Tanya Abrosimova
Independent Analyst
- The Stellar Development Foundation (SDF) announced the charitable initiative to help to fight COVID-19.
- XLM/USD aims at $0.0550 as the technical picture has improved.
Stellar, now the 13th largest digital asset with the current market value of $826 million, has gained over 1% in the recent 24 hours to trade at $0.0407 by press time. The coin has registered an average daily trading volume of $343 million, which is in line with the recent figures.
Stellar joins charitable move to fight COVID-19
The Stellar Development Foundation (SDF) has launched a donation-matching powered by Stellar-based Lumenthropy.
XLM tokens are accepted as a donation by several charitable organizations, including UNICEF, The Tor Project, Freedom of the Press.
According to Denelle Dixon, the CEO of the SDF, the foundation stayed unaffected by the turmoil caused by COVID-19 crisis. Thus, the Foundation decided to donate 2.5 mln XLM to help the community. The first tranche of 100,000 XLM will be distributed among six eligible charities supported by Lumenthropy. The Foundation encourages the community to join the initiative and send their coins, which will be matched by SDF.
We hope those of you who can and are looking for ways to support the global community will join us," Dixon commented.
XLM/USD: Technical picture
XLM/USD has been moving in sync with the market. The coin reached the bottom at $0.0260 on March 13 and has been gaining ground slowly ever since. The initial resistance is created by the upper line of the daily Bollinger Band at $0.0430. If the coin manages to clear this local barrier the recovery may be extended towards psychological $0.0500, followed by a $0.0530-$0.0550 resistance area reinforced by SMA50 and SMA100 daily.
On the downside, a sustainable move below $0.0400 will attract new speculative sellers to the market. As a result, the price may decrease towards $0.0350 ( the lower line of the daily Bollinger Band)/ Once it is out of the way, psychological $0.0300 will come into focus followed by the recent low of $0.0260.
XLM/USD daily chart
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