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Stellar News

Stellar Against Bitcoin: Possible 50% Surge After XLM Supply Burn

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Stellar against bitcoin posed a strong movement and a surge of more than 50 percent is likely since the altcoin has been at the top ten list of crypto assets by market cap for quite some time and is still hyped since the bear market first started in 2018 as we reported in the XLM News today.

This could change very soon since the crypto asset may be poised for further gains and Stellar against bitcoin proves to be gaining even more with a change of 50 percent increase in the upcoming days. Stellar (XLM) has struggled during the entire bear market to maintain the positive momentum and it is one of the few assets that has not yet broken the downtrend resistance which goes back from the previous all-time high.

At the start of the crypto hype bubble, stellar reached prices of more than $1 per token but it is now down by more than 90 percent and is trading at just under 8 cents per token. The things seem shaky for Stellar and the altcoin was trading at under 5 cents at the start of September but the Stellar Foundation burned half of the token supply thus causing a massive pump. The Stellar Foundation burned 55 million XLM tokens and resulted in a 25 percent surge in asset prices.

The pump is not quite over yet since Stellar could be preparing for another leg up and one that could result in a 50 percent gain against Bitcoin in the upcoming days. According to the popular crypto analyst DonAlt, Stellar shows signs that the XLM/BTC trading pair is prepared for a strong move up and the resistance has been officially breached which could be targeting 1400 satoshis. XLM is now trading at about 900 Sats and a further move to the 1400 sats means there is a 55% increase from the current prices. However, the increase is mostly based on performance against Bitcoin on the XLM/BTC trading pair ad not the USD.

On the XLM/USD charts, the crypto asset has another goal to break and get away from the downtrend resistance and could even continue to be locked in a downtrend against the dollar but sill outperforming bitcoin. This move suggests that Bitcoin could suffer a huge drop.

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Stellar News

Spammers Stop Stellar From Giving Away 2B XLM Tokens On Keybase

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Spammers stop stellar from making the giant airdrop on the encryption app by Keybase soon after Stellar made the announcement. Luckily, they went away as soon as the word was sent out that the free money era was done, so let’s find out more in our Stellar news today.The CEO of Keybase Max Krohn explained that there has been a discussion lately about the serious uptick in spam on the chat features on Keybase. The explanation for that simply lies in the partnership of Keybase with Stellar Development Foundation to airdrop about 2 billion XLM to the users of the app over a period of 20 months:
"It was really an interesting experiment. In the end, it definitely achieved the goal of getting more numbers onto Keybase and more people onto Stellar."
The trouble is that sometimes the costs outweigh the benefits as Keybase admitted when they announced the program was coming to an end. The final XLM airdrop started yesterday on December 13. What seemed to be a 2 billion XLM giveaway will not be a lot less.  The airdrop occurs when a protocol or a company starts distributing tokens to some internet users that it believes will advance the brand.Talking about the partnership with Stellar, the Keybase users could receive thousands of dollars in XLM with each airdrop and the Spammers stop the activity once they saw it accelerating according to Krohn. Eventually, the airdrop on Keybase attracted so many spammers that it was no longer worth trying to continue. The founder of Stellar Jed McCaleb noted:
"These airdrops are very hard to get right and in a way that is not overcome by fraud.’’
As Krohn put it, the amount of crypto offered was too low for someone to start bothering with tit but for users that have the ability to write scripts to run a bot farm, it could have been very lucrative. Once scammers could get thousands of bots through Keybase’s checks for similar to human behavior, it can certainly become worth their while. CEO of the Stellar Development Foundation Denelle Dixon explained:
"They had developed a lot of interesting activities for users. We were really excited about it because we liked what Keybase stands for."
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Stellar News

Stellar Development Foundation: 2 Billion Lumens Airdrop Cancelled

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The Stellar Development foundation will not be airdropping 2 billion lumens tokens after all and in our Stellar news today we find out why.In a blog post yesterday, the Stellar development foundation and Keybase announced they are canceling the airdrop of 2 billion lumens after they got attacked by ‘’hordes’’ of fake accounts and as the blog post noted:
“This month will be our last of the Stellar Space Drop. On the week starting Dec. 15, we will distribute the final 100 million Lumens among all qualifying members.”
Back in September, Stellar unveiled its largest airdrop to date with about $120 million at the time and the Stellar Development Foundation partnered with Keybase which is a file-sharing application that was willing to distribute the funds over the course of 20 months to verified users on the platform. Each user that was verified was eligible for up to $500 in XLM. Both Stellar and Keybase received a lot of press from the promotion and Stellar even received coverage from almost every major publication while Keybase gained thousands of new users signing in thus growing its user base by a quarter.Keybase claims that the fake sign-ups overwhelmed their capacity to verify the accounts and therefore they had to shut down. Although they say that the campaign ‘’ mostly worked’’ the cancellation of the airdrop will have a serious impact on the users who feel that were duped. That said, the Stellar Development Foundation said that it ‘’reserves the right to end this giveaway early’’ from the beginning of the promotion.After promising to give away 2 billion in XLM, the foundation’s remaining treasury will still represent more than 30 percent of the total token supply which is a major point of centralization.  As per the reports, The Cardano chief Charles Hoskinson recently had a chance to talk about the Stellar Development Foundation (SDF) and its recent decision to burn 55 million XLM tokens which were worth around $4 billion at the time. Hoskinson noted that this move has created little in the way of value for Stellar's foundation and noted that the funds should have been invested in development. However, the token has gone into a mode of suffering along with Bitcoin and other cryptocurrencies which are deep in the red today during the most recent price tumble.
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Stellar News

