Ripple price has formed a strong support above the $0.3070 level against the US dollar.The price is facing a couple of strong resistances near the $0.3130 and $0.3160 levels.There is a key contracting triangle formed with resistance at $0.3130 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair is likely to climb above $0.3160 and $0.3200 as long as the $0.3070 support is intact.Ripple price is positioning for more gains against the US Dollar and bitcoin. XRP/USD is likely to rebound above the $0.3200 pivot level once it clears the $0.3130-0.3140 resistance zone.Ripple Price AnalysisRecently, there was a steady decline in ripple price below the $0.3070 and $0.3050 supports against the US Dollar. The XRP/USD pair traded close to the $0.3020 support level and later started a fresh rebound. The price corrected above $0.3070 and $0.3100 before sellers appeared near the $0.3165-0.3170 resistance area. A swing high was formed at $0.3167 and finally the price decline below the $0.3130 support. There was a break below the 50% Fib retracement level of the last wave from the $0.3021 low to $0.3167 high.Besides, there was a break below the $0.3100 support and the 100 hourly simple moving average. However, the $0.3070-0.3080 support area acted as a strong buy zone. More importantly, the 61.8% Fib retracement level of the last wave from the $0.3021 low to $0.3167 high acted as a support. The price is currently moving higher and trading nicely above the $0.3100 level and the 100 hourly SMA. It seems like there is a key contracting triangle formed with resistance at $0.3130 on the hourly chart of the XRP/USD pair.Therefore, the pair is likely preparing for the next move either above $0.3130 or below the $0.3095 support. On the upside, a break above the $0.3130 resistance may push the price towards the $0.3167 swing high. The next key resistance is near the $0.3200 level, above which there are chances of a push to $0.3225. On the other hand, a downside break below the triangle support at $0.3095 could push the price towards the $0.3070 support area.Looking at the chart, ripple price is trading with a positive bias above the $0.3070 support. Once there is a clear break above $0.3130 and $0.3140, the chances of more gains are likely to increase. On the downside, the main support area is at $0.3070, followed by $0.3020.Technical IndicatorsHourly MACD – The MACD for XRP/USD is showing positive signs in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently moving higher towards the 65 level.Major Support Levels – $0.3080, $0.3070 and $0.3020.Major Resistance Levels – $0.3130, $0.3165 and $0.3200.
Archives for March 10, 2019
ETH price is holding the $133 and $134 support levels against the US Dollar.The price declined recently, but buyers protected losses below the $133 support level.There is a major bearish trend line formed with resistance at $136 on the hourly chart of ETH/USD (data feed via Kraken).The pair is likely to make the next move either above $136 or below the $133 support in the near term.Ethereum price is setting up for the next break against the US Dollar and bitcoin. ETH/USD buyers remain in action above $133 and they could attempt to push the price above $136 and $138.Ethereum Price AnalysisAfter a sharp decline, ETH price bounced back from the $130 support level against the US Dollar. The ETH/USD pair recovered nicely and climbed back above the $134 level. It retested the $138 resistance levels, where sellers emerged. Later, the price started a downside correction and traded below the $136 level. There was a break below the 23.6% Fib retracement level of the recent wave from the $130 swing low to $138 high. Besides, there was a break below the $135 level and the 100 hourly simple moving average.However, the $133-134 support area acted as a solid buy zone and prevented further losses. Moreover, the 50% Fib retracement level of the recent wave from the $130 swing low to $138 high acted as a support. At the moment, the price is trading higher and it recently surpassed the $135 level and the 100 hourly SMA. On the upside, there are many hurdles near the $136, $138 and $140 resistance levels. There is also a major bearish trend line formed with resistance at $136 on the hourly chart of ETH/USD.If there is a successful break above the trend line and $136, the price could test the $138 or $140 resistance levels. Having said that, the price must clear the $140 barrier for more gains in the near term. On the other hand, if there is a bearish reaction, the price may slide towards the $131 level.Looking at the chart, ETH price is trading in a range between $133 and $136. The next move could be either above the $136 resistance or below the $133 level. Having said that, buyers are likely to defend losses near the $134, $133 or $131 support level and buying dips might be considered as long as the price is above $129.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.Hourly RSI – The RSI for ETH/USD is rising higher and it is still placed above the 50 level.Major Support Level – $133Major Resistance Level – $138
The adoption of cryptocurrencies in Venezuela, first due to hyperinflation and later due to dollarization, could come to play a role in the country’s economic rebuilding.
