Stellar has lost over 6% in a single day due to a massive sell-off. At the time of writing, XLM/USD is changing hands at $0.0651. About 50 million Stellar coins were transferred to the US-based cryptocurrency exchange Kraken. This movement might have triggered the price collapse. The Stellar Development Foundation (SDF) transferred 50 million XLM tokens to the Kraken exchange, according to Whale Alert, a Twitter bot. The fact that the Fund may be selling its coins might have caused the Stellar price collapse. The coin lost 5% in a matter of hours on Monday. At the time of writing, XLM/USD is changing hands at $0,0650, the capitalization of the asset has dropped to $1.3 billion. Also, the company ended its $120 million airdrop, which might have also increased the bearish pressure on Stellar. The airdrop participants received 500 coins (about $35 at the current exchange rate) to their wallets. The airdrop participants often choose to sell the coins and thus influence the price of the asset. In early November, the Stellar Development Foundation burned 55 billion XLM tokens or more than half of the entire issue. The burned tokens worth of $4 billion Caused a sharp price increase. The coin jumped by 16% in a single day. XLM/USD, the technical picture On the daily charts, XLM/USD moved below SMA50 (Simple Moving Average) and SMA100 (currently at $0.0660) We will need to see a sustainable move above this handle to mitigate the initial berish pressure and allow for an extended upside. The support is created by the lower line of the daily Bollinger Band at $0.0636. XLM/USD, the daily chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Bank Indonesia to pause to assess impact of previous easing – TD Securities FX Street 3 years Stellar has lost over 6% in a single day due to a massive sell-off. At the time of writing, XLM/USD is changing hands at $0.0651. About 50 million Stellar coins were transferred to the US-based cryptocurrency exchange Kraken. This movement might have triggered the price collapse. The Stellar Development Foundation (SDF) transferred 50 million XLM tokens to the Kraken exchange, according to Whale Alert, a Twitter bot. The fact that the Fund may be selling its coins might have caused the Stellar price collapse. The coin lost 5% in a matter of hours on Monday. At the time of writing,… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
