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



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.

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.

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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Cryptocurrency charts by TradingView.



Crypto staking services provider Figment raises $2.5 million in Series A funding

Figment Networks, a crypto staking infrastructure provider, has secured $2.5 million in Series A funding.

The post Crypto staking services provider Figment raises $2.5 million in Series A funding appeared first on The Block.



Crypto staking services provider Figment raises $2.5 million in Series A funding

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First Mover: Bitcoin Falls as Covid Surges, ECB’s Lagarde Steps Up, US GDP Hits 33%



Bitcoin was lower for a second day, even as traditional markets showed signs of stabilization following Wednesday’s sell-off. 

Cryptocurrency analysts looked for solace in bitcoin‘s October-to-date return, still at an impressive 22%, during a month when the Standard & Poor’s 500 Index of U.S. stocks has declined by 2.7%.

“The sell-off in equities and gold due to rising Covid infections and restrictive lockdowns had only a limited impact on the digital asset,” Lennard Neo, head of research for the cryptocurrency-focused firm Stack Funds, wrote Thursday in a report

In traditional markets, European stocks rose as traders awaited a decision from the European Central Bank, headed by President Christine Lagarde, on whether further monetary support is needed amid a resurgence in coronavirus cases. 

U.S. equity futures pointed toward a higher open, as a key government report showed that the world’s largest economy grew at a 33% in the third quarter – a somewhat context-less data point that’s likely to do little beyond serving as an easy talking point for President Donald Trump’s reelection campaign

Market Moves

Just as bitcoin bulls were starting to salivate over the cryptocurrency’s powerful rally over the past week toward $14,000, a sell-off in traditional markets has dragged prices back down.

Investors globally were rattled by reports of a resurgence in coronavirus cases. German Chancellor Angela Merkel announced that the country would implement tough new business restrictions, and French President Emmanuel Macron announced plans to impose a national lockdown. 

Such restrictions could crimp economic growth, theoretically a deflationary development, which could reduce demand for bitcoin in the short term as a hedge against higher consumer prices. There’s also the possibility that some investors, seeing further turmoil ahead, decided to bulk up on cash. One of the easiest things to sell is bitcoin, which is still up 84% year-to-date, even after Wednesday’s sell-off.  

“It seems the pressure was too much,” Mati Greenspan, founder of the foreign-exchange and cryptocurrency research firm Quantum Economics, told clients Wednesday. 

As detailed in First Mover on Wednesday, analysts relying on price-chart patterns have identified few points of resistance along bitcoin’s path from the hitherto-rarely-breached $14,000 psychological level to the all-time-high around $20,000, reached in 2017.   

According to Greenspan, “$14,000 is a huge psychological barrier, and I would be delightedly flabbergasted if we were able to pass through it without first seeing a significant pullback.”


Probability (left axis) of bitcoin being above $X (bottom axis) at maturity, implied from options market.
Source: Skew.

And as reported Thursday by CoinDesk’s Omkar Godbole, bitcoin options traders are assigning a low probability that the cryptocurrency will end 2020 above $20,000.

The implied chances of prices above that level currently stand around 6%, according to the cryptocurrency data firm Skew. 

“A below-10% probability of record highs by the year end means the market is unconcerned with that outcome,” Vishal Shah, an options trader and founder of Polychain Capital-backed derivatives exchange Alpha5 told Godbole in a Telegram chat.  

Despite the sincerest wishes of bitcoin bulls, it would take a rally of more than 60% in the next eight weeks for prices to set a new record. It wouldn’t be unprecedented: There have been eight times in the 11-year old cryptocurrency’s recorded history where prices have rallied more than 50% or more in a two-month span. 

It could be that traders are just being realistic. 

“The options market is seemingly not getting carried away with the recent strong price momentum,” Sui Chung, CEO of CF Benchmarks, said in a statement to CoinDesk. “If we extrapolate bitcoin’s price action and volatility of the past 90 days till December expiry, then bitcoin appears set to end the year between $14,000 to $15,000.”

Read More: Bitcoin’s Options Market Sees Just 6% Chance of $20K Before Year’s End

Bitcoin Watch


Bitcoin daily price chart showing resistance and support levels.
Source: TradingView

Bitcoin’s price rally has paused, with the top cryptocurrency by market value near $13,100, having reached 16-month highs above $13,800 during Wednesday’s Asian trading hours.

