XLM Depicts Buying Resurgence, Where’s It Headed Next?

XLM price picked up momentum after the coin retraced on its chart over the past week. Over the last 24 hours however, XLM appreciated by 3.6% and was successful in toppling over its immediate resistance mark. The bulls were back in charge and the technical outlook of XLM also portrayed the same sentiment.

Currently, XLM price has become steady on the $0.121 level. Over the past few days, XLM has consistently formed higher highs and higher lows which is a sign of bullishness in the market. If the altcoin is able to hold onto its price momentum, then the coin could eye the $0.130 price ceiling over the upcoming trading sessions. Buying strength for Stellar remains crucial for the coin.

XLM price last hovered around this price mark multiple weeks back, around the end of June. A crash from the present price level could bring XLM price to $0.114. Previously when XLM price traded at $0.124, it was met with bearish pressure resulting in Stellar falling to $0.114.

XLM Price Analysis: Four Hour Chart
Stellar was priced at $0.126 on the four hour chart | Source: XLMUSD on TradingView

The altcoin was priced at $0.126 at the time of writing. The bulls resurfaced along with buyers in the market, this made XLM flip its immediate resistance mark into its support line. Overhead resistance for XLM now was at $0.127 and then at $0.129.

On the other hand, local support for XLM price stood at $0.119. Inability to sustain its price over the aforementioned support line, can bring the altcoin down to $0.114.

Stellar has made considerable recovery given the altcoin had touched a 20-month low price level in the middle of July, this year.

Trading volume of Stellar dipped on the four hour chart, this is an indication of falling selling strength in the market.

Technical Analysis
Stellar was overbought on the four-hour chart | Source: XLMUSD on TradingView

Technical outlook has painted an extreme bullish picture for XLM price on the four-hour chart. There has been a sharp spike in the number of buyers on XLM’s chart.

The Relative Strength Index was parked into the overbought zone which meant that the asset was overvalued.

Buying strength had overpowered selling strength heavily at press time. XLM price was way above the 20-SMA line.

This reading points towards the buyers driving the price momentum in the market. The price of the altcoin was also above the 50-SMA and 200-SMA which signified that demand for the altcoin had substantially increased.

Stellar depicted buy signal on the four-hour chart | Source: XLMUSD on TradingView

Stellar captured buy signal on its chart in accordance with the other indicators on the chart. The Moving Average Convergence Divergence depicts the price momentum and reversal in same. MACD had pictured green signal bars over the half-line after it experienced a bullish crossover.

The green signal bars were tied to buy signal for XLM. Directional Movement Index is responsible for portraying the current price trend and the strength of the trend in the market. DMI was positive because the +DI line was above the -DI line.

Average Directional Index (Red) was seen moving towards the 40-mark, this signified strength in the present price direction indicating that XLM price will continue to register an upward movement over the upcoming trading sessions.

Related Reading: Market Sentiment Holds Steady As Bitcoin Aims For $24,000

 

Featured image from StormGain, Charts from TradingView.com

Number Of Crypto ATMs Installed Worldwide Reaches New Milestone

With crypto adoption advancing rapidly over the last year, the installation of new crypto ATMs worldwide has also followed this accelerated rate. The number of countries where crypto ATMs are available remains on the rise too. Over the course of 2021, a large number of ATMs were installed as more countries accepted them. This time around, the number of crypto ATMs in the world has hit a new high, indicating that adoption remains high.

39,000 Crypto ATMs Worldwide

The rapid growth of crypto worldwide is embodied in the number of ATMs around the globe. This month, the space celebrated a new milestone in regards to these machines, which have now surpassed a total of 39,000 ATMs installed worldwide.

Data from Coinatmradar shows that the number now sits at 39,015 ATMs installed across 78 countries. Most of the installations have happened in the last two years. Back on January 1st, 2020, the total number of crypto ATMs worldwide sat at 6,364 ATMs. Growing more than 513% in the time since then to its current level. 

Market cap surpasses $1.1 trillion | Source: Crypto Total Market Cap on TradingView.com

During this time, the number of ATM manufacturers has also grown more than 100%. It is now sitting above 15,000 manufacturers from the 2,000 that dominated the space back at the beginning of 2020. This has facilitated competition in this industry, and the cost of using crypto ATMs has plummeted as a result. 

The United States Continues To Dominated

Most of the growth in the installation of ATMs has been happening in the United States. This is due to the acceptance rate of cryptocurrencies in the region and also the tendency to try out new tech. For this reason, more than 80% of all crypto ATMs installed worldwide have been in the United States.

It currently has a total of 34,301 ATMs out of the 39,015 ATMs that are currently live. It puts it at approximately 88% dominance in this industry. No other country comes close in this regard, and the United States has more crypto ATMs than all the other 77 countries combined. 

Other countries which are seeing higher rates of installations include Canada, Spain, and El Salvador. The United Kingdom is interesting in this regard because while other countries are seeing the number of available crypto ATMs rise over the last two years, it has seen its numbers plummet. Currently, there are only about 22 ATMs in the UK.

There are currently 46 producers around the world with a total of 615 operations. As for businesses who bitcoin to cash and cash to bitcoin services, it currently sits at 324,114, with the US making up about half of this number.

