Stellar Network Suffers Unexplainable Outage, Causing Suspension of XLM Transactions
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Stellar (XLM) exchange is currently experiencing a network outage, which has made transactions impossible to implement over the past few hours. A news report revealed that some validators on the network cannot be found due to the recent technical issues seen on the platform.
That said, the Stellar blockchain is effectively unable to process new blocks, as validators cannot come online.
Stellar Development Fund (SDF) engineers have been working tirelessly over the hours to discover what the trigger for the recent network outage could be. Until this issue gets resolved, normal operations cannot be facilitated, and the network will remain closed. A recent update from Stellar shows that it is still unknown when this issue will get resolved.
As a result of the network outage, Bitstamp has suspended Stellar withdrawals and deposits for its users.
Reports show that this would not be the first time Stellar is witnessing a network outage. In 2019, the network experienced a total outage of more than two hours.
Meanwhile, America’s largest cryptocurrency exchange Coinbase has announced it will investigate the issue soon.
At press time, XLM is trading at $0.4762, down by about 12%, with a 24h trading volume of $3.3B.
Key XLM Levels to Watch — April 7
Stellar is currently retracing from its recent 40%+ spike seen over the week, which helped the cryptocurrency reach a two-month high at $0.5775. That said, XLM appears to have facilitated a rebound from the $0.4500 support and is back on its way to the $0.5000 psychological resistance. A clean break above the $0.5 resistance could help the cryptocurrency challenge its recent two-month high and, subsequently, its $0.6083 all-time high.
That said, additional correction from the current trading level should get adequately guarded by the ascending trendline at the $0.42 support area. However, the chances of XLM falling to this area in the meantime are slim.
Meanwhile, our resistance levels are at $0.9500, $1.0000, and $1.0500, and our support levels are at $0.9000, $0.8500, and $0.8000.
Total Market Capitalization: $1.90 trillion
Stellar Market Capitalization: $10.9 billion
Stellar Dominance: 0.57%
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