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Charted: Stellar (XLM) Prints Bullish Breakout, Why It Could Test $0.20

Stellar (XLM) started a strong increase above the $0.1350 resistance against the US Dollar. XLM price is trading nicely above $0.1500 and it could continue to rise towards $0.1800 or $0.2000. There was a steady increase in stellar’s token price above $0.1350 against the US dollar. The traded close to the $0.1680 resistance and settle […]

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Stellar (XLM) started a strong increase above the $0.1350 resistance against the US Dollar. XLM price is trading nicely above $0.1500 and it could continue to rise towards $0.1800 or $0.2000.

  • There was a steady increase in stellar’s token price above $0.1350 against the US dollar.
  • The traded close to the $0.1680 resistance and settle above the 100 simple moving average (4-hours).
  • There was a break above a crucial bearish trend line with resistance near $0.1367 on the 4-hours chart of the XLM/USD pair (data source from Coinbase).
  • The pair is likely to continue higher towards $0.1800 and $0.2000 as long as it is above $0.1400.

Stellar (XLM) is Showing Positive Signs

After forming a strong support base above $0.1200, stellar (XLM) saw a strong increase above $0.1300 against the US Dollar, while bitcoin and Ethereum saw a downside correction.

There was a clear break above the $0.1350 and $0.1380 resistance levels. There was also a break above a crucial bearish trend line with resistance near $0.1367 on the 4-hours chart of the XLM/USD pair. The price rallied above the $0.1500 level and settled above the 100 simple moving average (4-hours).

The price traded as high as $0.1678 and it is currently correcting lower. There was a break below the 23.6% Fib retracement level of the recent increase from the $0.1286 low to $0.1678 high.

Stellar (XLM)

Source: XLMUSD on TradingView.com

The price is now approaching the $0.1500 support zone. It is close to the 50% Fib retracement level of the recent increase from the $0.1286 low to $0.1678 high. On the upside, the $0.1550 and $0.1580 levels are important hurdles. A close above the recent high might increase the chances of a steady increase towards the $0.1650 and $0.1720 levels. The next major stop could be $0.1800 or even $0.2000.

Dips Supported in XLM?

If XLM price struggles to continue higher, it could test the $0.1480 support. The 100 simple moving average (4-hours) is also sitting near the $0.1480 level to act as a strong support.

A clear break below the $0.1480 support zone could spark a fresh decline. The next major support on the downside is near the $0.1300 level.

Technical Indicators

4-hours MACD – The MACD for XLM/USD is gaining pace in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for XLM/USD is currently well above the 50 level.

Major Support Levels – $0.1500, $0.1480 and $0.1300.

Major Resistance Levels – $0.1550, $0.1580 and $0.1800.

Source: https://www.newsbtc.com/analysis/xlm/stellar-xlm-prints-bullish-breakout-0-20/

Blockchain

Buying the Bitcoin Dip: MicroStrategy Scoops $10M Worth of BTC Following $7K Daily Crash

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Michael Saylor’s Bitcoin bet appears to be far from over as his company MicroStrategy has acquired even more BTC despite the crypto price experiencing a significant retrace over the last couple of days.

  • MicroStrategy has added more Bitcoin to its balance sheet according to an announcement issued on Friday (Jan. 22, 2021).
  • The business intelligence firm has acquired 314 BTC for $10 million increasing its Bitcoin holdings to over 70,784 “coins.”
  • MicroStrategy’s announcement also revealed that it bought its BTC lump at a price of about $31,808 per coin.
  • The company began buying BTC back in August 2020, after making a bitcoin purchase worth $250 million. Since its initial purchase, the company has since been on a bitcoin buying spree, even raising more than $650 million in debt for another BTC purchase.
  • At the time, MicroStrategy CEO Michael Saylor described Bitcoin as a viable hedge against monetary debasement.
  • Since its first Bitcoin purchase announcement, the company’s stock price has risen more than 320%.Indeed, MicroStrategy’s pivot to Bitcoin seemed to trigger a herd of institutional adopters who added the largest crypto by market capitalization to their balance sheets.
  • Other publicly-listed firms including asset managers and insurance companies have also bought Bitcoin. Companies like Ruffer Investment bought about $750 million worth of BTC.
  • As of the time of writing, Bitcoin appears to be recovering from a 30% slump that its price below $30,000 for the first time since Jan. 4.
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Source: https://cryptopotato.com/buying-the-bitcoin-dip-microstrategy-scoops-10m-worth-of-btc-following-7k-daily-crash/

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Canadian VR Company Sells $4.2M of Bitcoin Following the Double-Spending FUD

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NexTech AR Solutions, a Vancouver, Canada-headquartered developer of VR and AR solutions, has booked a $200,000 profit after selling over 130 bitcoins. The firm justified its decision with the double-spending that allegedly occurred on the BTC network yesterday.