Featured image from Gadgets 360, chart from TradingView.com

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TA- Cosmos Could Be Set For A Wild Rally Ahead Of Crucial Breakout

The price of Cosmos (ATOM) could be set for a wild rally with a potential breakout against Tether (USDT) ahead of summer relief for altcoins. 

Ethereum price saw a relief bounce from $1,600 to $1,800 ahead of merge sentiments leading to other altcoins like Cosmos breaking out in price. (Data feeds from Binance)

Price Analysis Of ATOM On The Weekly Chart
Weekly Price Chart Analysis For ATOM | Source: ATOMUSDT On Tradingview.com

From the chart, the price of ATOM saw a weekly low of around $6.5, which bounced from that range and rallied to $11.3.

The price has built more momentum as it faces resistance at $17.

If the price of ATOM on the weekly chart continues with this bullish structure, it could quickly hit the $17 mark.

The volume shows decent buy bids, pushing the price of ATOM higher.

Weekly resistance for the price of ATOM – $17.

Weekly support for the price of ATOM – $6.5.

Price Analysis Of ATOM On The Daily (1D) Chart
Daily Price Chart Analysis For ATOM | Source: ATOMUSDT On Tradingview.com

The price of ATOM found strong support at around $6.2, with what seems to be an area of interest on the daily chart.

ATOM bounced from its support, forming a bullish trendline that acts as a support and has continued to maintain this structure. 

At the point of writing, the price of ATOM is at $12, trading above the 50 exponential moving averages (EMA), which corresponds to the support at $10. 

If the 50 EMA region fails to hold the price, $9 would be a good support to hold sell-offs and for a possible price bounce.

With more buy bids, we could see the price of ATOM retesting at $16 -$17, which has been resistance on the daily chart.

The RSI for ATOM price on the daily chart is 65, indicating healthy buy bids for ATOM.

The volume for ATOM looks good, indicating positive signs for ATOM prices to trend higher.

 

Daily (1D) resistance for ATOM price – $17.

Daily (1D) support for ATOM price – $10, $9.

Price Analysis Of ATOM On The Four-Hourly (4H) Chart
Four-Hourly Chart Analysis For ATOM | Source: ATOMUSDT On Tradingview.com

The price of ATOM has shown a bullish breakout from a symmetric triangle on the 4H chart, with the price closing above it.

ATOM has struggled in this region, forming a range in a triangle with price rejecting from $11.5.

ATOM price is $12, trading above the 50 & 200 EMA with prices of $10.7 and $10 on the 4H chart. These prices would act as support areas for ATOM on the 4H chart.

 

Four Hourly (4H) resistance for ATOM price – $16.

Four hourly (4h) support for ATOM price – $10.7, $10.

 

A break below these support zones could send the price of ATOM to a region of $9, acting as a good support area.

Featured image from NewsBTC, Charts from TradingView.com 

Why Bitcoin At $100K Is Just A “Matter Of Time”, Says Bloomberg Intelligence

Bitcoin follows what Senior Commodity Strategist for Bloomberg Intelligence, Mike McGlone, calls an “enduring trajectory”. The benchmark crypto is one of the best-performing assets in history, as the expert said in a recent report, and might be on track to record fresh gains in the second half of 2022.

At the time of writing, BTC’s price trades at $23,900 with a 3% profit over today’s trading session and a 2.4% profit over the past week. The cryptocurrency seems to be trending upwards on the back of a decrease in inflationary expectations for July’s Consumer Price Index (CPI) print.

BTC’s price with important gains on the 4-hour chart. Source: BTCUSDT Tradingview

This metric has been recording multi-decade highs forcing the U.S. Federal Reserve (Fed) to take measures by decreasing its balance sheet and hiking interest rates. Thus, creating a hostile economic environment for risk-on assets, such as Bitcoin and equities.

The cryptocurrency might benefit from deflationary forces, McGlone believes. Bloomberg’s Commodities Index, and the price of key commodities, such as Oil and Copper, are hinting at this trend.

In that sense, the experts expect assets with fixed supplies to rally. This could set Gold and Bitcoin to hit $2,000 and $100,000, respectively, in the long term.

McGlone believes that the benchmark crypto is becoming a more stable, and less risky asset. This could translate into BTC operating as a “high-beta version of the metal (Gold) and Treasury bonds”.

The price of Bitcoin and Gold might start “accelerating”, the report says, if the West Texas Intermediate (WTI) oil, a benchmark for oil pricing, follows the downside trend in commodities. McGlone wrote:

It’s a question of supply, demand and adoption in the next 14 years that should drive prices, and we see little reason to complicate what appear to be enduring trajectories, notable in advancing technology (…).

The Other Side Of The Coin, Why Bitcoin Could Sustain Its Gains

As seen below, the price of WTI oil broke above an important resistance level in 2021. McGlone noted that the price of Gold and oil have been historically inversely correlated.

Thus, why he seems convinced that oil is hinting at appreciation for the precious metal and its 2.0 version, Bitcoin. The Bloomberg Intelligence expert said:

Our bias is tilted toward more of the same pendulum (Oil down with Gold rising) swinging tendency for oil to continue downward in 2H. To the extent that sinking copper portend global deflationary trends and the potential for an end of Fed rate hikes, gold should gain underpinning to breach $2,000 an ounce.

Source: Mike McGlone via Twitter