PakGazette – PakGazette presents the three most important news of the last day.
The price of its rival XLM could be on the verge of the biggest drop since 2021 if the Bollinger Bands pattern is validated
The Stellar token, XLM, is experiencing a downward trend. A recent analysis using Bollinger Bands indicates that the upper band was reached and even broken at $0.6374, while the median, represented by the 20-day moving average, stands at $0.21. A similar scenario was observed in 2021; At that time, the price of XLM reached a high of $0.797 and then fell by 48.73% in a single week. Given that XLM has already seen a 40% decline over the past three weeks, the possibility of a further 45% drop is on the horizon, although its future performance will largely depend on broader market trends and not solely historical patterns. At the time of writing, XLM is changing hands at $0.3535, down 2.07% in the last 24 hours, according to CoinMarketCap.
Japanese government skeptical about reservation
Wu Blockchain recently reported, citing CoinPost, that the Japanese government “has expressed a cautious stance” regarding the adoption of Bitcoin as a reserve currency. This stance emerged despite the insistence of Satoshi Hamada, a member of the House of Councilors, to adopt an approach similar to that of the United States. However, Prime Minister Shigeru Ishiba has stated that the government lacks detailed information on the United States’ actions regarding Bitcoin reserves. According to the Wu Blockchain post, the reason arises from the fact that cryptoassets do not fall into the category of currencies, along with the need to ensure the security and liquidity of currency reserves.
67 trillion (SHIB) level about to disappear
According to the latest data from the chain, Shiba Inu is currently at a crucial point and is facing significant challenges as the market remains bearish. The asset is struggling to hold crucial support levels, particularly the 50 EMA, and is currently trading near $0.00002164, with the 200 EMA now dangerously close to where SHIB is trading. A loss of these support levels could lead to a substantial decline, possibly falling to $0.0000204 or lower. Added to this alarming story is a sharp decline in large transaction volumes by institutional investors. Panic selling may exacerbate the situation if key support levels are breached, although there remains a glimmer of hope for recovery if SHIB can recover from the 200 EMA and attract speculative buying.
