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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Stellar Lumens (XLM) Breaks Key Resistance, Surges 55% To Outdo Bitcoin

Dalmas Ngetich
Dalmas Ngetich
6 years ago
2 mins read

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  • Stellar Lumens (XLM) rally, add 55.6 percent
  • The network failed for two hours on May-15

Stellar’s validator nodes “trust” the SDF nodes. Because of that, there was a failure, and the system couldn’t reach consensus for two hours on May-15. At the moment, XLM is under pressure but up 18.8 percent in the last day.

Stellar Lumens (XLM) Price Analysis

Fundamentals

In the words of Yorke Rhodes, development around blockchain feels like it is back to 1995. Then, the internet had little interest to the average consumer. Fast forward, 19 years later, and Web-1 is indispensable. Everyone can be a publisher in this decentralized web where communication is seamless.

Now, it’s blockchain’s turn, and as the world readies for “investment,” Stellar is laying down the infrastructure. The native currency, XLM, fulfills the same functions as XRP, a coin that is embroiled in controversies, struggling to clear the centralization and security tag. However, it is XLM that is under investor’s radar.

Aside from influential partners in IBM, Coinbase is airdropping the coin increasing demand for the asset. At the same time, XLM did draw some momentum from the “Coinbase effect” following its listing at the American exchange.

All the same, XLM did crumble for some hours today following a freeze in the network. For two hours on May-15, the platform couldn’t reach consensus meaning no transactions were validated, because, one Redditor said “most validators on the network, if not all of them, trust SDF nodes. So that means that SDF validators are needed for the network to reach consensus.” In his explanation, Jed McCaleb, co-founder of Stellar, said:

“Over the last months, we have worked to get people to not depend on the SDF nodes. As of maybe a month or so ago the SDF nodes could safely go down and the network would continue. However, this also means that the network can halt even if the SDF nodes are still running. Unfortunately, this is what happened.”

Candlestick Arrangement

Stellar Lumens XLM

With a pin-bar and zero-support, Stellar (XLM) is melting. Even so, it is up 18.8 percent in the last 24 hours and a massive 55.6 percent from last week’s close. At the back of this is a humongous bull bar marking the entry of buyers, thrusting above a 5-month resistance level at 13 cents.

Because of yesterday’s event and volumes behind the breakout bar, every low dip should be a buying opportunity with the first target at 18 cents. That will be a retest of Q2 2018 lows. Nonetheless, any blast above 20 cents could see XLM rally to 30 cents.

On the flip side, should today’s overvaluation spur a sell-off below 11 cents and 8 cents with high participation, our bullish outlook would be null.

Technical Indicator

From the chart, prices were mostly ranging with caps at 13 cents and floors at 8 cents. After May 15th’s bull bar — 5 million versus 1 million, any bar cementing buyers above 13 cents ought to be with equally high volumes above 5 million.

Chart courtesy of Trading View. 
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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