positive development for XLM. On the opposite side of the ledger, the .27-.28 level provides potential short-term support, while more meaningful support is found at the .25 figure.
Nonetheless, it’s apparent that XLM presently finds itself at an important inflection point offering both investors/traders no real edge in either direction, which in answer to our question in the Title of this piece, “Is Stellar Acting Stellar”, the resounding answer remains, inconclusive, for now.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Jon Noel via Flickr
Chart courtesy of tradingview.com
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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