XLM Forms A Bearish Wedge And A Bearish Short-Term Trading Outlook

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XLM forms a bearish wedge pattern and a bearish short-term and medium-term trading outlook as we are about to see further in the XLM news today.Stellar has formed a bearish short-term and medium-term trading outlook and the four-hour time frame shows a bearish wedge breakout has taken place by forming a bearish head and shoulders pattern being triggered. Stellar Lumens remained under downside pressure following the recent technical rejection from the $0.54 level but with a heavy downtrend still underway on the broader crypto market. XLM recovered to above $0.56 when BTC suddenly surged and took the rest of the market with it.The XLM/USD pair lost about 40 percent from the November price peak and it is currently trading around one percent lower than the December opening price. The technical analysis shows that the XLM forms a bearish wedge and a head and shoulders breakout on the daily time frame moving the cryptocurrency back towards the November swing-low.  The four-hour time frame shows that the bearish breakout from the rising wedges pattern taking place, provoking a 14 percent decline in the cryptocurrency.A breakout under the November lows encouraged further selling pressure and pushed Stellar Lumens towards the September 2019 monthly low closing to the $0.48 level. The bulls ideally have to rally the cryptocurrency toward the $0.66 level just to stabilize the XLM/USD pair which would require a rally of more than 20 percent from the current levels. Breaking the November swing-low at about $0.51 support level could even cause a strong buying reaction among the XLM/USD bulls. The Relative Strenght index on the daily time frame shows that the XLM is quite oversold while the MACD indicator is still bearish.According to the latest sentiment data, the short-term sentiment towards Stellar Lumen is neutral at 64 percent and the overall long-term sentiment towards the cryptocurrency is bearish at 22 percent. The four-hour time frame shows that the key technical resistance is now located at $0.66 and $0.69 levels and the technical resistance over the medium term is located at $0.85 levels. The four-hour time frame shows that the XRP/USD pair is now in a strong medium-term technical support around $0.51. The critical long-term technical support for XRP is located at a $0.40 support level and the altcoin is proving that it failed to rally and shake off the bearish medium-term pressure.
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Ripple News

XRP And XLM Leaders As Worst-Performing Crypto Assets

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XRP and XLM are officially leaders as worst-performing crypto assets year-to-date during the year when the rest of the crypto market made up of the lost value. In today’s Stellar news, we read further about their price movements.The altcoins are still down by more than 90 percent from their all-time high prices and even a fund composed of Bitcoin and other major cryptocurrencies, are still down by about 80 percent from the initial investment which was made back in 2018 in January when the crypto hype bubble began to burst.The bubble deflation crushed the altcoin market and even took Bitcoin’s price from a high of $20,000 to over 80 percent lower to the $3,100 position before the asset rebounded to $14,000 during the parabolic rally in 2019. While this year Bitcoin made up for most of the lost value, it wasn’t really able to set a new record and now it’s trading at about half of what it was at the peak of the year. Still, Bitcoin tops the list as one of the best-performing assets this year with a 92 percent return on investments.The rest of the crypto market didn’t do well as Bitcoin with a few exceptions. Tezos and Binance coin are both up by 160 percent on the year and Chainlink as well got up by more than 600 percent for the year making it among the top-performing assets on the market. The rest of the altcoins didn’t fulfill their dreams as many of the major altcoins from the crypto Bull Run got down by more than 80 percent from their all-time high as XRP and XLM did.Litecoin (LTC), Bitcoin Cash (BCH), Ethereum (ETH) and Monero (XMR) all saw some smaller gains for the year but they failed to come nowhere near as close as their former all-time high prices. Ethereum which is the number two cryptocurrency by market cap, led the hype bubble alongside Bitcoin and only recovered by 7 percent this year. Ripple native asset the XRP was the second-worst performer and set a new bear market low this year after it dropped as much as 39 percent year to date as we reported earlier.
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