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Stellar Price Analysis: XLM Surges 11% in a Day, $0.1 Inbound?

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XLM/USD – Bulls Rebound Into 100-days EMA.

Key Support Levels: $0.08, $0.075, $0.07.
Key Resistance Levels: $0.086, $0.088, $0.0921.

XLM found support at the $0.0668 (.618 Fib) level toward the end of September which allowed the downtrend to reverse. Throughout October, the coin has slowly been grinding higher. Initially, it struggled to break the resistance at $0.08, which is provided by the bearish .236 Fib Retracement level.

This aforementioned resistance was penetrated today as XLM pushed higher to reach the current resistance at the 100-days EMA around $0.0814. XLM will need to break above this level to start a short-term bullish trend.

xlmusd-oct17
XLM/USD Daily Chart. Source: TradingView

XLM-USD Short Term Price Prediction

Looking ahead, if the buyers can break the 100-days EMA level, the first level of resistance lies at $0.086. This is followed by resistance at $0.088 (bearish .382 Fib Retracement), $0.0921 (1.414 Fib Extension), and $0.0955 (bearish .5 Fib Retracement).

On the other side, if the sellers push lower, the first level of support lies at $0.08 (200-days EMA). Beneath this, support is located at $0.075, the 6-month-old rising trend line, $0.07, and $0.0688 (.618 Fib Retracement).

XLM/BTC – Bulls Rebound From Lower Boundary Of Falling Wedge.

Key Support Levels: 700 SAT, 650 SAT, 637 SAT.
Key Resistance Levels: 763 SAT, 781 SAT, 800 SAT.

Against Bitcoin, XLM has been trapped within a falling wedge for the past four months. The cryptocurrency recently rebounded from the support at 637 SAT(downside 1.272 Fib Extension) as it pushed higher to reach the current 718 SAT level.

XLM is now facing resistance at the upper boundary of this falling wedge and must penetrate above here to start a bullish push toward the 100-day & 200-days EMA levels.

xlmbtc-oct17
XLM/BTC Daily Chart. Source: TradingView

XLM-BTC Short Term Price Prediction

Looking ahead, if the bulls break the upper boundary of the wedge, the first level of resistance lies at 763 (bearish .236 Fib Retracement & 100-days EMA). Above this, resistance lies at 781 SAT (200-days EMA), 800 SAT (1.618 Fib Extension), and 842 SAT (bearish .382 Fib Retracement).

On the other side, the first level of support lies at 700 SAT. Beneath this, support is expected at 650 SAT, 637 SAT, and 600 SAT.

The Stochastic RSI produced a bullish crossover signal in oversold conditions which is a strong bullish sign.

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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/stellar-price-analysis-xlm-surges-11-in-a-day-0-1-inbound/

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Market Watch: After a Bloody Wednesday, Bitcoin Struggles At $13,000 As ETH Below $400

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Bitcoin went on a roller-coaster ride in the past 24 hours from a new yearly high of nearly $14,000 to dipping below $13,000. Most altcoins mimicked their leader, and the total market cap has dropped by $15 billion.

Bitcoin’s Wild 24H Ride

As CryptoPotato reported yesterday morning, everything seemed to be going in BTC’s way. The cryptocurrency was surging and peaked at another 2020 high. In fact, with a price of $13,865, it came inches away from breaking last year’s record as well.

However, it was not to be as the situation reversed rather vigorously. In the following hours, Bitcoin plummeted in value. This resulted in a daily low of about $12,920 (on Bitstamp). In other words, the primary cryptocurrency lost nearly $1,000 in just a few hourly candles.

Since then, though, Bitcoin has recovered some of its losses. After reclaiming back the $13,000 price level, BTC has increased to its current position – around $13,150.

On its way down, BTC found support somewhere around the $12,950 line. Should another price dip occur and Bitcoin breaks below it, the next support level is at $12,800. Contrary, BTC has to overcome the resistance at $13,500 to return to its recent bull run.

btcusd_chart
BTC/USDT. Source: TradingView

Red Dominates The Altcoins

As it typically happens, when Bitcoin plummets, so do most of the altcoins. The scenario repeated yesterday, and despite most of them recovering some of the losses, red is still the predominant color.

On a 24-hour scale, Ethereum has dropped by 2.3% and struggles to stay below $390. Ripple (-2.5%) has dipped below $0.25. Binance Coin (-3.3%), Chainlink (-2.4%), Polkadot (-4.6%), Litecoin (-4.25%), and Bitcoin SV (-1.3%) have also painted red.

heatmap
Cryptocurrency Market Heatmap. Source: Quantify Crypto

Crypto.com Coin has lost the most value since yesterday – 10%. CRO trades beneath $0.09. The cryptocurrency’s price hasn’t enjoyed October so far as it has dropped by more than 40% since the start of the month.

Aragon (-8.5%), Ocean Protocol (-8%), Maker (-7%), Celo (-7%), and Yearn. Finance (-7%) follow. In total, the cumulative market capitalization of all digital assets has dropped from $410 billion to $391 billion.

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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/market-watch-after-a-bloody-wednesday-bitcoin-struggles-at-13000-as-eth-below-400/

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Bitcoin Won’t Attract The Unbanked, Says Mastercard SEO

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Cryptocurrencies, in general, will not help for the inclusion of unbanked individuals into payment systems and banks, claims Mastercard CEO Ajay Banga. However, the company is far from ignoring digital currencies altogether.

Trying To Get 1 Billion Into The Banking System

As per a recent news report, Mastercard CEO Ajay Banga, who’s on a mission to bank upwards of 1 billion unbanked people across the world, doesn’t see much of a use in digital currencies for that.

Banga’s opinion is that assets like Bitcoin will not make such a significant pull towards financial inclusion.

According to the CEO, high volatility serves as a downfall for cryptocurrencies. He has highlighted that the value of the most popular one of them (Bitcoin) fluctuates by large amounts, emphasizing that just this year, one BTC changed its dollar value from less than $5,000 in March to almost $14,000 recently.

“Bitcoin per se is volatile in its valuation,” Banga said, adding, “Can you imagine someone who is financially excluded trading in a way to get included through a currency that could cost the equivalent of two Coca-Cola bottles today and 21 tomorrow? That’s not a way to get them included. That’s a way to make them scared of the financial system.”

Five years ago, Mastercard’s CEO embarked on a mission to help 500 million people worldwide get access to the financial system and bank services. This year the plan has upgraded up to one billion. According to Banga, people without bank accounts suffer the lack of access to credit while paying much higher fees for financial transactions via payday lenders, etc.

However, Trust In Crypto Remains

What MasterCard’s CEO failed to outline, however, is the censorship-resistant nature of decentralized cryptocurrencies, as well as the non-existing barriers to entry. 

In other words, anyone with access to the internet can become a part of the network without having to go through lengthy and, in many cases, impossible registration procedures to open a simple bank account, for example.

Moreover, once they become a part of it, there’s no central authority that can ‘shut you down’ per se, regardless of your economic situation or current location.

There’s merit to his words, nonetheless, because some of the inherent challenges remain. For instance, people need a relatively high understanding of technology and a working computer and internet connection to become part of Bitcoin’s network – something that a lot of citizens in third-world countries simply don’t have.

Despite the CEO’s opinion, MasterCard has been on the road to adopting digital currencies for a while now. As CryptoPotato reported recently, the company partnered with UK-based payment processor Wirex to expand its cryptocurrency program and aid “adoption and create innovative experiences in the crypto space.”

Featured image courtesy of CNBC

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Source: https://cryptopotato.com/bitcoin-wont-attract-the-unbanked-says-mastercard-seo/

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