- The XLM price needs to defend a crucial support level in the short term to see new highs.
- The digital asset was added as a payment option on the Revolut banking platform.
- The Stellar blockchain had a technical problem this week and released a report addressing the matter.
Stellar has been trading in a strong uptrend for the past two weeks and has been recently added as a payment option on Revolut. The blockchain faced technical issues which have been resolved.
Stellar blockchain goes down briefly
The Stellar blockchain suffered a significant technical problem earlier this week where affected nodes experienced a downtime of about 10 hours. The issue was fixed and the Stellar Development Foundation (SDF) stated that the network itself was not affected and didn’t stop.
The investigation indicates that the problem could be caused by a ledger; however, the exact reason is still unknown. Several exchanges temporarily suspended XLM deposits. The SDF also added:
It is just the way a decentralized network is intended to work, and many of those validators continued to publish archives that keep track of ledger history, and that allows the halted nodes to fill in gaps when they need to recover from downtime.
Not all are bad news as the London-based payment platform Revolut announced on Thursday the integration of 11 new tokens, including XLM as payment options. Additionally, customers will also be able to trade the new cryptocurrencies thanks to Revolut’s partnership with Paxful.
XLM price remains in a short-term uptrend
On the 4-hour chart, XLM has managed to sustain an uptrend above the 50 SMA currently located at $0.466. Bulls have confirmed a 4-hour uptrend and aim to establish a new higher low above $0.466.
XLM/USD 4-hour chart
The strongest resistance level is the previous high of $0.508. A breakout above this point could quickly drive XLM price towards $0.578, a high formed on April 6.
XLM/USD 4-hour chart
However, losing the 50 SMA support would be notable, as there aren’t that many pivot points on the way down. The next support is the 100 SMA at $0.427 followed by the 200 SMA at $0.414.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.