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Stellar Lumen (XLM) Price Could Correct Lower, $0.08 Holds The Key

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  • Stellar lumen price traded to a new monthly high at $0.0878 against the US Dollar.
  • XLM price is currently correcting lower below $0.0850 and testing the 55 simple moving average (4-hours).
  • There was a break below a key bullish trend line with support near $0.0840 on the 4-hours chart (data feed via Kraken).
  • The pair could correct lower, but the $0.0800 and $0.0785 support levels might provide support.

Stellar lumen price is trading in a positive zone above $0.0800 against the US Dollar, similar to bitcoin. XLM price could resume its upward move as long as it is above $0.0785.

Stellar Lumen Price Analysis (XLM to USD)

After bitcoin’s rise, stellar lumen price was able to grind higher above $0.0840 against the US Dollar. The XLM/USD pair even broke the $0.0850 resistance and settled above the 55 simple moving average (4-hours).

It traded to a new monthly high at $0.0878 before starting a downside correction. There was a break below the $0.0850 support level. Moreover, there was a break below a key bullish trend line with support near $0.0840 on the 4-hours chart.

The pair is now trading below the 50% Fibonacci retracement level of the recent increase from the $0.0805 swing low to $0.0878 high. It seems like the 55 simple moving average (4-hours) is currently holding the decline.

An immediate support is near the $0.0822 level. It is close to the 76.4% Fibonacci retracement level of the recent increase from the $0.0805 swing low to $0.0878 high. If there is a downside break below the $0.0822 support, the price could test the main $0.0800 and $0.0795 support levels.

To push the price into a bearish zone, the bears need to clear the $0.0785 support zone (the last key breakout zone). Conversely, stellar price might stay above the $0.0800 and $0.0795 support levels.

An initial resistance is near the $0.0850 level. The first major resistance is near the $0.0870 level, above which the bulls are likely to aim more upsides above $0.0880 and $0.0900.

Stellar Lumen (XLM) Price

Stellar Lumen (XLM) Price

The chart indicates that XLM price is currently correcting lower below $0.0850 and testing the 55 simple moving average (4-hours). Overall, the price could correct lower, but the $0.0800 and $0.0785 support levels might provide support.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is currently showing a few negative signs in the bullish zone.

4 hours RSI – The RSI for XLM/USD is currently just below the 50 level.

Key Support Levels – $0.0800 and $0.0785.

Key Resistance Levels – $0.0850, $0.0870 and $0.0900.

Tags: stellar, Stellar Lumens, XLM Source: https://www.livebitcoinnews.com/stellar-lumen-xlm-price-could-correct-lower-0-08-holds-the-key/

Blockchain

Respected Financial Historian Calls for Bitcoin Integration into U.S. Financial System

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Financial historian and Milbank Family Senior Fellow at the Hoover Institution at Stanford University, Niall Ferguson, has penned a lengthy piece on Bitcoin which is getting noticed by the crypto community.

In it, the former Harvard and Oxford University professor commented on how the traditional naysayers and debunkers have softened their collective stances this year as the asset outperforms most other traditional investments.

Big Bitcoin Endorsements

The piece was re-tweeted a number of times, most recently by 10T Holdings co-founder Dan Tapiero who observed that this could garner huge attention. Of particular note were the comments on the integration of Bitcoin into the U.S. financial system;

“Rather than seeking to create a Chinese-style digital dollar, Joe Biden’s nascent administration should recognize the benefits of integrating Bitcoin into the U.S. financial system,”

Ferguson made additional references to China’s digital yuan adding that its potential for adoption for remittance payments or cross-border trade settlements is ‘substantial’.

The Bloomberg columnist had previously written on the virtues of Bitcoin stating that there are far fewer coins in circulation than there are millionaires on the planet.

“If millionaires collectively decided to hold just 1% of their wealth as Bitcoin, the price would be above $75,000 — higher, if adjustment is made for all the bitcoins that have been lost or hoarded.”

Big Names Paying Attention

He made reference to a number of big names in the financial world including Paul Tudor Jones, Stan Druckenmiller, Bill Miller, and even Ray Dalio that are now appearing to turn bullish. Even ardent Bitcoin detractors such as Peter Schiff and Nouriel Roubini, also mentioned in the article, have started to change their tune.

He added that adoption has much further to go, quoting Argentine-born tech investor Wences Casares who stated after ten years of working well without interruption, with close to 100 million holders, adding more than a million new holders per month and moving more than $1 billion per day worldwide;

“it has a 50% chance of hitting a price of $1 million per bitcoin in five to seven years’ time.”

The advantages of sovereignty and scarcity are obvious at a time when the supply of fiat money is exploding, Ferguson added, concluding that there was a clear demand for more privacy when it comes to a payment system that will inevitably replace cash.

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Source: https://cryptopotato.com/respected-financial-historian-calls-for-bitcoin-integration-into-u-s-financial-system/

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Blockchain

Further Declines in Bitcoin Price Possible Though Grayscale is Crucial, Notes JPM Analyst

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Although Bitcoin has recovered from its vigorous price losses during the Thanksgiving massacre, analysts from JPMorgan Chase & Co believe that further declines may still occur.

The strategists pointed out that Grayscale, through its Bitcoin Trust, will play a significant role in future BTC price developments.

Is Bitcoin To Head Further South?

The primary cryptocurrency reached a new yearly high of $19,500 last week; thus, it came less than 3% away from the 2017 all-time high of $20,000. As the community began speculating on how long it will take to surpass that level, the trend reversed viciously.

Bitcoin headed south and lost over $3,000 of value in hours. Nevertheless, the cryptocurrency has recovered most of its losses and trades north of $18,000.

A JPM analysis, led by Nikolaos Panigirtzoglou, recently said that the Thanksgiving price drops had cleared the “previous froth in momentum traders’ positioning.” However, the strategists hinted that Bitcoin could still go lower.

“Momentum traders such as commodity trading advisors and other quantitative funds likely played a big role in the slide by unwinding long Bitcoin futures positions. Momentum traders have room to further propagate” the Bitcoin decline, noted the analysts cited by Bloomberg.

Apart from broaching “momentum traders,” the strategists also discussed various other reasons behind the price developments. Those included the rumors of new regulations proposed by the Trump administration and profit-taking.

Grayscale Is Key

The JPM strategists also highlighted the significant role of Grayscale and its Grayscale Bitcoin Trust on the market. The cryptocurrency manager is the most preferred company for institutional investors to receive exposure to Bitcoin (and other digital assets) without worrying about storing the funds.

This has been exemplified through 2020 as Grayscale has reported back-to-back recording-breaking quarterly results. The assets under management (AUM) have exploded in the past 12 months to over $10 billion. Somewhat expectedly, the Grayscale Bitcoin Trust has the most substantial share.

The analysts asserted that if there’s a decline in the interest towards GBTC, this could damage the narrative that Bitcoin has become a favorite among institutional investors:

“A failure by the Grayscale Bitcoin Trust to receive additional inflows over the coming weeks would also cast doubt to the idea that institutional investors such as family offices have embarked on a trend of embracing Bitcoin as digital gold replacing traditional gold as a long-term investment.”

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Source: https://cryptopotato.com/further-declines-in-bitcoin-price-possible-though-grayscale-is-crucial-notes-jpm-analyst/

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Blockchain

Bitcoin Breaks New All-Time Highs Targeting $23,000

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Source: https://cryptobriefing.com/bitcoin-breaks-new-all-time-highs-targeting-23000/

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