By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
On Friday, September 13th, the XLM cryptocurrency remains under significant pressure. On the whole, the second week of September turned out complicated for the token, seriously decreasing its price. The XLM is generally trading around $0.0500.
On D1, the XLM/USD keeps developing a downtrend, though at a minimal pace. The potential goals of further decline may be at $0.0500, $0.0400, $0.0300, $0.0200, and $0.0100; so to say, the psychological support levels. In a downtrend, a convergence forming on the MACD is worth paying attention to. The current situation suggests an upcoming reversal; it should be confirmed by a breakaway of the resistance line of the main and the long-term channels near $0.0840.
On H4, the cryptocurrency is demonstrating a downtrend, though in a narrower channel than on the larger timeframe. A convergence — though on the Stochastic this time — is also forming. Allowing the possibility of a short-term correction, we should single out a breakaway of the local resistance near $0.0608 as its beginning. The goal of the correction will be at the projection line and $0.0688.
Stellar begins giving away tokens, which may attract new users to the cryptocurrency. What we mean is distributing the XLM tokens among Keybase users. The planned volume of the distribution is $120 million.
It is announced that 2 billion tokens are ready for giving away; they will be distributed during 20 months as 100 million tokens a month. However, after the first three months Stellar will analyze the program and decide whether to carry on or to stop. In order to receive a token, one has to create a Keybase account. Then the XLM is expected to appear in the wallet automatically.
In Stellar, they call this placement the biggest one in the project history and count upon fresh interest to the XLM.
Inside the Keybase messenger, the XLM has long been integrated in such a way that users can exchange coins. There are about 300 thousand users of the messenger, so the potential of the token spreading is assessed as rather high.
Disclaimer: Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.