  • According to a press release published by the company, NexTech has sold all of its BTC holdings, amounting to 130.187 bitcoins. With today’s prices, this amount is worth north of $4,2 million.
  • The sale has come less than a month after the initial purchase – revealed on December 29th, 2020. Despite the relatively short period, though, BTC’s price has expanded, and the firm managed to realize a profit of $200,000 after the sale. This means a 5% ROI in just a little over three weeks.
  • However, what’s more interesting is the company’s reasoning for the sale. NexTech CEO Evan Cappelberg said that the decision came after reports of a “critical flaw called a ‘double spend’ may have occurred, which, if true, allows someone to spend the same Bitcoin twice.” 
  • The executive argued that such a development would undermine the faith in the BTC network. “If the system is built on scarcity and faith in the system, then a ‘double spend’ would eliminate both – essentially destroying the store of value it was meant to be.”
  • This alleged double-spending accident raised numerous concerns inside and outside of the community. Nevertheless, Andreas Antonopoulos, among the most popular BTC proponents, debunked the rumor with comprehensive tweets and explanations. 
  • He called the rumor an “irresponsible publication” and said that the situation was nothing more than two blocks getting mined almost simultaneously. 
  • Antonopoulos further explained that this was a regular block reorganization instead of a double spend and concluded that “nothing weird or outside the consensus algorithm happened. Bitcoin continues to work exactly as it should.”
  • Similarly, Blockstream CEO Adam Back shared Antonopoulos’s conclusion, saying that “there was no Bitcoin double spend. Stop misreporting stuff, seriously.”
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Source: https://cryptopotato.com/canadian-vr-company-sells-4-2m-of-bitcoin-following-the-double-spending-fud/

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Bitcoin Correction Intact While Altcoins Skyrocket: The Crypto Weekly Recap

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Bitcoin failed to recover in the past seven days, and it marked a further decline of about 8%. This has its current price hovering around $32,000, and its dominance has declined to 64.1%. But before we take a look at what this means for the altcoin market, let’s see what happened with BTC.

The cryptocurrency started off trading above $35K and even took a shot at $38K on Saturday. The bears had a mind of their own, however, and prevented this from happening, sending the market in a sideways trajectory for the next few days.

Yesterday, though, things took a turn for the worst as the market tanked and lost about $5K in just a few hours. This continued in today’s trading session as the price hit a low of around $28,800. The bulls regrouped and prevented a 4-hour candle close below $30K and managed to recover to where we currently stand at around $32,000.

In between all this, however, a lot of things happened in the altcoin market. Ethereum breached its former all-time high above $1430, major large-cap coins such as LINK and Polkadot also saw serious increases. Cumulatively, this reduced Bitcoin’s dominance to about 64%, and it’s interesting to see how things will develop from here.

What may have triggered the sell-off during the past few days was news that a double-spent had happened on Bitcoin’s network – something which, if true, could undermine the entire credibility of its blockchain. Well-known proponent and industry expert Andreas Antonopoulos took it to Twitter to explain in great detail why this wasn’t the case. He made it clear that nothing that happened was out of the ordinary and that Bitcoin’s network is and has been operating exactly as intended.

Elsewhere, the US Treasury Secretary nominee, Janet Yellen, reiterated that cryptocurrencies have been used for illicit activities but also said that they can improve the current financial system.

“Long Bitcoin” has also become the most crowded trade, according to a survey by the Bank of America, which goes on to show that the interest in the cryptocurrency continues to increase.

In any case, it’s interesting to see how the next week will go and if the coveted $30K mark for Bitcoin will hold up.

Market Data

Market Cap: $937B | 24H Vol: 166B | BTC Dominance: 64.1%

BTC: $32,460 (-8.89%) | ETH: $1,237 (+7.53%) | XRP: $0.273 (-1.41%)

Andreas Antonopoulos Fights FUD With Facts: Bitcoin Is Safe And Worked As Expected. Long-term Bitcoin proponent and industry expert Andreas Antonopolous took it to Twitter to bust the recent FUD that a double-spent had taken place on Bitcoin’s network. He reiterated that the protocol is working fine and as intended.

US Treasury Secretary Nominee Yellen: Crypto Can Improve The Financial System. The nominee of President Joe Biden for the US Treasury Secretary, Janet Yellen, has said that the technology behind cryptocurrencies has the potential to improve the efficiency of the financial system.

Largest Asset Manager BlackRock May Start Trading Bitcoin Futures. The world’s largest asset manager, BlackRock, has filed two documents with the SEC, letting the watchdog know that some of its funds may start trading cash-settled Bitcoin futures contracts in a huge move for the entire cryptocurrency industry.

Ethereum 2.0 on Track as Staked ETH Tops $3.6 Billion. According to the latest update from developers who are working on Ethereum 2.0, everything is on track, and the network is also growing in terms of the amount staked and its security. This comes as ETH hit a new all-time high this week.

Bitcoin And Tesla Stock The Biggest Market Bubbles According to a Deutsche Bank Survey. According to a survey conducted by the large multinational Deutsche Bank, Bitcoin and Tesla stocks are the biggest market bubbles in the recent month. It indicated that more than half of the investors believe in this narrative.

Long Bitcoin Unseats Tech Stocks as the Most Crowded Trade in January, BofA Reports. Long Bitcoin has become the most popular trade recently, unseating stocks of technology companies. This became clear in a study conducted by the Bank of America. Bitcoin continues to gain interest.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Polkadot, and Chainlink – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoin-correction-intact-while-altcoins-skyrocket-the-crypto-weekly-recap/

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