At least that’s according to Venezuela’s most outspoken economist on the subject of cryptocurrencies, professor Aaron Olmos, who dissected the reasons for his country’s current dependency on the US dollar in a new interview with CoinDesk. A passionate advocate of the benefits of cryptocurrencies, Olmos has lectured about the technology for over two years, even leading a program focused on blockchain for IESA, the most prominent business college in the country.
With several publications, conferences and interviews in national television, the economist has demonstrated a passion for teaching the Venezuelan public about the crypto economy and the implications of its adoption.
In his new interview, Olmos discussed the challenges of the present economic situation, where a devalued Bolivar is used as an official currency, despite alternatives. In his opinion, this situation – a consequence of decades of poor economic administration – has lead to a crisis where the use of cryptocurrencies has been accelerating as the Bolivar’s decline in value sharpens.
He told CoinDesk:
“We are in a complicated situation because ‘good money’ – dollars or cryptocurrency – is available, but it is scarce because people tend to keep it, not spend it. On the other hand our ‘bad money,’ the Bolivar, it’s the one used by law.”
Added to this, the economist pointed out the fact that cash in high denominations is limited, while bills in low denominations with no acquisition power are issued by the central bank.
“This creates a distortion in the price of goods and services since the production value is now based in dollars in the internal market,” he explains. “Everybody knows it: the Bolivar is our official currency in circulation, but the actual functional currency is the US dollar.”
Crypto as a solution
Yet, in the midst of this crisis, Olmos believes cryptocurrency could help form a solution, in part, because adoption “is already happening.”
Along with the reactivation of production and the creation of new sources of investment, the answer to the country’s economic issues could be introducing a double circulation system, similar to the one used in Brazil to overcome its rampant inflation in the 1990s, the Unit of Real Value (URV).
This way, the cryptocurrency would carry part of the burden in commerce and share it with the Bolivar.
“Given the conditions were we need an alternative element of trust, there’s nothing better than a cryptocurrency while an economic policy takes care of making the Bolivar regain value and recover its power,” Olmos said.
Olmos went on to indicate that he does not believe current laws in the Venezuelan Constitution exclude the possibility of using a cryptocurrency for payments as part of a readjustment plan.
“What should be done is to recognize its use and give it some space for development for it to work properly and temporarily,” the economist said, emphasizing the ultimate goal would be to boost the Bolivar’s value. “We could even use it in a digital form.”
When asked about the possible inclusion of the Petro as part of a recovery plan, the economist denies it outright, adding: “The Petro hasn’t worked out because it has a structure based on intervention, power concentration, and forced usage.”
Two visions of one country
Of course, the outcome will be defined by who will make the reins of Venezuela’s future. As Olmos puts it: “From Jan. 10, we have two visions of the same country.”
As the economist recounts, there’s an economic plan for 2019 – 2025 that theoretically includes blockchain and cryptocurrency. “But this document hasn’t been published nor seen by anyone,” he said.
On the other hand, it’s unclear what position will be taken, as the administration in charge, run by the National Assembly’s President, Juan Guaidó, hasn’t issued further opinions about crypto within the context of their plans for Venezuela’s recovery.
