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Stellar Lumens Price Analysis: 24 January

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

Stellar Lumens had neutral momentum in the market over the past two days, and only in the last few hours did the coin see a shift in momentum in favor of the bulls. This shift in sentiment indicated a move to the upside for XLM.

EOS 1-hour chart

Stellar Lumens Price Analysis: 24 January

Source: XLM/USD on TradingView

Since the first week of January, XLM has been trading within a range from $0.233 to $0.313. On the hourly chart, levels associated with this range have become important due to the timeframe of the price action.

The 50% level of the range, $0.271, is the most important level within the range – a rejection at, or an ascent above, is a good indication of market sentiment. Stellar Lumens showed some strength as it rose above the mid-point of the range it was trading in.

Reasoning

The RSI, which had been choppy about the neutral 50 value, rose above it to denote short-term bullish momentum. The MACD formed a bullish crossover as well and climbed above the zero line.

The Bollinger bands’ width indicator reached a low on the 24th and has increased ever since to show that volatility was slowly rising.

The trading volume also saw a slight uptick as the price rose above the mid-point. Taken together, the indicators all showed that a move upward was likely for XLM. Generally, bulls claiming the mid-point will result in bulls driving the price upward to test the range highs.

A retest of the same level would offer an ideal entry to a long position while slipping beneath this level would invalidate bullish strength.

Important Levels

Entry: $0.271

Exit: $0.31

Stop-loss: $0.26

Risk-to-reward: 3.55

Conclusion

A retest would be an ideal long position entry. The $0.29 level could offer some resistance to XLM and would be a place to take some profits at. Losing the mid-point of the range will not only invalidate this notion but also indicate that a move to the range lows was on the table.

Source: https://ambcrypto.com/stellar-lumens-price-analysis-24-january/

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Miami Mayor dismisses Treasury Secretary Yellen’s criticism of Bitcoin

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Over the past few weeks and months, Miami and Mayor Francis Suarez have been working towards positioning the city as the country’s premier crypto-hub. “We want to be one of the most crypto-forward and technological cities in the country,” Suarez had said in a recent interview, with the comments coming on the back of reports […] Source: https://ambcrypto.com/miami-mayor-dismisses-treasury-secretary-yellens-criticism-of-bitcoin/

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FD7 Ventures launches $250M Micro-Fund in India for Cardano, Polkadot-based projects

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A few days after FD7 Ventures, a Dubai-based crypto-investment fund, made news after it announced its decision to sell its Bitcoin holdings worth $750M to buy more Cardano and Polkadot, the fund is in the headlines again. According to a press release, FD7 Ventures has now launched a $250M Micro-Fund in India to invest in […] Source: https://ambcrypto.com/fd7-ventures-launches-250m-micro-fund-in-india-for-cardano-polkadot-based-projects/

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Why Mark Cuban is looking forward to Ethereum’s use cases

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Entrepreneur Mark Cuban is in awe of Ethereum network and thinks that blockchain technology could be a game-changer for various industries. In a recent interview, Cuban said that it is the “simplification of smart contracts” on Ethereum that gets him “excited.” He said: Because now, all these SaaS companies, all these different companies, I could […] Source: https://ambcrypto.com/why-mark-cuban-is-looking-forward-to-ethereums-use-cases/

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Litecoin, EOS, Enjin Coin Price Analysis: 01 March

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Litecoin seemed positioned for additional losses after the long-term moving average closed in on the short-term line. EOS moved within a descending channel after finding support at $3.5. Lastly, ENJ went past a key resistance and saw its price rise on the charts. Litecoin [LTC] Losses in the last seven days amounted to over 25% […] Source: https://ambcrypto.com/litecoin-eos-ftx-token-price-analysis-01-march/

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