Stellar Lumens was facing continuous bearish pressure on the charts and looked likely to head further south, at the time of writing. On the contrary, NEM exhibited a strong bullish trend in the near-term while Maker showed signs of bullishness as well.
Stellar Lumens [XLM]
The momentum was strongly bearish with XLM. The RSI stood at 37, while having failed to rise above the neutral zone around 50 over the past week.
The last time the RSI noted an uptrend, however, it turned out to be a bounce, rather than a trend reversal.
Hence, it is likely that XLM is in the midst of a strong downtrend, and any short-term bullish reversal can be considered as a bounce, unless compelling evidence to the contrary can be found. Traders can use such bounces to short the crypto-asset.
XLM could drop past its level at $0.75 to find support at $0.7, and even beneath that level at $0.63, if faced with strong selling pressure over the next few days.
NEM registered bullish momentum in recent trading sessions, but faced resistance at the $0.116-level. Sellers stepped in as the price attempted to climb above the said level. XEM closing above this level would be bullish, while another rejection at the resistance could contribute to a small drop in price.
The Directional Movement Index signaled a strong trend, one that has been present with XEM for a week now. The ADX (yellow) was above 20, with -DMI (pink) above +DMI (blue), until it flipped the other way round a few days ago.
Buyers stepped in at the demand zone of $0.1. Further, Buyer interest appeared to have effected a trend reversal in the short-term too.
The close of the next few trading sessions will give a clearer picture of XEM’s next direction.
Maker rose above its resistance at $500, and appeared to do so with conviction. The trading volume when MKR first breached the level was off the charts. This wasn’t all buyers, however, as sellers also forced the price south. MKR still closed that session at $502, with MKR attempting to rise even more, at the time of writing.
The OBV showed rising buyer interest, as exhibited by the higher lows the indicator was forming on the charts. Further, the MACD also formed a bullish crossover recently.
It is likely that MKR will rise above $500, re-tests the level, and continues upward. The next level of resistance for MKR lay around the $571 region.
U.S. crypto exchanges have a plan for the travel rule. Now they just have to get along
- A working group of 25 U.S.-based exchanges released a white paper this week outlining their platform to comply with FATF’s travel rule.
- The group includes some of the most prominent exchanges stateside, suggesting that the plan has legs.
- Now, the group has to develop a governance structure.
Exploring the current state of cryptocurrency taxation in the European Union
- By now, guidelines for taxation of cryptocurrency activities exist in most EU member countries. However, grey areas remain.
- Highly favorable tax treatments in some, and lack of taxation in other EU member countries enables regulatory arbitrage.
FinCEN proposes lower threshold for transaction data-gathering under FATF’s ‘travel rule’ including those made with crypto
Proposed rule change would mandate financial institutions gather and share data on smaller international transactions by lowering the threshold from $3,000 to $250.
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