Aaron Olmos image via Instagram
Bitcoin has been able to maintain relative levels of stability over the past weekend, despite an unfolding trend where BTC incurs larger levels of volatility during weekend trading sessions.Although Bitcoin is currently stable above $3,900, many analysts are still weary of its current price action, and one analyst believes a drop below BTC’s 2018 lows of $3,200 is inevitable.Bitcoin Stable Above $3,900, But Fails to Break Above $4,000At the time of writing, Bitcoin is trading down marginally at its current price of $3,940. After experiencing some volatility last weekend, BTC was able to gradually climb towards its current price levels but continues to face significant resistance around $4,000.UB, a popular cryptocurrency analyst on Twitter, recently explained that BTC’s current price region is proving to be a level of relative resistance, and that a break above this level could lead the cryptocurrency’s price up towards the $4,200 region.“If Bitcoin can break this $3940 area it will be a relatively clear run to $4250 at least. Though, as long as $3550 and $3350 remain untested I’m cautious about every move up.”If Bitcoin can break this $3940 area it will be a relatively clear run to $4250 at least.Though, as long as $3550 and $3350 remain untested I’m cautious about every move up.— UB (@CryptoUB) March 9, 2019In late-February, Bitcoin’s price spiked to highs of $4,200 before incurring significant selling pressure that sent its price spiraling down towards $3,800. This price action confirmed that $4,200 is a strong level of resistance for the cryptocurrency.Could a Drop to $1,800 Be Possible? Although BTC clearly has strong support at its 2018 lows in the low-$3,000 region, there may be a case to be made for a drop to as low as $1,800.Bleeding Crypto, another popular analyst on Twitter, recently laid out his case for why a significant drop may still be in the cards for BTC, noting that a move to above $4,200 would fill the CME Futures gap, which could lead the crypto to spiral downwards before it finds strong support in the low-$2,450 region.“$BTC Some of you have asked for a chart on why I am calling $2400 – $3100 drop with a possible wick to $1800. Explanation is on the chart. And the way BTC is looking right now, I hope we can even make it to the rejection point!”$BTC Some of you have asked for a chart on why I am calling $2400 – $3100 drop with a possible wick to $1800. Explanation is on the chart. And the way BTC is looking right now, I hope we can even make it to the rejection point! LOL pic.twitter.com/r03HjZaQsh— Bleeding Crypto (@Bleeding_Crypto) March 8, 2019Although this may be a controversial view, one thing that is clear is that the crypto markets are quickly reaching a point that will give traders and investors alike greater insight into just how long this persisting bear market will last.Featured image from Shutterstock.
While the primary Binance platform has yet to support fully-fledged fiat capabilities (and may never will), official regional spinoffs, which have launched over the (arguably) ongoing crypto winter, accept deposits and withdrawals from and to financial institutions. The world-renowned startup is purportedly looking to capitalize on this success even further, hinting at plans to launch more fiat-to-cryptocurrency exchanges in nations clamoring for such a platform.Related Reading: Why Has Binance Coin (BNB) Surged 150% to a Ten Month High?Binance May Greet Argentina With Fiat ExchangeIn collaboration with Binance, the government of Argentina’s Ministry of Production and Labour will be co-investing in blockchain projects alongside the aforementioned exchange. In an announcement, Binance remarked that the entity will match any investment of up to $50,000 for any Argentine blockchain-centric project backed by venture arm Labs and Founders Lab, a local accelerator.The Ministry has purportedly agreed to such investments for a four-year period. In a comment, Ella Zhang of Binance Labs remarked on how this accentuates Argentina’s enamorment with blockchain technologies:“Argentina is at the forefront of blockchain adoption and we’ve witnessed how it’s becoming home to some very passionate blockchain communities during our trip there.”Just days after this news broke, Changpeng “CZ” Zhao, CEO of Binance, took to Twitter to quip, “guess where we will have a new fiat-to-crypto exchange next?” in response to a tweet on the Argentinian government’s stamp of approval of blockchain technologies. This, of course, heavily implies that the startup will be launching a fiat-supported exchange in the South American nation in the coming months.Binance Argentina, as the venture will most likely be known, comes after the company behind these platforms launched similar projects in Singapore, Lichenstein, Jersey, and Uganda.Tackling Emerging Crypto MarketsBinance’s recent foray into Argentina comes as it has offered users of its educational resource facet, Binance Academy, the ability to read articles in Bahasa, Indonesia’s official language. As reported by this very outlet, Binance employees and contributors translated over 80 articles, which pertain to key products and terms in this industry, from English to Bahasa. Per a press release, this represents approximately 10% of the content on the English installment of the website, which sports 726 articles, videos, glossary items, and other forms of media.Binance e claimed that as there are purportedly more Bitcoin investors than stock investors in the nation — at 1.5 million to 1.18 million respectively — it would be remiss to disregard this booming market. It was added that “in a sense,” the launch of Academy in Indonesia comes at a perfect time, as the nation’s cryptocurrency momentum is starting to pick up.It is clear that the Malta-registered startup is looking to tackle emerging markets, as that is where pundits believe cryptocurrencies and blockchain technologies can really take root, rather than the U.S. and other western powerhouses.Featured Image from Shutterstock
A new working group in the Commonwealth of Massachusetts launched by the state’s chief securities regulator is looking to clear up some of the murky regulation for blockchain innovators. The olive branch couldn’t have come too soon as Western U.S. states embrace blockchain innovation and even Congress inches closer to crypto-friendly regulation.
Massachusetts Fintech Group to Help Crypto Startups Comply with Securities Laws
Massachusetts regulators haven’t made it easy for blockchain entrepreneurs. State officials have kept bitcoin and other cryptocurrencies at arm’s length by attempting to dissuade investors and spotlighting the risks of participating in the market and by cracking down on companies operating in the space.
