It has been very quiet around Stellar recently. There were no major developments aside of Coinbase announcement on Sept. 25. that New York state residents can trade, store, send and receive Stellar Lumens using both the service’s official website and mobile app.
Other noteworthy news that came from the Stellar camp was the proposal by Stellar Development Foundation to do away with the inflation mechanism in the Stellar Lumens (XLM) protocol. The Foundation published a blog post announcing the proposal to the community, explaining that the mechanism isn’t serving its intended purpose.
The proposal to eliminate XLM inflation will now be subject to a vote by the validator nodes on the Stellar network.
The Stellar network has been live for five years and has seen a solid growth, in both bull markets and bear. Operations on Stellar are up 25× since January 2018, and accounts are up over 10×. However, lack of real-world application and palpable partnership has stirred some unrest in the communities.
Meridian Conference To Reinvigorate the Community
Meridian is the first Stellar conference and an opportunity to discuss big-picture questions around Stellar application in the real world.
Where are the greatest applications for Stellar in our financial present? What roles will Stellar have in our financial future?
It will take place in Mexico City where these topics will be covered and will be providing opportunities for the Stellar community to meet their counterparts from around the world.
The two-day conference is scheduled for Nov 4, 2019.
XLM/USD Price Analysis
Stellar is stuck in the zone of two Fib heights between $0.060 and $0.066.
It is lingering right above moving average confluence point which is a major support zone for XLM at $0.062. Major resistance is at Fib382 and $0.062.
Potential upside is huge – there are no major resistances for Stellar above this $0.066 height and a local high at $0.089 would be the target for XLM.
Downside potential is, however, also pretty big – drop to the $0.052, a local bottom from September is a possibility should the broad market move be negative.
Read our updated guide on best XLM wallets.
