Stellar (XLM) investors salivate for massive airdrop

• By offering XLM to our users for free, we hope to help build a bigger community of crypto users,” Blockchain.com.
• Stellar hit a dead end at $0.27 but bullish trend could continue above $0.30.

The Stellar community is supper excited amid the buoyant feel across the entire cryptocurrency market due to the current bullish trend. The delight in the crypto space comes after a month of sluggishness. The infectious bullish trend has seen most altcoin record incredible gains with some surging by 20%, for instance Ripple (XRP).

Particularly, Stellar has been staging an incredible recovery surging by 15% in the first week of November alone. The upside began marginally above $0.22 to the current price per Stellar Lumens of $0.26. Cryptocurrency enthusiast believe that this surge has been triggered following the announcement of an impending airdrop to the owners of Stellar wallets.

“Most popular crypto wallet with over 25 million users added Lumens as 4th asset (after BTC, ETH & BCH) and announced $125 Million XLM airdrop!” The announcement continued “The biggest #crypto airdrop””we are distributing $125M of Stellar XLM to our users to build on the crypto revolution. Sign up for the waitlist.”

The airdrop is powered by Blockchain.com where $125 million will be given to the holders of XLM who have registered for its services. The company will release the initial batch in XLM tokens this week. The firm says that it is focused on pushing for cryptocurrency adoption around the world. A blog post by Stellar states:

“The first step to becoming an active participant in the crypto ecosystem is getting a crypto asset. By offering XLM to our users for free, we hope to help build a bigger community of crypto users.”

Stellar (XLM) price technical picture

Stellar has started trimming the gains after hitting a dead end at $0.27. As mentioned before, the uptrend started at the beginning of November and has continued throughout the first week. The bullish trendline has been supporting the price since November first and we expected to act as a bounce wall and stop the ongoing correction. A break above $0.27 could see XLM/USD attack $0.30. At present the price is exchanging hands at $0.259 while indicators like the RSI has retreated from the overbought levels. Moreover, the MACD has started changing direction downwards.