Secretary of the Commonwealth William Galvin, who is the state’s top securities regulator, has been the iron fist behind the regulatory crackdown and has taken an admittedly “aggressive” approach toward ICOs.
Locals, however, can take heart, as a new working group created by the very office that has been targeting cryptocurrency has been launched. The Fintech Working Group is designed to help startups to grasp securities laws, and its early focus will reportedly be on crypto assets. Blockchain startups should gain clarity on what the state deems unregistered securities.
Galvin, who previously characterized bitcoin as a “speculative bubble,” reportedly stated:
“This collaboration will help advise securities regulators on meeting the novel demands of this rapidly growing space.”
While the group is comprised of several members, the secret weapon is clearly Sharon Goldberg, founder and CEO of Boston-based crypto security startup Arwen. She is using her influence to give tech innovation a fighting chance.
Goldberg told American Banker:
“I personally wouldn’t be doing this if all that was going to come out of it was more enforcement action. Enforcement actions are fine, but we first need to know what the rules are.”
She further describes an environment among crypto innovators in Massachusetts that is infused with fear because builders aren’t clear on what the rules are.
Arwen, which was previously known as Commonwealth Crypto, is making it more secure to convert cryptocurrencies at the exchange level even if the trading platform is hacked. Point being, if there is anyone who could bridge the gap between Massachusetts securities regulators and the blockchain space, Goldberg is the one. The fact that she has made it onto Galvin’s fintech working group is positive for local entrepreneurs.
Go West, Blockchain Innovators
In the U.S., states along the eastern seaboard including the likes of Massachusetts and New York have cracked down on blockchain innovation. New York has created a cumbersome process for companies to obtain a BitLicense, which has led to startups such as ShapeShift leaving the state for greener pastures.
Meanwhile, as ShapeShift CEO Erik Voorhees points out, “finance is moving West,” with states such as Colorado, Wyoming, and Arizona embracing crypto innovation.
Finance is moving west. https://t.co/8HG8DCclbr
— Erik Voorhees (@ErikVoorhees) March 8, 2019
The state of Wyoming, for instance, has already passed more than a dozen blockchain laws that provide a clear regulatory roadmap for innovators. Wyoming has earned the nickname as the “Delaware of digital asset law” in a nod to the latter state’s influence in shaping laws across corporate America, where more than half of the Fortune 500 companies are domiciled.
There’s no question that one of the primary drivers of previous crypto market bull runs have been sudden influxes of buying pressure from individual investors. Although many analysts believe the next bull run will be driven by increased corporate and institutional adoption, individuals will undoubtedly play a large role in future price action.A recent report conducted in the U.K. provided the crypto community with revealing statistics that show just how far the nascent markets are from widespread adoption, and signal that the markets have a significant amount of room to grow.Only a Small Fraction of U.K. Residents Know What Crypto IsThe report, which was conducted by the U.K. Financial Conduct Authority along with Revealing Reality – a research firm – was done with a goal of gaining a better understanding of the “behaviors and motivations among consumers purchasing crypto assets and to identify areas of potential harm.”One of the most surprising figures from the research report was that of the correspondents, only a mere 30% even knew what cryptocurrencies were, while 70% claimed to have never heard of the technologies or could not provide a good definition of what they are.Furthermore, of those interviewed, only 3% had actually purchased cryptocurrencies, and only 7% of those who have not purchased any digital assets claimed that they would be open to doing so in the future.The aforementioned figures demonstrate just how small the cryptocurrency markets are in their current state. Many analysts believe that increased adoption of cryptocurrencies as a means of paying for goods and services will put them in front of a wide range of consumers while also positively impacting the public’s perception of the technology.Of Those Who Own Crypto, There are Plenty of “HODLers”While taking a closer look at the small portion of the surveyed group who actually own cryptocurrencies, a surprising amount of them are hodlers.The report explains that “over 1 in 3 have never checked the value of their cryptocurrency since purchasing,” and that approximately 40% of crypto owners plan on holding their digital assets for a minimum of three years, while 50% have already sold a portion, or all, of their holdings.Another key point is that of those who have purchased crypto, 31% of them purchased it as a “gamble” that could pay off handsomely, while 30% purchased it to diversify a wider investment portfolio. Only 4% purchased in fear of missing out – or “FOMO.”While considering the fact that most of the general public have virtually no knowledge about cryptocurrencies, it is abundantly clear that the markets have a long future of growth ahead of them.Featured image from Shutterstock.
