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Stellar Lumens, Aave, Cosmos Price Analysis: 11 April

Republished by Plato

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Stellar Lumens moved within a bull flag but the pattern could be negated if $0.58 -support is not maintained. Aave needed stronger cues to climb above its 200-SMA, while ATOM was likely to remain below its upper ceiling of $22.6 over the short term.

Stellar Lumens [XLM]

Source: XLM/USD, TradingView

Weekly gains in the Stellar Lumens market amounted to 41% as the price showed a strong uptrend since bouncing back from the $0.478 mark. However, the market switched to a bearish stance and this was clearer on the 1-hour charts. Successive red candlesticks appeared as XLM broke below $0.604-support.

However, the movement was still within a bull flag pattern and a favorable outcome was possible over the coming sessions. This would depend on the bulls defending the next line of defense at $0.58. A bullish outcome could boost the price to $0.7. On the flip side, an extended sell-off can be countered at $0.542-support (coincides with 50-SMA) or $0.478-support (coincides with 200-SMA). At the time of writing, the MACD showed a bearish crossover, while the RSI pointed south from 57.

Aave [AAVE]

Source: AAVE/USD, TradingView

Aave remained below its 200-SMA (green) on the 4-hour timeframe and the indicators reflected some neutrality in the current price of $368.  The ADX flattened below 25 after dipping over the last few sessions. The RSI floated at 47 and did not side strongly with either the bulls or bears.

On the plus side, the 24-hour trading volumes ticked up slightly but more needed to accumulate for a sharp price swing. When the swing does take place, gains could be capped at the upper ceiling of $422.7.

Cosmos [ATOM]

Source: ATOM/USD, TradingView

A breakdown from an ascending channel saw Cosmos dip towards $20.7-support on the 4-hour timeframe. The price bounced back from this level and attempted to breach $21.7 resistance at the time of writing.

The OBV has trended higher over the past few sessions and buying pressure would certainly help a price push, but the MACD was less optimistic of a favorable outcome. If the Signal line maintains above the fast-moving line, ATOM would remain below the upper ceiling of $22.6. Moreover, weak trading volumes denied the possibility of a large price swing at least over the short term.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/stellar-lumens-aave-cosmos-price-analysis-11-april

Blockchain

Amid Rumors Of Dumping Its BTC Holdings, Elon Musk Maintains Tesla Hasn’t Sold Any Bitcoin

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Amid Rumors Of Dumping Its BTC Holdings, Elon Musk Maintains Tesla Hasn't Sold Any Bitcoin

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Elon Musk has been dragged under the bus by countless bitcoin proponents as the price of the flagship currency continues to take a downward movement. Bitcoin dropped 20%, sending prices to $45,000 as of yesterday.

As of publication, Bitcoin imitates analysts’ predictions that the asset could continue to dip for the most part of this week, and with Bitcoin now trading at $45,065 at press time, their analysis remains valid.

BTCUSD
BTCUSD Chart By TradingView

The Bitcoin selloff continues

Asides from the “bearish” tweets from Musk, which to many is simply just the Billionaire’s expression of his dissatisfaction with Bitcoin, Bitcoin could sustain more losses if Tesla sold its remaining Bitcoin holdings.

Following Tesla’s announcement, onlookers spotted a Bitcoin transfer of 19,259, worth over $872 million at press time. Analyst William Clemente observed that the transfer time coincided with Musk’s tweet, hinting that Tesla may have indeed called it a day for Bitcoin.

Musk reveals Tesla’s $1.5 billion holdings still intact, prices soar

However, Musk has recently cleared the air on whether the Bitcoin holdings are still under Tesla’s belt. In what could be considered the most recent positive tweet from Musk on Bitcoin, he wrote “To clarify speculation, Tesla has not sold any Bitcoin.”

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Some excited Bitcoiners are holding on to the news as a sign that Tesla has not lost all interest in Bitcoin, despite Musk’s tweets that Dogecoin is a superior asset to Bitcoin. On the other hand, skeptical Bitcoiners are convinced that in a matter of time, Tesla will pull through with its Bitcoin sale.

Recall that Elon Musk teased that this could be the case, given that Bitcoin proponents have continued to critique Tesla’s decision. Shortly after hinting that Tesla might give up its $1.5 billion Bitcoin holdings.

However, Bitcoin has since surged by 7% since Musk’s clarification on Tesla’s Bitcoin holdings.

Bitcoin doesn’t need Elon Musk

Meanwhile, analysts’ who heavily bought the dip have insisted that Bitcoiners pay no mind to the bear market.

