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Is Stellar Lumens good crypto to buy now after the recent dip?

  • Stellar Lumens is 87% below its ATH.

  • The cryptocurrency brings together the global financial systems to blockchain.

  • Stellar token XLM is yet to find a bottom.

Stellar Lumens XLM/USD trades slightly above $0.1. Compared to its all-time high of around $0.79 in May 2021, that represents a decline of 87%. This thesis answers the key question of whether investors are good at buying Stellar Lumens at low prices.

Stellar Lumens prides itself on being an open network for safe custody and transfers of money. The platform simplifies the process used to create, transfer, and trade all forms of digital money. That also includes dollars, pesos, and Bitcoin. The network aims to enable all the global financial systems to work together.

Undoubtedly, as digital payments grow, Stellar Lumens will follow suit. This was evident early last month when Novatti Group onboarded Stellar for a new stablecoin. Stellar, alongside Ripple, was selected by the international payments network for the project. The stablecoin will be pegged to the Australian dollar. Last year, Stellar also partnered with payments giant MoneyGram. The partnership will let customers convert their digital money into cash. Such developments highlight the vital role of Stellar and its native token XLM in blockchain.

Stellar Lumens continue downtrend

Source – TradingView

From the weekly chart, Stellar Lumens is yet to find a bottom price. An RSI reading of 31 suggests the cryptocurrency is oversold. However, the token is yet to find support which currently sits at $0.07. We do not think it is yet time to buy Stellar Lumens, although the current level remains attractive. The price will potentially slide lower to find the next support at $0.07.

Summary

Stellar Lumens lacks a catalyst for a potential rally. The cryptocurrency remains viable in line with the growth in digital payments and blockchain. The recent plunge may continue until the cryptocurrency reaches $0.07.

The post Is Stellar Lumens good crypto to buy now after the recent dip? appeared first on CoinJournal.

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Uniswap token escapes consolidation zone with a chance to ride up to $8.0

  • Uniswap’s token has gained by 12% in 24 hours

  • The protocol’s liquidity providers faced a phishing attack on Monday

  • Uniswap has now escaped the consolidation zone and eyes higher levels

Uniswap’s UNI/USD has risen by 12 % in the last 24 hours, according to CoinMarketCap. The gains come amid slight recoveries in crypto after inflation data stoked markets. We believe Uniswap has a long way to recover. However, the latest gains will be sustained in the next few days.

The gains in Uniswap come amid a suspected phishing attack on its v3 protocol liquidity providers. The attack, which occurred on Monday, led to the loss of around $4.7 million ETH tokens. ERC20 tokens and NFTs were also stolen in the sophisticated attack. Uniswap crashed by almost 10% following the attack. Uniswap’s development team clarified that the phishing attack was not caused by an error in the protocol.

Uniswap starts an uptrend after escaping a consolidation zone

Source – TradingView

Uniswap’s token bottomed at $4.7. The price crashed below it temporarily but recovered. The latest gains push the price above the bottom level, raising a bullish case for the token. MACD indicators are bullish too. The MACD line crossed above the moving average, indicating a bullish trend. The 14-day and 21-day moving averages have joined a support for the Uniswap token. We believe the cryptocurrency offers opportunities in the short and long term.

In the short term, the Uniswap token has an established resistance at $8.0. Investors should consider holding up to the level. However, the token could face a minor correction at $6.1. Investors can buy at the 14-day or $21-day moving averages. In the long-term, investors should hold Uniswap to lock value at the bottom price.

Summary

Uniswap’s token is starting a bullish rally after overcoming a consolidation level. The cryptocurrency will continue rising but may face resistance at $8.0. Investors can hold in the short term to the resistance or long-term.

The post Uniswap token escapes consolidation zone with a chance to ride up to $8.0 appeared first on CoinJournal.

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CoinFLEX announces resumption of withdrawals

After pausing withdrawals last month, CoinFLEX has today announced the resumption of withdrawals.

CoinFLEX announced it will enable limited withdrawals for all its users this week as it continues to work on its recovery plans.

Starting at 5 am UTC (1 pm HKT/SGT) on Friday, July 15, CoinFLEX will cancel all current pending withdrawals and return all the funds to their respective account balance. The platform will then shut down for a few hours to begin the process of re-enabling withdrawals and trading.

Non-FLEX Perp positions

CoinFLEX recommends users close all existing non-FLEX Perp positions by the end of the week.

According to CoinFLEX, many of its users have accounts with open Perp positions that require liquidation when the FLEX Perp mark price is updated. And a section of these accounts would go to the negative equity.

Therefore, to protect creditors on the CoinFLEX platform, balances and positions in all the subaccounts will be merged with their respective main accounts.

Withdrawing BCH

After the resumption, 90% of any new smartBCH deposits on CoinFLEX will be locked leaving 10% for trading and withdrawal as BCH.

