Stellar Lumens (XLM) price was at risk of further losses on Friday as it saw a complete reversal of all the gains made on November 10. Even with the news of a partnership with the UNHCR, sentiment around the Stellar price continues to deteriorate.
Stellar Partners With UN To Distribute Cash To War-Affected Ukrainians
The United Nations High Commission for Refugees (UNHCR), the UN arm responsible for aiding and protecting refugees, has launched a blockchain-based cash distribution system that is aimed at giving money to Ukrainians affected by the ongoing war with Russia.
According to a December 15 press release by the Stellar Development Foundation (SDF), the program is being piloted in Kyiv, Lyiv, and Vinnystia, the three largest Ukrainian cities where many people moved to after their homes were destroyed because of the war. The UNHCR is responsible for making sure that only eligible people are enrolled in the program and for the efficient allocation of aid.
The aid will be distributed through Vibrant, a Stellar-based non-custodial mobile crypto wallet that provides a secure place to hold and transfer funds in USDC, one of the top dollar-pegged stablecoins.
On receiving the USDC, the recipient has a choice of whether to convert it to U.S. dollars, Euros, or the local currency and access their funds at thousands of MoneyGram locations around the world.
Today, the UNHCR (@Refugees) and the Stellar Development Foundation, announced the launch of a pilot first-of-its-kind blockchain payment solution for digital cash distribution to internally displaced persons and other war-affected people in Ukraine.https://t.co/rdh5OpxQrz
— Stellar (@StellarOrg) December 15, 2022
The program is in partnership with the UN International Computing Centre (UNICC), which acts as a technical solution provider, and will utilize Stellar Aid Assist, a Stellar-based product that allows users to instantly and securely send money on the blockchain.
A UNHCR Representative to Ukraine Karolina Lindholm Billing said that she was excited that the humanitarian agency and “SDF have chosen Ukraine for this launch, and look forward to expanding it beyond this pilot.” According to Lindholm Billing:
“Ukraine is a global lead in the development of technical solutions to increase access to social protection, including assistance for displaced people. … [Therefore it is] essential [for the UNHCR] to provide people with a range of options for receiving aid, as one size does not fit all. Programmes need to be designed with the people they are meant to serve at the centre…. so [they] can benefit many thousands more people in need of assistance… .”
Denelle Dixon, Stellar Development Foundation CEO and Executive Director said that the collaboration was a realization of the promise of the blockchain technology to efficiently disburse aid globally adding:
“Using Stellar, we are helping get funds into the hands of those who need them – and doing it quickly, transparently, and without the need for bank accounts or credit or debit cards. We are proud to work with UNHCR to deploy blockchain innovations that will play a role in assisting those in crisis.”
Generally, Stellar investors appeared unsure of the positive impact the Stellar-UNHCR collaboration may bring. There were still negative sentiments around the token.
Stellar Price Stares At Further Declines To $0.07
XLM recently reinforced support at $0.082, forming the x-axis of a descending triangle. The descending trendline, as observed on the daily chart (below), has been suppressing the Stellar price for more than one month. On Thursday, the international payments token breached the aforementioned support clearing the way for a downward spiral to $0.069.
Descending triangles are significantly bearish technical formations and feature exact breakout targets equal to the distance between the highest and the lowest points. The same chart revealed the $0.085-psychological level was suppressing Stellar’s price from pushing for an immediate rebound.
XLM/USD Daily Chart
In addition, the Direction Movement Index (DMI) showed that the sellers’ grip on XLM was firm. The negative directional line (-D1) at 28 was way above the positive directional (+D1) line at 6. This suggested that the downtrend was very strong.
Moreover, the moving averages were facing down, suggesting that the market was still biased to the downside. The Relative Strength Index (RSI) was also moving downward and was just about to enter the oversold territory. The price strength at 31 reinforced the bears’ grip on Stellar, adding credence to the bearish thesis.
On the flip side, things could take a U-turn if the UNHCR collaboration news becomes more pronounced and the oversold conditions kick in, giving XLM price a spark to rally.
In such a case, $0.08 could be reclaimed, with buyers quickly hitting $0.085, which would simply be paring back the losses posted over the last four days. Another leg higher would see a breach of the $0.092-level, embraced by the 50-day Simple Moving Average, confirming the start of an uptrend.
New Tokens With Promising Rewards
The Stellar Lumens token may soon present a buying opportunity before a recovery, as observed from the RSI’s movement. However, the current market conditions remain drab as the FTX contagion continues to spread in the market. As such, investors might be interested in checking out key tokens in their presale stages and with the potential to rally, such as Fightout (FGHT) and Calvaria (RIA)
Fightout (FGHT) – In the Early Stages Of The Presale
Fightout is a new move-to-earn (M2E) project that is designed to take Web3 fitness to another level. The Fightout blockchain project integrates all fitness routines into the M2E economy, allowing you to “train the way you want and earn from it”.
With Fightout’s move-to-earn app, NFT requirements are removed for use of the platform bridging the gap between the virtual and real world by bringing the M2E in mechanics to real-world gyms.
FGHT is the native token of the network and has just been introduced as a presale at an affordable price of $0.01665002 per token.
As a result, the FightOut team has raised to the tune of $1.7 million in the private sale alone, with a record $1 million raised in just 24 hours.
Over $1 Million raised in 24 hours! 🔥
We’re not slowing down anytime soon #FightOutCrew!
Join the presale now and get up to a 50% bonus! ⬇️https://t.co/xwthuHJbBG pic.twitter.com/h4Dgk1GDoc
— FightOut (@FightOut_) December 15, 2022
As it stands, FightOut is coming up as one of the greatest presale success stories of 2022. More expected from the team in the year 2023.
RIA is one of the best play-to-earn (P2E) cryptocurrencies for blockchain gaming enthusiasts. The native token for Calvaria: Duels of Eternity is RIA. The game, which takes place in a metaverse with an afterlife theme, aims to aid traders in buying non-fungible token (NFT) trading cards.
Players can build strategies to help them win battles directly. The platform’s native token, RIA, enables NFT purchases and other in-house transactions.
RIA is currently in presale and the project team has so far raised $2.45 million and is now in the fifth and final stage of the presale where only 13% of the tokens are left. As the presale for RIA concludes, go to calvaria.io to participate.
FightOut (FGHT) – Newest Move to Earn Project
- Early Stage Presale Live Now
- Earn Free Crypto & Meet Fitness Goals
- KYC Verified by CoinSniper
- LBank Labs Project
- Partnered with Transak, Block Media
- Staking Rewards & Bonuses