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Stellar Lumens [XLM/USD] Technical Analysis: Short-term relief imminent, but bears still in control of market

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Stellar Lumens [XLM/USD] Technical Analysis: Short-term relief imminent, but bears still in control of market
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Stellar Lumens [XLM] overtook Bitcoin Cash [BCH] and gained the fourth-largest cryptocurrency temporarily while there was a squabble in the Bitcoin Cash community. XLM, in the seven-day chart, has decreased by 18.56%.

The current price of XLM is $0.2021, while the market cap is at $3.87 billion. The 24-hour trading is holding steady at $128.06 million. Binance contributes 25% with trading pairs XLM/USDT and XLM/BTC.

Binance is followed by Upbit, a Korean exchange, that provides 11.39% of the trading volume in trading pair XLM/KRW.

1-hour

Source: Trading View

Source: Trading View

The prices in the one-hour time frame show a downtrend that extending from $0.2856 to $0.2114. The support at $0.2173 has been breached and new support is set up $0.1909. Resistance points are set up at $0.2212, $0.2413, $0.2597, $0.2749, and $0.2858.

The Parabolic SAR markers have spawned below the price candles indicating a bullish trend incoming.

The Awesome Oscillator is showing a bullish crossover as green lines have originated above the zero line.

The Aroon indicator shows a trend reversal as the Aroon up line has hit the 100 line, indicating that the uptrend is underway.

1-day

Source: Trading View

Source: Trading View

With no uptrend in sight, the downtrend ranges $0.4305 to $0.2277 as the prices dip further down. The prices have broken the support at $0.2275 and set a new support at $0.1768. Resistance points are set up at $0.2813, $0.3336 and $0.3693.

The MACD line has crossed over the signal line, undergoing a bearish crossover. The zero line has red bars hanging over to the bottom indicating a bearish signal.

The Stochastic line has touched the 20 line, indicating an oversold market.

The CMF can be seen hanging at the zero line, which indicates that the money inflow and the outflow are the same.

Conclusion

The indicators in the one-hour chart show a bullish trend altogether. The one-day chart shows a bearish trend occurring for Stellar Lumens which otherwise is indicated by MACD, Stochastic, and CMF.





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Bitcoin and Ethereum Classic find themselves on opposite ends of the 51% attack spectrum

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Bitcoin and Ethereum Classic find themselves on opposite ends of the 51% attack spectrum
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Every revolutionary product comes with its own fallacy. However, to its internal metrics, in order for that product to remain adherent to the principle it hopes to expound, the cryptocurrency world is no less. Bitcoin [BTC] and other Proof-of-Work [PoW] cryptos have an in-built fallacy as well, the dreaded “51 percent attack.”

A recent study by cryptocurrency analytics firm LongHash, detailed the cryptocurrencies that are the closest to being subjected to the aforementioned attack.

The report looked at ten of the most significant PoW coins including, Bitcoin, Ethereum [ETH], Bitcoin Cash [BCH], Litecoin [LTC], Dash [DASH], Bitcoin SV [BSV], Zcash [ZEC], Monero [XMR], Ethereum Classic [ETC], and Bitcoin Gold [BTG].

Prior to detailing the study, Longhash listed out the two key points required to execute a 51 percent attack. First, a single mining pool/entity/individual would have to control over 50 percent of a network’s mining power. Second, the energy expenses related to the same, based on renting or sheer purchase of mining power.

Dividing the parameters of performance into two key parts, LongHash initially looked at the one-hour attack cost based on data from OnChainFX as on June 19, and consequently, the percentage of mining power available for rent on NiceHash. The matrix for an unsuccessful attack would be a high one-hour attack cost with low power availability, deeming the network “quite safe.”

Source: LongHash

Bitcoin took the top spot, with the report stating that there exists “very little power available to rent,” coupled with a “very high hourly attack cost.”

Traversing down the estimate cost Y-axis, several coins are scattered including, LTC, ETH, BCH, ZEC, BSV, DASH, and XMR, citing low power available via NiceHash. However, the estimated cost to rent the mining power is fairly low.

The report added,

“Most tokens, however, are clustered in the bottom-right corner of our chart, with low mining power availability and hourly attack costs north of $10,000, which makes them appear relatively safe.”

Moving horizontally further down the total mining power X-axis, BTG is the sole cryptocurrency exhibiting around 35 percent mining power availability on Nice Hash, with the lowest estimated cost to rent 51 percent of mining power for sixty minutes.

The biggest worry by far, was Ethereum Classic. The ETH hardfork had more than 80 percent of its mining power available on NiceHash, while the hourly attack was estimated to cost less than $10,000.

Earlier this year, the ETC network was the subject of a 51 percent attack, with several exchanges pausing ETC-related transactions in the process. The attack led to several cases of network double-spends and re-organisations totaling around $1.1 million or 219,500 ETC.





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