As Bitcoin moves ever closer to its block reward reduction, analysts are becoming more and more convinced that BTC will rally into the quadrennial event. One analyst notes that as this market nears the auspicious shift in issuance, the cryptocurrency could double by value, especially considering historical trends.Related Reading: Analysts Widely Bearish on Bitcoin as BTC Nears Important 4,000 Price LevelBitcoin Could Reach $8,000 By HalvingPlanB, as the respected analyst is known, claims that at long last, the one-month Relative Strength Index (RSI) measure has begun to trend higher. He adds that historically, in months when Bitcoin’s issuance schedule moves, RSI reaches 70, which implies the asset is overbought.#bitcoin monthly RSI is rising. Historically RSI has been around 70 at halvings (blue->red), 14 months to get there … pic.twitter.com/GkFqDrKIRq— planB (@100trillionUSD) March 10, 2019Thus, extrapolating potential price action by taking historical trends into account, PlanB noted that by May 2020, BTC could reach a hefty valuation of $8,000 to $10,000 — double and 2.5 times Bitcoin’s current market value respectively. The following is his RSI extrapolation model:“I derive RSI (basically a moving average) from projected price, and goal seeked BTC to get RSI 70 in May 2020 (I think it was +6% every month next 14 months from current price of $3900).”PlanB isn’t the first to have claimed that BTC may break $8,000 at the time of the halving. Prominent analyst Filb Filb noted that for the continued stability of the mining ecosystem, specifically in regards to the dichotomy between transaction fees and block rewards, Bitcoin should reach $7,000 a piece, considering margins in this subindustry stay stable.BTC Unlikely To Fall Under $2,000PlanB’s most recent comments in regards to the Bitcoin price comes after he overtly proclaimed that the asset is unlikely to fall under $2,000, citing historical trends and fundamentals factors. Per previous reports from NewsBTC, the prominent researcher noted that the fact that Bitcoin miners have already capitulated, indicated by the fleeting 25% collapse in network difficulty during November’s strong downturn, should signal some semblance of a bottom.Historical trends would confirm this. The last two times a large group of miners surrendered to bears, BTC began moving higher in the months that followed, as hashrate eventually returned in full force.Uncertainty About Bitcoin Is Gone, BTC Falling To $1,000 Unlikely: Researcher
In the past 3 months, the Bitcoin price has been relatively stable, performing strongly against the U.S. dollar with solid volume across major markets in the likes of the U.S. and Japan.
Since December 16, within a 3-month span, the Bitcoin price has increased from its yearly low at $3,122 to $3,943, testing the $4,000 resistance level.
The stability of Bitcoin has led many tokens and alternative cryptocurrencies to record large gains against both BTC and the USD, with assets Litecoin, Enjin Coin, and Kyber Network surging by 50 to 100 percent in short time frames.
However, speaking to CCN in an interview, a cryptocurrency technical analyst known as “Bleeding Crypto” said that a drop to $1,850 still remains a strong possibility for the dominant cryptocurrency.
Why $1,850 For Bitcoin?
Earlier this month, after Bitcoin cleanly broke out of $4,000 but failed to break out of the crucial $4,200 resistance level, the technical analyst said that a drop to $2,400 to $3,100 is likely to be the next near-term move for BTC.
Bitcoin > $4,000
— Barry Silbert (@barrysilbert) February 23, 2019
According to the analyst, in mid-2018, Bitcoin remained in the $2,400 region for several months before dipping to $1,850 and establishing a bottom following the Bitcoin Cash hard fork, which led to a bearish trend in the market.
Bitcoin never re-tested the $2,450 mark once it recovered from $1,800 and due to the steep decline in the price and momentum of the asset in the past year, the analyst said that a potential drop to $2,450 is possible in the months to come.
The technical analyst told CCN:
I believe so because if you look at the chart on May of 2017 we maintained support at $2,450 region for months before we dipped to $1,850 and that marked the end of the BCH fork bearish trend. We shot up from there and we never came back and really re-tested that area $2,450.
So I believe like with most significant area of support, a test back is probably as price action tends to repeat itself. So a test back of $2,450 does not seem irrational.
