Category: Cryptocurrency News

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The Shiba Inu price has risen over 5% in the last 24 hours amid the market-wide hype surrounding Ripple’s partial victory in its legal battle with the US Securities and Exchange Commission (SEC). But SHIB investors should still be cautious: While the SHIB price shows a clear uptrend of 23% over the last 30 days, a complete confirmation of a trend reversal is still pending. Shiba Inu Price Analysis Technically, the Shiba Inu price remains in bearish territory for several reasons. As explained in previous analyses, the Shib price entered a downtrend channel in early February this year. The breakout from the bearish chart pattern succeeded six days ago, however, there is still a possibility that it is a fakeout. Shib’s trading volume was rather below average during and after the breakout. Only yesterday there was a noticeable increase. Within the last few hours, trading volume rose to $232 million, 200% higher than the previous day. In the best case, the volume should remain high to avoid a fakeout. Related Reading: Shiba Inu Whale Holding 10% Of Total SHIB Supply Shocks The Market More of a bearish argument is that yesterday’s SHIB rally stopped at $0.00000813. Thus, the price could not break above resistance at $0.00000816, nor could it set a new local high on the 4-hour chart. A look at the 1-day chart also shows that the SHIB price continues to trade below the 23.6% Fibonacci retracement level at $0.00000832. The following days could become crucial to confirm a sustainable trend change or a fakeout. The battle between bulls and bears is still in full swing. The bull side would ideally like to break out above the 23.6% Fibonacci retracement level with a high trading volume. This could be a first confirmation for a sustainable trend change. Related Reading: Shiba Inu (SHIB) Breakout Alert: Potential 30% Rally Looming In this case, the 38.2% Fibonacci retracement level at $0.00000977 could come into focus. Close to it is also the long-term “bull boundary line”, the 200-day exponential moving average (EMA) at $0.00000961. If SHIB also exceeds this level, one can finally speak of a trend reversal. Before that, however, the current gains stand on shaky legs. Shibarium As Catalyst As NewsBTC reported, Shiba Inu chief developer Shytoshi Kusama has hinted a few days ago that the long-awaited layer-2 solution Shibarium will be unveiled along with numerous other innovations at the ETHToronto conference on August 15-16. With only 32 days left until this event, the hype could undoubtedly serve as a catalyst for SHIB. At least Shiba Inu ecosystem token BONE has already benefited from the announcement, raking in high double-digit percentage gains. Just today, Kusama fueled anticipation for Shibarium when he announced the relaunch of the official Shiba Inu website Shib.io. Via Twitter, Kusama teased “Enjoying the summer of Shibarium.” As the #summerofshibarium continues we are proud to introduce new branding for https://t.co/vRofmNPr53 and other #SHIBARMY websites! Give it a look! #WOOF pic.twitter.com/TY7x5hlDS5 — Shytoshi Kusama™ (@ShytoshiKusama) July 13, 2023 Featured image from Twitter, chart from TradingView.com

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Once launched, Indonesia’s national crypto exchange will be the only platform allowing crypto transactions, the local regulator said.

Following a favorable partial verdict in the long-drawn SEC court battle, the XRP token surged over 90% on July 13 reaching a new yearly high of $0.90.

The price of Stellar (XLM) has experienced a similar meteoric rise to the XRP token in the last 24 hours. This rise was triggered by news that Ripple, the company behind XRP, had won its long-running case against the US Securities and Exchange Commission SEC. The SEC’s case that XRP is a security was the focus of the court trial. To the delight of the crypto community, Judge Annalisa Torres of the US District Court for the Southern District of New York ruled in Ripple’s favor, declaring the XRP token not to be a security. Stellar Looks To Enter The Top 20 Crypto Ranking The altcoin market had been dominated by bearish pressure in recent weeks due partly to the SEC’s declaration of tokens tied to Solana, Polygon, and Cardano as securities. This declaration formed the foundation of the regulator’s case against prominent crypto exchanges Coinbase and Binance. Related Reading: Optimism (OP) Rides The Wave Of Today’s Crypto Surge With 15% Rally That said, the market was jolted back to life yesterday following the announcement of Ripple’s court victory, with most tokens basking in green. Stellar also reacted swiftly to positive market sentiment, going on an almost 90% price rally within a few hours. The token’s price has since steadied, with Stellar currently trading with a 52.4 % gain. With this, XLM’s price rise places it amongst the top daily gainers in the cryptocurrency market today. As of this writing, XLM is valued at $0.147189, with a 3.9% price decrease in the past hour. The token has a 24-hour trading volume of over $1.26 billion, representing a 3,386% surge in the past day. According to CoinGecko data, the Stellar token is closing in on a spot in the top 20 largest cryptocurrencies, with a market cap of nearly $4 billion. Is $0.8 Within Reach For XLM? A look at the broader market shows that XLM has been underwhelming in recent days. Although the token scored some significant gains last month, it appears to have also been affected by the dour market conditions in July. Following the positive price movement of yesterday, investors are hoping to see the XLM price visit the $0.8 again. However, after hitting its all-time high of $0.875563 in 2018, the coin has only ever reached the $0.8 level once. Related Reading: XRP Price Retreats After Massive 80% Rally, Buy The Dips? On the weekly chart, the XLM token must overcome resistance at $0.2 and $ 0.4 price levels. So, it would take extraordinary bullish pressure for Stellar to reach $0.8 again.  XLMUSD trading at $0.146982 | Source: chart from TradingView That said, the Relative Strength Index (RSI), an indicator that tracks the balance between the buying pressure and selling pressure of a token, suggests that the current bullish momentum might be waning. The daily RSI has crossed above the 70-mark, which represents the overbought zone. This indicates that the buying pressure is at its peak, and a reversal might be on the horizon. Featured image from Shutterstock, chart from TradingView

Virtually everything we have seen out of the SEC is them claiming crypto to be securities and claiming exchanges are then securities exchanges and need to register with the SEC. However, exchange after platform after exchange has complained that SEC is unwilling to provide any regulatory clarity or guidance in how to comply with laws.…
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