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Stellar Lumens (XLM) Technical Analysis – Is Stellar Acting Stellar?

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Stellar
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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.

Happy Trading!!

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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

Blogs

TRON Partnership Involves Cloud Computing

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TRON partnership
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It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.

Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.

Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.

However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.

Baidu to…

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Bitcoin

Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?

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Ripple
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Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.

It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.

The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.

China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.

Furthermore, the country has adopted several…

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Altcoins

Ravencoin (RVN) Surges Following Binance Listing

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Ravencoin
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While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.

About Ravencoin

Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.

Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.

Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.

Ravencoin got listed on Binance prior to MainNet launch

Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.

Getting listed on Binance has brought Ravencoin to the top…

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