Dozens of citizens were killed in Kenya as a result of riots seeking to protest the possible signing of a bill that would approve tax hikes on daily services and items, such as internet and fuel, in a plan to raise an additional .7 billion in revenue. The protests, led mostly by young Kenyans who […]
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Pantera Capital Calls Solana the ‘Mac OS of Blockchains,’ Highlights Architecture Benefits and Growing Adoption
Pantera Capital, an institutional asset manager focused on blockchain technology, has called Solana the “Mac OS of blockchains” in its latest blockchain letter. The firm details that the rise of Solana over Ethereum is reminiscent of what Microsoft experienced when Apple entered the market, highlighting Solana’s growing retail adoption and architectural advantages. Pantera Capital States […]
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Ripple CEO Hails Latest Court Ruling ‘a Big Win’ — Calls His Lawsuit Baseless Troll Attempt
Ripple CEO Brad Garlinghouse says the latest court ruling on Ripple’s securities lawsuit “is a big win.” He stressed that “absolutely nothing in the decision negates or changes the fact that XRP is, in and of itself, not a security.” The Ripple executive slammed allegations of misleading statements about his XRP position, stating that the […]
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Kraken Calls Security Research Firm’s Demands ‘Criminal’; Certik Slams Threats Against Its Employees
Kraken has accused an unnamed security research firm of stealing million from its treasury and attempting to extort more money. Nick Percoco said so-called white hat hackers failed to fully disclose the bug transaction details and have not made arrangements to return the stolen funds. White Hat Hackers Refuse to Abide by Rules The […]
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Putin Criticizes U.S. Dollar’s Lack of Gold Backing, Calls for Alternative Payment Systems
Russian President Vladimir Putin criticized the United States for its abandonment of the gold standard, remarking in a Sputnik-released video that the U.S. dollar is now a trust-based currency without tangible backing, a decision underscored by the absence of gold equivalence. This critique arrives during efforts by BRICS countries to diminish reliance on the U.S. […]
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Analyst Calls Buy Signal As Solana Hits Key Support At $141
According to data from CoinMarketCap, Solana (SOL) has been slightly positive in the last day, notching a market gain of 1.37%. This price increase, while little, is highly encouraging for investors considering Solana’s bearish form in the past week where it lost 8.11% of its market value. Interestingly, crypto analyst Ali Martinez postulates that SOL could sustain its current positive performance following the discovery of a buy signal.
Solana Hits Critical 1 Support, TD Sequential Hints At Price Surge
Via his X handle on Saturday, Ali Martinez noted that Solana had recently fallen to a key support level at the 1 price mark. According to the analyst, this decline resulted in the generation of a buy signal by the TD Sequential indicator.
#Solana has hit a key support level at 1, with the TD Sequential showing a buy signal on the $SOL daily chart! If this support holds, #SOL could rebound for one to four daily candlesticks. pic.twitter.com/AjQX8CGf1d
— Ali (@ali_charts) June 15, 2024
For context, the Tom DeMark Sequential indicator is a technical analysis tool used to identify potential turning points in the price of an asset. The primary goal of the TD Sequential is to anticipate market reversals and trends by counting a series of price bars.
Following Solana’s bearish form in the past week, Martinez states that the token’s price drop to 1 has signaled a potential trend reversal according to signals from TD Sequential. Martinez postulated that if the buy signal proves true and the 1 price mark holds as a solid support level, SOL could maintain a price rally for the next 1-4 days.
Interestingly, since hitting the specified support level, Solana climbed by over 3% to trade above the 5 price mark.
If SOL maintains the same level of price growth over the next four days, the altcoin is expected to attain a price mark of at least 8. However, a critical resistance lies at the 9 price zone. Sufficient selling pressure at this price may force SOL to resume its bearish trend.
SOL Price Overview
At press time, Solana trades at 5.16 after a 10.25% decline over the last month. However, the altcoin still remains one of the best-performing major cryptocurrencies in 2024 with a combined market gain of 43.5% all year.
Generally, Solana is tipped as one asset to look out for in the expected crypto bull run following its performance in the last bull cycle where it rose from around .5 to a peak price of 9.98. In addition, Solana boasts of a robust meme coin ecosystem valued at .46 billion which could also contribute to spurring the token’s price to new heights in the coming months.
