XLM Eyes Its Largest Crash in Three Years, Japanese Government Skeptical of Bitcoin Reserve, 67 Trillion SHIB Level About to Disappear: Crypto News Digest by U.Today

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As a seasoned researcher with years of experience in the crypto market, I have seen trends come and go, and I must admit, the past 24 hours have been quite eventful.

U.Today presents the top three news stories over the past day.

XRP rival XLM‘s price could be on verge of biggest crash since 2021 if Bollinger Bands pattern is validated

Currently, the price of Stellar’s token (XLM) is showing a decline in its trend. By examining Bollinger Bands, we find that the upper band was surpassed and broken at approximately $0.6374, while the 20-day moving average, representing the median, presently sits at $0.21. Similar patterns were observed last year; in that instance, XLM reached a high of $0.797 before falling by 48.73% within just one week. Given that XLM has already experienced a 40% decrease over the past three weeks, there’s a potential for an additional 45% drop, although this will depend more on overall market conditions than solely on past patterns. As of now, XLM is being traded at $0.3535, marking a 2.07% decrease in the last 24 hours, according to CoinMarketCap.

Japanese government skeptical of Bitcoin reserve

Wu Blockchain has recently reported, citing CoinPost, that the Japanese government “has expressed a cautious stance” regarding the adoption of Bitcoin as a reserve currency. This stance has emerged despite the urging of Satoshi Hamada, a member of the House of Councillors, to adopt a similar approach to that of the U.S. However, Prime Minister Shigeru Ishiba has stated that the government lacks detailed information on U.S. actions regarding Bitcoin reserves. According to Wu Blockchain’s post, the reason stems from the fact that the crypto assets are not falling into the category of foreign exchange, coupled with the need to ensure the security and liquidity of foreign exchange reserves.

67 trillion Shiba Inu (SHIB) level about to disappear

Based on recent data analysis, Shiba Inu is at a critical juncture, encountering major hurdles as the market continues to be bearish. The asset is having trouble holding onto important support levels, specifically the 50 Exponential Moving Average (EMA), and is currently trading around $0.00002164. The 200 EMA is now perilously close to Shiba Inu’s current trading price. If these support levels are lost, a steep drop could occur, potentially reaching $0.0000204 or even lower. Worsening the situation is a noticeable decline in large transaction volumes from institutional investors. If key support levels are breached, panic selling might intensify. However, there’s still a chance for recovery if Shiba Inu can rebound from the 200 EMA and stimulate speculative buying activity.

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2024-12-27 19:08