The price of Stellar (XLM) successfully broke above its strict resistance area right when the crypto market started its second week of January by more than 6 percent according to the latest altcoin news.
The XLM/USD rate surged by more than 6 percent over a 24-hour period after it was previously strapped in its price band since December 28, 2018. All of the other top coins are still struggling to push away further from their resistance areas. The reason for this might be the renewed buying optimism, especially for Stellar.
The recent happenings have provided a lot of opportunities for the short-term traders since neither the bears nor bulls have attempted a breakout to claim a certain trend in the near-term.
According to the price movements, Stellar is trying to break above its recent resistance triangle formation trendline and another increase could extend the uptrend action towards the 13.8 cent area.
The next support level for Stellar is around 11.8 cents in order for the sideways consolidation trend to be maintained and also for the buy signals to take over the sell signals. Breaking down below the rising trendline could lead the altcoin to 10.8 cents that will not provide Stellar to go out of its bias conflict.
Stellar has an issue with a clear fundamental approach and this could even explain the market trends of the altcoin. Looking for the long-term predictions, Stellar could become one of the most important cryptocurrencies in the crypto space due to its smart contracts technology and the many successful partnerships.
Third Audit Attestation Of USDC Stablecoin Reserves Released By Circle
“As of the Report Date and Time, the issued and outstanding USDC tokens do not exceed the balance of the US Dollars held in custody accounts.”USDC is a stablecoin that is based on the Ethereum (ETH) ERC20 token which was first announced in May 2018 after Circle successfully raised $110 million from investors. The CEO of Circe Jeremy Allaire explained more about USDC by saying:
“It’s a version of fiat that can move at the speed of the Internet with global reach, with much less cost, with high levels of security. It’s a huge improvement for how fiat money transmission can work around the world for consumers and for businesses who might want to collect digital payment with tokens.”Circle’s third audit attestation on the stablecoin, shows that the company has a surplus of US dollar reserves that are able to back the circulating coins. The first one was published in November 2018. Also, back in December, the USDC stablecoin was added to one of the largest crypto exchanges in the world-Binance after getting listed on Huobi and OKEx both in October.
Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
“Similar to 2015, 2019 may be the year of accumulation.’’Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
Dmitry Medvedev: ‘’We Should Watch Closely What Happens To Cryptocurrency’’
‘’But this, of course, is not a reason to bury cryptocurrencies. There are both light sides and dark sides, as in any social phenomenon, in any economic institute. And we should just watch closely what happens to them.’’He continued to discuss social inequalities and how the global digital transformation is speeding up saying the cryptocurrency is a part of that fast-going phenomena. The news comes right after major media outlets published the story of Russia’s plan to purchase $10 billion worth of BTC. Turns out that the news was fake. The Russian economist from the Presidential Academy of National Economy and Public Administration Vladislav Ginko pointed out that he strongly believes that Russia might use Bitcoin to fight economic sanctions and this story swamped the media and got massively exaggerated. Russia is, however, preparing a crypto bill that will provide stable cryptocurrency regulation in the next two months. The Duma State will be drafting a regulatory framework in February to regulate ICOs and crypto crowdfunding.
Join us on Facebook
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Ethereum News3 days ago
Coinbase And Kraken Officially Supporting ETH’s Constantinople Hard Fork
Ethereum News5 days ago
$100,000 Reportedly Returned From Ethereum Classic 51% Attacker
Altcoin News5 days ago
Bitcoin Drops Below $3,600 As $5 Billion Get Wiped Out Of The Crypto Market
Altcoin News4 days ago
Major Swiss Bank Launches A Crypto Custody Solution Targeting Banks & Asset Managers
Bitcoin Scams3 days ago
New Torrent Malware Posing As Movie File Can Replace BTC & ETH Addresses: Researcher
Bitcoin News4 days ago
American Businessman Still Missing After $950,000 In BTC Ransom Paid
Blockchain News4 days ago
The Revenue Agency Of Bulgaria Will Investigate Crypto-Selling Companies
Blockchain News5 days ago
Leading Mining Hardware Producer Bitmain Suspends Operations In Texas