- XLM/USD hovers around critical resistance of $0.06.
- Stellar Development Foundation announces massive airdrop.
Stellar (XLM), the 12th largest digital asset in the global cryptocurrency market rating with a total value of $1.18 billion, has lost 1.2% in recent 24 hours to trade at $0.0608. XLM/USD has recovered from the recent low of $0.0577 (September 6) and entered a consolidation phase on approach to $0.06
What’s going on?
Stellar Development Foundation announced an airdrop of 2 billion XLM tokens (worth of about $118 million) among users of messenger Keybase. The company states that this is their largest airdrop on record. According to the airdrop conditions, Keybase users that registered their accounts before the airdrop announcements will get XLM tokens over the next 20 month.
“All you have to do is have an authenticated Keybase account, and your XLM will appear in your wallet “” automatically, every month, for as long as the airdrop continues,” the company stated.
However, the airdrop might be stopped earlier as the company will review the effectiveness of the program after three months to decide whether it is a success.
Stellar’s technical picture
XLM/USD recovered from the recent low of $0.0577, however, the recovery is capped by psychological $0.06 strengthened by SMA50 (Simple Moving Average) 4-hour. Once this barrier is out of the way, the upside is likely to gain traction with the next focus on $0.0635 ( the upper line of 4-hour Bollinger Band and the middle line of 1-day Bollinger Band). The next resistance awaits us on approach to $0.07 with SMA50 daily and the upper line of 1-day Bollinger Band located just above this barrier.
On the downside, a move below $0.0580 (the lower line of 4-hour Bollinger Band) will increase the selling pressure with the next bearish target on the recent low of $0.0577 and psychological $0.05.
XLM/USD, 4-hour chart
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