Analysis

Stellar Lumens [XLM] breaches $0.12976 key resistance as market registers marginal losses

XLM

The week started on a positive note with the cryptocurrency market flirting with the $180 billion mark. But after a bright Monday, which saw Bitcoin and Ethereum register some significant gains, the market seems to have settled down on Tuesday with most of the top coins registering marginal losses and are trading in the red. Bitcoin which jumped by nearly 20 percent on 2nd April is still holding on to the $5000 mark and at the time of print, the coin is trading at $5117.06, down by 0.86 percent. While the coin is showing great resilience in hanging on to the $5000 mark, many critics believe that the coin is setting its base perfectly for the next big rally, which everyone is waiting for anxiously. The other big player and the ‘king of altcoins’, Ethereum is trading at $176.07, which is just below the $180 mark and is down by nearly 2 percent. At the time of press, Stellar Lumens [XLM] is the eighth largest currency in terms of market cap and XLM is trading at $0.125321, which is down by 3.31 percent. The total market cap of the coin stands at $2.4 billion.

XLM/USD

At the time of press, the coin has found support at $0.10444000 and is trading well above it. This past week the XLM/USD pair broke the key $0.1120 and $0.1150 resistance levels to start a strong upward move. It rallied by more than 15% and traded above the $0.1200 and $0.1250 resistance levels. The coin also tested the resistance at $0.1350 last week. At the time of press, the key resistance for the coin stands at $0.12976000 and the coin breached the resistance and then retraced back. The hourly RSI indicator for the coin stands at 45.5096, which means that the coin is neither overbought nor oversold. The MACD shows that the coin is in the bearish zone and the 100 EMA line shows a downtrend.

XLM/BTC

At the time of print, the digital asset is down by 2.47 percent and the one XLM is equivalent to 0.00002421BTC.

Latest Updates

  • A report from Messari, a crypto research firm revealed that a bug in the Stellar [XLM] protocol was exploited by a hacker in 2017. As a result of the hack, Stellar Development Foundation [SDF] had to burn 2.25 million XLM tokens that the hacker had illicitly created.
  • Earlier this year in March, Coinbase listed XLM, the eighth largest cryptocurrency in the world. The crypto exchange opened USD, EUR and BTC markets for XLM. The Stellar Lumens listing came weeks after the much-awaited XRP listing.

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