Investors are rotating money out of stocks and into safe havens like the U.S. dollar and treasuries on concerns that Germany and France’s new lockdown restrictions would torpedo Eurozone’s fragile economic recovery.

Not just bitcoin, but almost every asset denominated in U.S. dollars has taken a beating in the past 24 hours or so. Markets saw similar but more violent action in March when recession fears triggered a global dash for cash.

Should the virus figures continue to rise, risk aversion will likely intensify, fueling a more profound decline in the cryptocurrency. However, it’s possible that investors could buy the dips, with rising institutional adoption boosting the cryptocurrency’s long-term prospects.

Besides, stock markets will likely stabilize, helping bitcoin regain poise if the ECB announces more monetary stimulus later Thursday. While the central bank is expected to maintain the status quo, it could lay the groundwork for additional stimulus in December. Earlier this month, Goldman Sachs said that the central bank could boost its pandemic bond-buying program by 400 billion euros ($470 billion) in December to counter deflationary pressures.

From a technical analysis standpoint, the immediate bias will remain bullish as long as prices are held above $12,500. On the higher side, the June 2019 high of $13,880 is the level to beat for the bulls.

– Omkar Godbole 

Token Watch

Bitcoin (BTC): Winklevosses’ Gemini cryptocurrency exchange allows purchasing and trading with euros

Ripple (XRP): San Francisco-based payments firm plans to invest in blockchain money-transfer app MoneyTap, a joint venture with Japan’s SBI Holdings. Coin (CRO): Cryptocurrency-focused credit-card lender expands in Latin American market, hires former Visa exec Filomena Ruffa as general manager.

What’s Hot

Fidelity’s digital-asset division expands crypto custody service to Asia (CoinDesk)

Blockchain pioneer Caitlin Long’s Avanti wins approval from Wyoming regulators for new banking charter (CoinDesk

Bank of Canada Governor Macklem says digital currency initiative is progressing beyond proof-of-concept stage toward launchable product (CoinDesk

FTX crypto exchange launches bitcoin pairs for tokenized versions of top stocks Amazon, Apple, Tesla (CoinDesk

Coinbase crypto exchange to launch Visa debit card in U.S. early next year (CoinDesk

Former regulator who oversaw New York State’s BitLicense development and more recently led New York Stock Exchange’s regulatory division will now join crypto-friendly venture-capital firm  Andreesen Horowitz (CoinDesk


The latest on the economy and traditional finance

Federal Reserve might be running low on ammunition to juice market and the economy (CNBC)

Jack Dorsey, Twitter CEO who also oversees payments-firm-turned-cryptocurrency-investor Square, grilled by U.S. Senator Ted Cruz over tweet platform’s content controls (WSJ)  

Lenders now telling U.S. mall owners to pay up on past-due mortgage bills (WSJ)   

Chinese Communist Party set to detail 15-year economic growth plan (Bloomberg

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Binance exchange partner Simplex rolls out Tether to euro offramp



Simplex, a major crypto-to-fiat payments provider, is adding another fiat offramp to enable its partner exchanges like Binance and Huob to sell major stablecoin Tether (USDT) to the euro.

According to an Oct. 29 announcement, Simplex has rolled out new Tether (USDT) offramps across its partner network including major exchanges like Binance, OKEx and Huobi.

A Simplex representative told Cointelegraph that the latest development marks the first time when the sell option is enabled for Tether on Simplex, stating:

“USDT has been available to purchase through our partner network for a while but ‘cashing out’ and selling directly in this currency were not […] But the sell option right now is only to euro, but buy is enabled with 50 fiat currencies.”

With the new crypto-to-fiat offramp, Simplex’s partner companies can immediately add the new feature for their users worldwide, the firm’s executives said. “Simplex enables anyone to sell USDT and convert it into euro — using our bank account via our partner network users can transfer those funds anywhere in the world,” the spokesperson noted.

To date, Simplex’s partner network includes over 200 services including crypto exchanges, brokers and wallets. Alongside centralized crypto platforms, Simplex’s partner network also includes companies like MakerDAO — a major player in decentralized finance, or DeFi.

The world’s largest stablecoin, USDT surged almost 300% in 2020 in terms of market capitalization, starting the year with a market cap of $4 billion and rising up to nearly $16 billion in October. According to an recent report by Bloomberg, Tether could surpass Ether’s (ETH) market cap by the end of 2021, becoming the second-largest crypto after Bitcoin (BTC).


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