News came on the wire that Stellar will be releasing 500 Million XLM to Blockchain Wallet holders. Could this cause a Stellar price increase or an almighty dump?
The article released just moments ago can be viewed here: Link
We’re thrilled to announce SDF’s largest lumen distribution to date: an up-to-500 million XLM distribution to users of leading digital asset wallet provider, Blockchain. This airdrop will put the Stellar name and technology in front of Blockchain’s 30 million account holders, and will bring many new users into our ecosystem.
This could mean the following:
- The increase in 500 Million XLM could see the price dump to $0.22 – especially if all the holders dump the coin
- This news that effectively means that there will be a million more individuals exposed to XLM – therefore causing them to research and understand the coins value – causing them to purchase more in XLM.
- This could see huge increases in the coin and market sentiment, effectively meaning that both $0.35 and $0.48 is on the horizons.
Nouvive is currently watching two price levels $0.22 & $0.269.
XLM surpassing $0.26, the Resistance level one and the a previous area that XLM could not surpass in early October could mean that $0.30 is immediately seen.
A dump despite RSI Stochastic being heavily oversold has been seen as HIGHLY UNLIKELY as a result of the increased accumulation according to the OBV, the recent breakout of the triangle peanut and the need to match the volume gap at $0.269.
Nouvive Research has seen that the current Airdrop news has not had an affect on Market sentiment or the price as of yet.
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