Breaking News in the Crypto World:
Rival XLM’s Price Could Be on Verge of Biggest Crash Since 2021
The Stellar token, XLM, is currently experiencing a downward trend that has caught the attention of investors and analysts alike. Recent analysis using the Bollinger Bands pattern suggests that the upper band was reached and even broken at $0.6374, while the median, represented by the 20-day moving average, stands at $0.21.
A similar scenario unfolded back in 2021 when the price of XLM peaked at $0.797 and then plummeted by 48.73% within a single week. With XLM already witnessing a 40% decrease over the past three weeks, there is a looming possibility of a further 45% dip. However, it is essential to note that the future performance of XLM will not solely rely on historical patterns but will also be influenced by broader market trends.
As of the time of writing, XLM is currently trading at $0.3535, down 2.07% over the past 24 hours according to CoinMarketCap.
Japanese Government Skeptical of Bitcoin Reserve
Recent reports from Wu Blockchain citing CoinPost have indicated that the Japanese government has expressed skepticism regarding the adoption of Bitcoin as a reserve currency. Despite the urging of Satoshi Hamada, a member of the House of Councillors, to follow a similar path to the U.S., Prime Minister Shigeru Ishiba has highlighted the government’s lack of detailed information on U.S. actions regarding Bitcoin reserves.
The reluctance stems from the fact that crypto assets do not fall under the category of foreign exchange, and there is a need to ensure the security and liquidity of foreign exchange reserves.
67 Trillion SHIB Level About to Disappear
Shiba Inu, the popular meme-based cryptocurrency, is currently facing significant challenges as the market remains bearish. The asset is struggling to maintain crucial support levels, particularly the 50 EMA, and is currently trading near $0.00002164. The 200 EMA is dangerously close to the current trading price, and a loss of these support levels could lead to a substantial decline, possibly dropping to $0.0000204 or lower.
Furthermore, there has been a sharp decrease in large transaction volumes from institutional investors, adding to the concerns surrounding SHIB’s future. However, there is still hope for recovery if SHIB can bounce back from the 200 EMA and attract speculative buying.
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Analysis of the Latest Crypto Trends:
The current state of the cryptocurrency market is characterized by volatility, uncertainty, and skepticism from government entities. The potential crash of XLM, the skepticism of the Japanese government towards Bitcoin reserves, and the precarious position of SHIB all reflect the dynamic nature of the crypto space.
Investors and traders need to stay informed about these developments to make sound financial decisions. The analysis of historical patterns, market trends, and government attitudes towards cryptocurrencies can provide valuable insights for navigating the volatile crypto market.
Understanding the implications of these news stories is crucial for anyone interested in cryptocurrencies or looking to invest in digital assets. The potential crash of XLM, the government’s cautious stance on Bitcoin reserves, and the uncertain future of SHIB all underscore the importance of staying informed and being aware of the risks and opportunities in the crypto market.