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Currently, the market trends indicate that XLM is displaying an inverted cup and handle pattern, which could lead to a further decline in its price. A deeper look into the reasons behind the XLM price drop shows that traders with short positions dominate, heavily leveraged at the $0.355 mark, putting $5.25 million in short positions at risk.
Amidst the spotlight on the XLM price drop, an interesting development occurred—a crypto whale shifted 1.23 Trillion SHIB, likely aiming to spark a Shiba Inu rally. While some traders are poised to profit from a potential Shiba Inu rally, BlockDAG (BDAG) offers a promising way to generate passive income through the BlockDAG X1 Miner app.
What’s Behind the XLM Price Drop?
On February 6, 2024, analysis from the XLM exchange liquidation map exposed that traders with long positions were excessively leveraged at the $0.3057 level, accounting for $2.26 million in long positions. On the flip side, traders with short positions are seizing control, overly leveraged at $0.355, with a significant $5.25 million in short positions.
The XLM price has been steadily declining with no substantial signs of a turnaround, and it appears the downward trend is consolidating. The persistent bearish mood and ongoing XLM price drop may be driven by adverse price dynamics and the escalating economic tensions among major economies like the United States, Mexico, Canada, and China, adding to a gloomier market sentiment.
Does 1.23 Trillion SHIB Signal a Shiba Inu Rally?
On the same day, Whale Alert noted on X (formerly Twitter) that a significant amount of 1.239 trillion SHIB tokens, worth $20.136 million, was moved from Kraken. This maneuver might hint at an upcoming Shiba Inu rally as the whale positions for a market rebound.
Nonetheless, the Shiba Inu market is currently in downturn, with SHIB experiencing a sharp decline of over 35% to a critical support level at $0.000015. If SHIB maintains this level, it could potentially climb by 30% to $0.000020 soon. Yet, the prevailing market sentiment, clouded by ongoing global economic tensions, appears to dampen the prospects for a Shiba Inu rally.
BlockDAG X1 Miner: The Rising Star in Top Crypto Miners?
In these unpredictable times when the crypto market faces manipulations, depending solely on crypto trading for passive income may be risky. However, mining with the BlockDAG X1 Miner app offers a solid alternative for earning passive income. The app is celebrated for its intuitive, straightforward design, simplifying the mining process—a characteristic of a top crypto miner.
New and seasoned users alike find the app straightforward and beneficial, contributing to its swift rise to 500K users and establishing it as a premier crypto miner.
The success of the BlockDAG miner app is not the only shockwave in the crypto world but also the BlockDAG (BDAG) itself, which is making notable strides in the mining sector with nearly 15,951 crypto mining rigs already sold during its presale. As BlockDAG excels on all fronts, like achieving over 500K users on the mining app and selling nearly 15,951 miners, its BDAG token is also increasing in value.
To date, the project has garnered $196 million and sold 18.5 billion coins during the presale. With the 27th batch of BDAG coins priced at $0.0248 and only a limited supply left, they are expected to sell out quickly. Prompt action could be key to seizing this flourishing opportunity and securing significant returns.
Looking Forward!
The crypto market is highly sensitive to geopolitical shifts, evident from the recent XLM price drop. The development of an inverted Cup and Handle pattern on the XLM chart indicates that the token may face continued challenges. On the flip side, there could be potential for a Shiba Inu rally, suggesting a possible rebound for the token.
However, in these volatile times, opting for a steady passive income with the BlockDAG Miner app, known for being a top crypto miner, remains a wise strategy due to its proven reliability and extensive user base.
Presale: https://purchase.blockdag.network
Website: https://blockdag.network
Telegram: https://t.me/blockDAGnetworkOfficial
Discord: https://discord.gg/Q7BxghMVyu
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