- The upcoming airdrop drives traders towards Stellar.
- The upside momentum gaining traction, $0.30 may come into focus.
Stellar coin (XML) is changing hands at $0.2827, gaining nearly 3% on Monday and over 5% since this time on Sunday. The coin that came to existence as a result of Ripple blockchain fork, has become a strong growth leader of the previous week (+15%) and squeezed EOS from the fifth place in the top-10 rating of global cryptocurrencies. XML’s market value is now registered at $5.2B.
Stellar Lumens (XLM) is driven by the airdrop news, which means that the coin is vulnerable to the downside correction, once the event is over. The sheer amount of coins to be airdropped took the community by surprise. Moreover, such campaigns are usually associated with ICOs, but not with established cryptocurrencies.
However, Stellar’s founder Jed McCaleb explained the rationale behind the decision, saying that it is needed to create “more inclusive digital economy” and encourage communities to design the services they need.”
To qualify for free XLM coins worth of $25 users need to register with Blockchain wallet and complete KYC (Know-your-Customer) procedures within anti-privacy requirements.
Stellar’s technical picture
On the charts, XML/USD smashed $0.28 resistance and headed towards the recent high of $0.2878 touched on September 24. Once it is cleared, the upside may gain traction with the next aim at psychological $0.30.
On the downside, the coin may retrace towards $0.2640 congestion zone that limited the upside at the end of the previous week. A sustainable break lower will trigger more selling towards $0.24 handle.
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