Blockchain
The province of Argentina will issue a stablecoin pegged to the US dollar
San Luis Province in Argentina agreed Legislation allowing the issuance of its stablecoin pegged to the US dollar. The token, called “Activo Digital San Luis de Ahorro”, will be available to all citizens of the province over the age of 18 and 100% secured in the liquid financial assets of the province.
The bill allows the province to issue stablecoins at up to 2% of its annual budget. It also states that assets can be transferred between parties, but does not specify which chain will be used for transactions. San Luis County is home to more than 430,000 people.
The issuance of stablecoins is just one of the initiatives outlined in the bill called “Financial Innovation for Investment and Socio-Economic Development,” which aims to promote development in several sectors in the province through blockchain technology, including value creation and improved auditing procedures.
Related: Argentina fan icon down 31% after losing the World Cup to Saudi Arabia
Along with a stablecoin, the bill allows local artists to issue non-fungible tokens (NFTs) with the aim of promoting financial and cultural inclusion. The text of the bill states:
The “SAN LUIS ART DIGITAL ASSET” will be art collections from the province, giving local artists the opportunity to digitize their work and release it on the digital market through an internal web platform for buying and selling. To create these collections, NFT technology (Non-fungible code – non-fungible code) will be used, which makes this work of digital art unique, gives ownership and authenticity to the artist or owner of the digital asset. “
A complex economic scenario is driving cryptocurrency adoption in Argentina, where double-digit inflation has sparked corporate and government initiatives in cryptocurrency and blockchain technology. As of the end of the year, FocusEconomics panelists expect inflation to be at 73.5% in Argentina.
Chainalysis report Revealed that more than 30% of consumers in Argentina Already use stablecoins to make daily purchases, most likely for small retail transactions, under
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The Bancor price prediction shows that BNT is crossing the 9-day and 21-day moving averages while the coin is taking off to the upside.
Key levels:
Resistance levels: $300, $310, $320
Support levels: $130, $120, $110 BNT / USD It is currently trading at $0.345 after touching a daily high of $0.490, and is likely to return above the 9-day and 21-day moving averages. However, in case the buyers can push the price above the $0.50 resistance level, then the daily candlestick may close above this level, and the price may rise towards the upper boundary of the channel.
According to the daily chart, the Bancor price It is moving near the $0.40 resistance level as the coin is preparing for additional gains. The technical indicator’s RSI (14) is also moving to cross above the 50 level, where the signal line is pointing up to signal a buy signal.
However, if buyers are able to push the price and hold it above the 9-day and 21-day moving averages, Bancor price could rise towards the upper boundary of the channel to reach the potential resistance levels at $0.50, $0.55, and $0.60. While crossing below the lower border of the channel, it could lift the currency to the support levels at $0.25, $0.20, and $0.15, respectively.
Against Bitcoin, Bancor is following a bullish rally, and it could swing higher to cross above the upper boundary of the channel that could identify the resistance at 2400 SAT and above. On the other hand, if the market price crosses the lower boundary of the channel, it may reach the support level of 1800 SAT and below.
However, the technical indicator’s RSI (14) is currently moving to cross above the 50 level as the signal line is pointing north to confirm the upward move. Moreover, any further upward movement may create additional gains above the channel.
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Since the coin starts the upward movement towards the upside, the dYdX price forecast is likely to move steadily inside the channel.
Key levels:
Resistance levels: $2.00, $2.20, $2.40
Support levels: $0.50, $0.30, $0.10 DYDX/USD is likely to cross above the 9-day and 21-day moving averages as the currency begins its upward movement. in the past few days, dYdX price Struggles to cross over to the positive side. According to the daily chart, the RSI (14) technical indicator moved to cross above the 40 level, confirming the bullish movement of the currency.
the dYdX price It is currently moving north. If the currency continues its upward movement, the bulls may cross above the 9-day and 21-day moving averages, which could reach the resistance levels at $2.00, $2.20, and $2.40. At the time of writing, DYDX/USD is showing a slight bullish movement on the daily chart.
Conversely, if the coin slips below the lower boundary of the channel, it may bring the coin back to the $0.50, $0.30, and $0.10 support levels, respectively. Meanwhile, long-term buyers should not be alarmed by the small impact down the road, as the future of DYDX is assured as evidenced by the technical indicator’s RSI (14).
Against Bitcoin, dYdX price is hovering below its 9-day and 21-day moving averages as the coin is poised for an upward move. The technical indicator’s RSI (14) also confirms the upward movement as the signal line encounters the 40 level. On the contrary, a potential downside move could emerge if the market price crosses below the lower boundary of the channel, which could reach the support level 200 SAT and below.
Meanwhile, any further bullish move above the moving averages could push the coin to the 1200 SAT resistance level and above, and this could take the coin to a new high, and the market could remain in the bullish zone.
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Bancor Prediction Statistics Data:
BNT/USD market
Bancor Price Prediction: Bancor is preparing for an upward movement
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dYdX prediction stats data:
DYDX/USD Market
dYdX Price Prediction: DYDX is ready for an uptrend
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