Withdrawals of BCH on smartBCH network will continue until further notice.

FlexUSD balances

All existing flexUSD balances on CoinFLEX will be locked.

Then 90% of any new flexUSD deposits transferred from a cold wallet leaving only 10% available for redeeming.

And since all futures contracts must be closed, flexUSD will not hold short perp positions meaning holders will not be earning interests for now.

New flexUSD minting has also been suspended until further notice.

FLEX coin withdrawals

Existing FLEX coins will also be locked like other assets. Any new FLEX coins bought on CoinFLEX will however be fully available for withdrawals.

CoinFLEX also noted that they are continuing to work on resolving their current predicament that could lead to allowing further withdrawals. It is also looking for potential new investors or acquisitions or a combination of both as it tries to resolve the situation.

The post CoinFLEX announces resumption of withdrawals appeared first on CoinJournal.

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Cryptocurrency exchange OKX gains approval to operate in Dubai

Dubai is becoming one of the most favourable destinations for cryptocurrency companies. 

OKX, one of the leading cryptocurrency exchanges in the world, announced on Thursday, July 14th, that it had gained approval to operate in Dubai, the United Arabs Emirate.

According to its press release today, OKX said it had been granted a provisional virtual assets (VA) license to provide services to qualified investors in the UAE.

The licence was issued by the Dubai Virtual Assets Regulatory Authority (VARA), allowing the exchange to provide certain exchange products and services to pre-qualified investors and financial service providers within the UAE.

The cryptocurrency exchange added that it would also establish a regional hub in Dubai to contribute to developing the ever-expanding virtual asset ecosystem within the region.

Lennix Lai, General Manager, OKX Dubai, commented on this latest development, stating that;

“The MENA region is one of the fastest growing markets for our industry, and we are very excited to be at the heart of this thriving ecosystem. OKX looks forward to contributing meaningfully to the free exchange of ideas that will be so important to the development of this space while innovating for the future in a regulated framework.”

OKX has become one of the leading cryptocurrency exchanges in the world and continues to build despite the ongoing bear market. 

Tim Byun, Global Government Relations Officer, OK Group, said the company is excited to expand its reach to the UAE. he stated that;

“Dubai is a pioneer when it comes to regulation of the virtual assets sector, and it is swiftly becoming one of the top global hubs for the industry. We at OKX are thrilled to be participating in the sound compliance framework that Dubai’s Virtual Assets Regulatory Authority has established, and which reflects the UAE’s leadership as far as nurturing the global economy of the future.”

Thanks to this latest development, OKX said it would be participating in the VARA regulatory ecosystem. The crypto exchange will help by facilitating research and knowledge sharing with the goal of making Dubai a leading hub for the global virtual assets industry.

The post Cryptocurrency exchange OKX gains approval to operate in Dubai appeared first on CoinJournal.

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Celsius files for Chapter 11 bankruptcy: CEL price on the decline

As the volatile crypto market continues to tumble, Celsius Network has decided to seek help from the authority by filing a voluntary petition under the Chapter 11 bankruptcy code at the United States Bankruptcy Court for the Southern District of New York. 

This comes after the crypto lender tried implementing a number of measures including withdrawing WBTC and ETH tokens from Aave to pay its loans.

Following the news of the filing of the Chapter 11 Bankruptcy, the native token of Celsius Network, CEL, took a bow and has almost shed a quarter of its previous gains. 

Over the last 30 days, CEL price had risen by about 112.5%. However, today at the time of writing, CEL had registered a drop of about 16.5% over the past 24 hours.

Celsius is. However, not the first crypto firm to file for Chapter 11 bankruptcy. Over the past month, major crypto firms like crypto lender Voyager Digital and crypto hedge fund Three Arrows Capital have also filed for the same in an effort to secure their companies. 

Why did Celsius file for Chapter 11 Bankruptcy?

After filing for Chapter 11, Celsius will be able to continue with its operations once the bankruptcy court approves its filing. However, the firm maintained that customers will still not be allowed to carry out withdrawals at the moment.

In the meantime, Celsius will be undergoing a restructuring process that will be aimed at increasing the value for its investors. Where during the process, it will provide ample liquidity to support some of its operations with its $167 million cash at hand as it tries to stabilize its businesses.

A restructuring process might be the only remedy for the crypto firm during the current bear market condition.

While addressing the matter, Celsius CEO and Co-founder, Alex Mashinsky said:

“This is the right decision for our community and company. We have a strong and experienced team in place to lead Celsius through this process. I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company.”

To save the company from insolvency, Celsius stopped all withdrawals last month. This has helped them pay off part of the debts they owed. In total, they have paid out debts amounting to about $800 million to a number of other crypto firms including Maker, Aave, and Compound Finance.

The post Celsius files for Chapter 11 bankruptcy: CEL price on the decline appeared first on CoinJournal.