India's Central Bank Reiterates Opposition to Cryptocurrency Legalization
- Central Bank's Firm Stance: The Reserve Bank of India (RBI) reiterated its opposition to the legalization of cryptocurrencies in Parliament, arguing that they pose risks to financial stability and the economy, reflecting its ongoing vigilance and regulatory commitment towards the crypto market.
- Containment Strategy Advocacy: The RBI proposed a 'containment strategy' that would prevent banks and financial institutions from engaging with cryptocurrencies and stablecoins, emphasizing that such a policy is recognized under international frameworks to avoid legitimizing speculative assets.
- Stablecoin Risk Concerns: The RBI expressed particular concern over stablecoins, noting their design as money could threaten monetary sovereignty, warning that widespread use of dollar-pegged tokens might disrupt domestic payment systems and complicate monetary policy transmission.
- Regulatory Calls and Contradictions: While the RBI opposes virtual digital assets, the Indian government imposes a 30% tax on crypto gains, highlighting a contradiction between regulatory stances and taxation, reflecting a complex attitude towards the crypto market.
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Technical Analysis for BANK
Technical Sentiment Analysis for Lorenzo Protocol (BANK). As of , Lorenzo Protocol (BANK) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 2 indicators are flashing buy, while 2 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BANK stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BANK is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Lorenzo Protocol (BANK) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0159 | 0.0233 | 0.0301 | 0.0375 | 0.0443 | 0.0517 | 0.0585 |
| Fibonacci | 0.0233 | 0.0288 | 0.0321 | 0.0375 | 0.043 | 0.0463 | 0.0517 |
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