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The Libra price has slumped 11% in the last 24 hours to trade at $0.3807 as of 3:30 a.m. EST on a 75% plunge in trading volume to $40 million.
The sharp decline in the LIBRA price comes amid opposition calls for Argentina’s President, Javier Milei, to be impeached. Milei initially promoted the token on his X account, which has over 3.8 million followers, as part of an initiative to boost Argentina’s economy.
The political opposition has filed an impeachment complaint, accusing the president of “fraudulent” actions. Congressman Diego Santilli described the impeachment effort as an attempt to “overthrow” Milei.
President Javier Milei is now facing impeachment threats in #Argentina after his controversial post about the #LIBRA #memecoin. pic.twitter.com/93yeO8J5tC
— Whales Desk (@whalesdesk) February 17, 2025
Milei’s initial promotion of the meme coin helped trigger a surge of buying. But when it plunged, Milei deleted the post and distanced himself from the project, saying he was unaware of its full details when he shared it.
Milei has since called for an investigation into the matter, initiating inquiries to determine whether anyone in his government, including himself or individuals connected to Libra, had violated any laws.
Meanwhile, Argentina’s National Securities Commission is evaluating whether regulatory action is warranted. The scandal has triggered national outrage, further complicating Milei’s efforts to implement his ambitious economic reforms.
Libra Price Shows Signs Of Reversal After Consolidation
The LIBRA/USD trading pair is showing signs of a potential reversal after a period of consolidation near a key support level. The current price stands at $0.3789, with a high of $0.3905 and a low of $0.3789, reflecting a 1.30% decline. The 50-period moving average (MA) is at $0.3536, indicating a key level of support that has been tested multiple times.
The price action shows a sharp breakout followed by a period of consolidation within a defined major support zone, suggesting a buildup of momentum. A liquidation event caused a sudden spike before retracement, but the price has since stabilized.
LIBRA/USD Analysis Source: Dextools.io
A notable falling wedge pattern, which is a bullish reversal signal, has formed. The price has broken out of this wedge, indicating a potential reversal to the upside. If this breakout sustains, further bullish movement may follow. The MACD indicator shows the MACD line (0.0129) nearing a bullish crossover above the signal line (0.0109), which could further confirm an upward trend. The histogram is slightly negative but close to turning positive, reinforcing the bullish outlook.
The Relative Strength Index (RSI) is at 62.59, approaching the overbought zone (70) but still within a neutral range. This suggests that there is moderate bullish momentum without the risk of immediate overbought conditions. If the price remains above $0.3789, it may push towards $0.50 levels, whereas a failure to hold support at $0.35 could lead to a retest of lower levels.
The technical indicators favor a potential bullish continuation, but confirmation is needed with further price action. If volume and momentum support the breakout, higher price targets could be tested.
Solaxy Presale Nears $22 Million – Next Crypto To Explode?
As the Libra price gears up for a possible rally, investors continue to flock to the new Solana layer 2 meme coin called Solaxy (SOLX), which has raised more than $21.7 million in its presale.
Solaxy’s mission is to help reduce congestion on the Solana network and improve transaction speed.
The blockchain is facing increasingly heavy traffic due to the growing number of meme coins launched on Pump.fun, a situation that was worsened when trading soared after the launch of TRUMP and MELANIA meme coins last month.
This has put pressure on the mainnet, leading to delays and the risk of outages.
Solaxy introduces a layer 2 sidechain to reduce congestion by processing transactions off-chain, bundling them, and submitting them to Solana’s layer 1. This improves efficiency, lowers fees, and boosts transaction speed.
You'll start feeling the vibes when you enter Solaxy 🪐🛸 pic.twitter.com/jORMaqOjs2
— SOLAXY Help Team 𝕏 (@SOLAXYTOKEN_HT) February 16, 2025
With increasing interest in SOLX, 99Bitcoins, a popular crypto YouTube channel with 725K subscribers, predicts the token could surge 100x at launch.
Investors looking for passive crypto rewards can also stake their SOLX tokens and earn a huge 187% annual return.
Interested investors can purchase SOLX tokens for $0.001638 each using crypto or a bank card before a price hike in less than 2 days.
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