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
Reasons Why 2019 May Be A Great Year For Crypto
The new year was always considered to be a time of new beginnings, where people can reflect on the past and learn from their mistakes in order to be better in the future. The same is true for the world of crypto, and investors around the world are hoping for 2019 to be better, more profitable, and to have more success than 2018.
The hope for the future is even more important when we consider all the negative development in 2018. There were numerous high-profile hacking attacks, two market crashes, with a strong bear market in between. Not to mention that some of the biggest projects that may have brightened the year a bit ended up being delayed.
With that in mind, it is understandable why investors are looking forward to the new year and all the potential development that it may bring. In fact, there are several reasons why they should be excited about 2019.
1) Bearish market to loosen its grip
The first reason why 2019 can be a good year digital currencies is that it may finally break free of the bearish grip that has been felt ever since last January. Following the first market crash, the bears settled in, and the prices kept falling for an entire year. The market attempted to shake off the negativity on several occasions, with the biggest one being…
3 Coins with the Largest Potential in 2019
2018 has been a pretty bad year for digital coins, and after the initial market crash that occurred a year ago, everyone was expecting a bull run that will fix things. Obviously, it never arrived, and instead of that, all that crypto market experienced was an entire bearish year and another crash in mid-November.
Now, however, it is a brand new year, and attempts to shake off the bears’ grip can be seen even in these first two weeks. The market is still struggling and mostly losing value, rather than gaining, with most coins being in trouble once more. Still, a lot can happen in a year, and most investors remain optimistic regarding 2019. Here are some of the coins that are believed to have tremendous potential, and to be the hope of this year.
Of course, Bitcoin comes first. This is the first cryptocurrency which is still dominating the market, with no other coin being even close to its market cap or price. BTC is the coin that has reached the most prominent heights, and it also lost the most in the previous year. However, there is still hope, as there are several projects and events scheduled for this year that might turn things around for the number one coin.
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Crypto projects have gone through several crucial periods of development, and while it is fascinating to watch their progress to maturity, a lot of investors are becoming impatient. During the first few years, they were barely known, only talked about in specific groups, among those developers and investors who had the luck to find out about them in the early days.
The next several years, altcoins started appearing, and the voice of cryptocurrency slowly started to spread. Then, there was a period of hype, when crypto exploded, and the entire world finally learned about this new technology that promised to change the world. Naturally, the overhype led to a market crash and price correction that we experienced last year, but the impact was made, and the world is still talking about them on a daily basis.
However, now is the time for cryptos to deliver on their promise, grow up, and start showing results. There are high expectations for many projects, but for various reasons, they have yet to deliver, and many are hoping that 2019 will be the year when they finally do it. Let’s see which 3 crypto projects really need to show results, and soon.
1) Ethereum (ETH)
Are you surprised to see Ethereum at the first spot? The project has been a top cryptocurrency for years, why would it be in danger now?…
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