Top Crypto Developments: XLM, Bitcoin, and Shiba Inu

XLM's Potential Price Decline

The Stellar token, XLM, is currently showing a downward trend. Analysis using Bollinger Bands reveals that the upper band was breached at $0.6374, with the 20-day moving average positioned at $0.21. This pattern mirrors the 2021 scenario when XLM's price dropped by 48.73% after peaking. With a recent 40% decrease over the past three weeks, the potential for a further 45% decline exists. The token's future largely depends on broader market conditions rather than past patterns. Currently, XLM trades at $0.3535, marking a 2.07% decrease in the last 24 hours.

Japan's Bitcoin Reserve Stance

The Japanese government has expressed skepticism regarding Bitcoin's adoption as a reserve currency. Despite suggestions from government officials to mimic the U.S. approach, the Prime Minister highlighted a lack of detailed information on U.S. actions concerning Bitcoin reserves. The hesitance arises from crypto assets not being classified as foreign exchange and the need to maintain the security and liquidity of foreign exchange reserves.

Shiba Inu's Market Challenges

Shiba Inu is at a critical juncture, facing bearish market conditions. The asset is struggling to uphold key support levels, particularly the 50 EMA, and is trading near $0.00002164. The 200 EMA is alarmingly close, and losing this support could trigger a decline to $0.0000204 or lower. A significant drop in large transaction volumes from institutional investors adds to the concern. However, if SHIB can rebound from the 200 EMA, there is hope for a recovery driven by speculative buying.