In unison, key players agree that “Bitcoin doesn’t need Musk. Rather, Musk needs Bitcoin.” It is unclear where the market is headed going forward, but the sentiments from top Bitcoin proponents similarly claim that the bear trend is only temporary, as Bitcoin is still yet to bottom.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/amid-rumors-of-dumping-its-btc-holdings-elon-musk-maintains-tesla-hasnt-sold-any-bitcoin/

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Blockchain

Ethereum Co-Founder Vitalik Buterin Burns $6.7 Billion in Shiba Inu (SHIB) Tokens

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Vitalik Buterin, who was gifted half of Shiba Inu’s total supply, has burned 90% of his holdings worth nearly $7 billion. The Ethereum co-founder further said he would allocate the remaining 10% to charitable organizations while also praising the “dog token community” for its generosity.

Buterin Burns $6.7B in Shiba Inu

The Dogecoin rise to the top led to the creation of numerous copycats that garnered significant attention in the past several weeks. Perhaps none became more popular than the self-described DOGE-killer – Shiba Inu.

One of the compelling features came from the anonymous developers who decided to send half of the total supply to Vitalik Buterin – the co-founder of Ethereum. The other half remains locked for liquidity on Uniswap.

Buterin, who donated 50 trillion SHIB tokens (and other dog-related digital assets) to India Covid Relief Fund last week, has decided to burn the majority of his Shiba Inu holdings now.

“I have decided to burn 90% of the remaining Shiba tokens in my wallet. The remaining 10% will be sent to a (not yet decided) charity with similar values to CryptoRelief (preventing large-scale loss of life) but with a more long-term orientation.” – he explained in the transaction hash.

Buterin outlined the severe problem COVID-19 has created for the entire world and added, “it’s important to think about the longer term future too.”


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Upon the time of the transaction, the 410,24 trillion SHIB tokens Buterin sent from his wallet had a value of about $6.74 billion.

The booming popularity of SHIB caused a massive price surge in the past few weeks. It culminated in an all-time high at nearly $0.00004 after a listing on the world’s leading crypto exchange – Binance.

The Generosity of Dog People

Ethereum’s co-founder touched upon his aforementioned decision to donate a substantial amount of his dog tokens to charity organizations.

“Plenty of dog people have shown their generosity and their willingness to not just focus on their own profits but also be interested in making the world as a whole better.”

However, he also attracted some heat following his actions as some angry developers created coins with offensive names. As such, he urged the community to refrain from sending him new tokens without his consent in the future.

“I don’t want to be a locus of power of that kind. Better to just print the coins into the hands of a worthy charity directly (though do talk to them first.)”

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/ethereum-co-founder-vitalik-buterin-burns-6-7-billion-in-shiba-inu-shib-tokens/

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Blockchain

$2.38 billion ‘rekt’ in crypto markets as Bitcoin drops to $43,000

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Over $2.38 billion worth of Bitcoin and other cryptocurrencies were liquidated in the past 24 hours as the market fell by double-digit percentages, data from multiple sources showed.

Money gone

‘Liquidations,’ for the uninitiated, occur when leveraged positions are automatically closed out by exchanges/brokerages as a “safety mechanism.” 

Futures and margin traders—who borrow capital from exchanges (usually in multiples) to place bigger bets—put up a small collateral amount before placing a trade. If the market moves against them, the collateral is fortified and the position said to be ‘liquidated.’

Yesterday saw nearly $3 billion getting liquidated. $1.26 billion of that, as the below image shows, came from Bitcoin trades alone, with Ethereum trades ($515 million), Ripple trades ($80 million), and Dogecoin trades ($69.42 million) trailing in behind.

Image: Bybt

Overall, $1.78 billion worth of liquidations came from ‘long’ positions, or from traders borrowing capital to bet at higher asset prices. $345 million came from ‘short’ positions, or traders betting for lower prices (prices did fall lower, but the volatility may have contributed to even ‘shorts’ getting liquidated.)

Among all exchanges, Huobi saw over $633 million worth of liquidations, Binance saw $399 million, while options powerhouse Deribit saw liquidations worth $287 million.

In all, over 300,000 traders were liquidated, with the single largest liquidation occurring on crypto exchange Huobi—a Bitcoin to the tune of $90 million.

Musk’s Bitcoin scare

As such, the market pullback started shortly after Tesla CEO Elon Musk tweeted with regard to the carmaker’s $1.5 billion Bitcoin position on Sunday. “Mr. Whale,” an anonymous account on Twitter popular for their market calls, wrote yesterday that Bitcoiners would ‘slap themselves’ after they find out Tesla ‘dumped the rest of its Bitcoin holdings.’

It could have been probably a joke or a mere opinion from someone on the internet. But Musk replied to that with a single word: “Indeed.”

At press time, however, Musk put to rest the thousands of ensuing tweets that Tesla had, indeed, sold the remaining of its Bitcoin. “To clarify speculation, Tesla has not sold any Bitcoin,” he said in a reply to ‘Bitcoin Archive.’

The market rose shortly after that. But is one man’s tweets have such an impact on crypto justified?

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptoslate.com/2-38-billion-rekt-in-crypto-markets-as-bitcoin-drops-to-43000/

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