World’s Largest Bank ICBC Sees Bitcoin as Digital Gold — Calls Ethereum ‘Digital Oil’
The Industrial and Commercial Bank of China (ICBC), the world’s largest bank by total assets, recently compared bitcoin to digital gold and labeled Ethereum “digital oil” in a report. The bank emphasized the roles of these cryptocurrencies in the digital economy and their contributions to technological advancements. ICBC Sees Bitcoin as Digital Gold, Ethereum as […]
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Time To Stack Stellar (XLM)? Analyst Calls For Epic 500% Price Breakout
Stellar Lumens (XLM), the cryptocurrency known for its fast and cheap cross-border transactions, has been on a quiet journey lately. While the broader crypto market experiences wild swings, XLM trades sideways, seemingly unfazed by the drama. But is this calmness a sign of stagnation, or is Stellar poised for a stellar (pun intended) breakout?
Trading In The Twilight Zone
Currently, XLM sits at .10, a price point it’s clung to for weeks. Trading volume is moderate, and the overall market sentiment leans slightly bearish. This might lead some to believe XLM is stuck in a rut. However, analysts like Javon Marks see this as a potential launchpad.
Technical Whispers: A Bullish Undercurrent
Marks, a respected crypto analyst, believes XLM is quietly brewing a bullish storm. He points to a recent breakout from a key resistance level, a technical indicator suggesting a potential price surge. This breakout, according to Marks, sets a target of a staggering .681 for XLM.
$XLM (Stellar) has confirmed a bullish indication that can be indicating a continuation to be developing and with already broken out prices, it can be of notable size!
With these prices being broken out of a massive resisting trend, the target is at .681, meaning a >495% run… https://t.co/vwyEOVqX78 pic.twitter.com/2oMmCZPazQ
— JAVONMARKS (@JavonTM1) May 27, 2024
Reaching For The Stars: A 495% Price Increase?
If Marks’ prediction holds true, XLM investors could witness a phenomenal 495% increase from current prices. This potential moon mission has some analysts urging investors to keep a close eye on XLM.
Beyond The Price Tag: Stellar’s Core Strength
While the price prediction is undoubtedly exciting, it’s important to remember Stellar’s core strengths. Its focus on facilitating fast and affordable cross-border payments positions it well for potential future adoption.
Partnerships with financial institutions and its commitment to low transaction fees could be catalysts for long-term growth, regardless of short-term price fluctuations.
A Stellar Investment Or A Gamble On The Stars?
Javon Marks’ prediction presents a tantalizing possibility for XLM investors. However, the road to .681 is likely to be bumpy.
Despite a 20% increase in the past year, Stellar (XLM) has underperformed relative to the broader crypto market. Specifically, 72% of the top 100 crypto assets have outpaced XLM’s growth, and it has also lagged behind major assets like Bitcoin and Ethereum.
This underperformance highlights potential concerns regarding its relative strength and market position. Trading below its 200-day simple moving average suggests that XLM is currently in a bearish phase, struggling to maintain a positive long-term trend.
Additionally, XLM has only experienced 9 green days in the last 30 days, accounting for just 30% of the time. This lack of consistent positive momentum is worrisome for investors seeking short-term gains.
Furthermore, the asset is down a staggering 88% from its all-time high, indicating significant downside risk and potential long-term challenges. These factors combined present a cautious outlook for XLM, suggesting that it may face continued difficulties in the near future unless it can overcome these technical and performance-related obstacles.
Featured image from BBC Sky at Night Magazine, chart from TradingView
IMF Calls Zimbabwe’s Gold-Backed Currency an ‘Important Policy Action’
The International Monetary Fund (IMF) has stated that Zimbabwe’s recently introduced gold-backed fiat currency represents a significant policy step. This is the IMF’s first substantial comment on the currency since its inception. The global lender has reportedly announced plans to send a team in June to evaluate the performance of the new currency. Contrasting IMF […]
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Steven Nerayoff Calls out Joseph Lubin for Damaging Crypto Market
Steven Nerayoff, a former adviser to the Ethereum network, has publicly denounced Joseph Lubin, co-founder of the Ethereum Project and the founder of Consensys, and other “bad actors” for their detrimental actions in the cryptocurrency market. In a tweet, Nerayoff clarifies that his dispute is not with Ethereum as a whole, but specifically with Lubin […]
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