$BTC Some of you have asked for a chart on why I am calling $2400 – $3100 drop with a possible wick to $1800. Explanation is on the chart. And the way BTC is looking right now, I hope we can even make it to the rejection point! LOL pic.twitter.com/r03HjZaQsh
— Bleeding Crypto (@Bleeding_Crypto) March 8, 2019
He further emphasized that if BTC ends up re-testing $2,450, a similar drop as mid-2018 to $1,850 could be triggered, establishing a proper bottom for the asset.
In recent weeks, several cryptocurrency traders and recognized analysts have suggested that the lack of re-test at previous support levels even at $3,300 are leading traders to be cautious about any short-term upside movement for Bitcoin.
If Bitcoin can break this $3940 area it will be a relatively clear run to $4250 at least.
Though, as long as $3550 and $3350 remain untested I’m cautious about every move up.
— UB (@CryptoUB) March 9, 2019
“Bitcoin is also at one of those funny areas where it can pump with the rest of the market. Or, it can ruin every decent looking altcoin set up and retest ATH salt levels around CT,” a trader said, noting that the upside movements of tokens can be overturned in a short time frame by the price movement of BTC.
As with the price movement of any other asset, there exists many variables for Bitcoin and the rest of the cryptocurrency market.
The strong price movements of alternative cryptocurrencies suggest that the overall confidence of investors in the cryptocurrency market is increasing, as it demonstrates a rise in high-risk, high-return trades.
On the fundamentals side, the adoption of cryptocurrencies by major financial institutions, technology conglomerates, and services firms such as Samsung Electronics, Julius Baer, and Fidelity has noticeably improved.
Unpredictable For Now
While technical indicators remain weak for most crypto assets, the development, adoption, and institutionalization side of the industry have seen significant progress since early 2019.
With that momentum, the valuation of the crypto market has increased by nearly 30 percent since late December and in the upcoming months, at least throughout the second quarter of 2019, analysts say that momentum is key for Bitcoin.
Stellar’s crypto asset XLM is pursuing a steady uptrend since March 7.
As of 1100 UTC, the XLM-to-dollar rate was trading at 0.093, up 11.20-percent from its March 7 low. The pair today posted circa 4-percent gains, according to a 24-hour adjusted timeframe sourced at CoinMarketCap.com. At the same time, the Stellar XLM market recorded $155 million worth of trading volume, maximally against Tether’s stablecoin USDT, BTC, a mysterious dollar-pegged coin CKUSD, and South Korea’s KRW.
One should take notice that ZB.com, a China-based crypto exchange, hosted the maximum XLM trading volume. The trading platform has been alleged previously for wash trading activities. Other exchanges Exrates and Binance posted the second and the third largest daily XLM trading volumes. While Exrates is based out of a no-crypto regulation zone of Armenia, Binance holds a good track record.
On March 7, the day XLM price initiated its uptrend, Germany-based media company Börsenmedien AG announced that it was purchasing stakes in SatoshiPay. The crypto startup, which has raised over $2 million in funding to this date, utilizes Stellar’s blockchain to enable its micropayment services.
— Lisa Nestor (@nestorious828) March 7, 2019
According to Börsenmedien founder and CEO, Bernd Förtsch, the stake acquisition would allow them to integrate a pay-per-article scheme on their online portals. He said:
“There’s a gap in between inexpensive content that can be purchased on a pay-per-article plan, without hassle. SatoshiPay’s nano payment solution represents that missing link that fills the gap. We are excited about our stake in SatoshiPay, as well as the upcoming integration of their solution on our websites.”
Börsenmedien is a leading media house for financial information in German-speaking countries. The 1989-founded company issues Germany’s largest stock market magazine, dubbed as DER AKTIONÄR, and DER AKTIONÄR TV, a video portal for investors.
Börsenmedien’s acquisition of stakes in SatoshiPay, a startup which would use XLM tokens to run its services, points to an increase in demand for the Stellar asset. The case is reminiscent of xRapid, whose underlying asset XRP, moves majorly whenever a big financial firm integrates it. XLM is somewhat reacting in the same manner: bullish.
XLM Price: Up or Down?
Per the technicals, the XLM price is still consolidating sideways in a range, defined by $0.093 as resistance and 0.081 as support. It would be less probable for XLM to break above its resistance area, but the same level certainly provides a decent interim Long opportunity. But if anyhow the price breaks above $0.093, then it would bring 0.112 in view as traders’ primary upside target.
At the same time, breaking below support at 0.081 could put XLM price on a path towards 0.067, its current bottom. The move could open a profitable Short opportunity.
Click here for a real-time XLM price chart.