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Litecoin Price Analysis: Can LTC/USD Break 100 SMA?

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Litecoin price is slowly moving higher and is currently trading above $180 against the US Dollar. LTC/USD has to move above $210 and 100 hourly SMA to gain momentum.

Key Talking Points

Litecoin price made a decent recovery so far and is currently trading above the $180 resistance (Data feed of Kraken) against the US Dollar. There was a break above a crucial bearish trend line with resistance at $190 on the hourly chart of LTC/USD pair. The pair is currently trading around the $200 resistance and the 100 hourly simple moving average.

It seems like there is a slow and steady bullish bias forming above $150 in litecoin price against the US dollar. The LTC/USD pair is currently placed nicely above the $180 pivot level and is eyeing more gains above the $200 level.

The bias is positive considering the fact that the price is above the 50% Fib retracement level of the last major decline from the $250 swing high to $140 swing low.

During the upside move, there was a break above a crucial bearish trend line with resistance at $190 on the hourly chart of LTC/USD pair. The pair is now attempting a close above the $200-210 resistance.

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Morgan Stanley Opens to Bitcoin Futures Contracts

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The crypto space is hot property at the moment even in the wake of recent market slumps. More institutionalized finance exchanges and organizations are looking to provide a wider range of products for their clients and these must now include Bitcoin futures. The latest to join the blockchain train is Morgan Stanley.

As the first Bitcoin futures contracts expired and were settled this week, the CBoE hailed them a success and a victory for those bearish on Bitcoin. Morgan Stanley has joined its rivals Goldman Sachs and will begin clearing Bitcoin contracts for its clients according to Business Insider.

Bitcoin Bandwagon

The bank’s chief financial officer, Jonathan Pruzan, said the firm has been clearing Bitcoin futures trades made on CBoE and CME Group. He told Bloomberg in a recent interview:

If someone wants to do a trade on the futures and settle in cash, we’ll do that. I wouldn’t say it’s been a lot of activity, but it’s for core institutional clients who want to participate in a derivatives transaction.

Due to its nerve-wracking volatility, many of Wall Street’s major banks have been holding off clearing crypto contracts and taking a wait and see approach. According to Bloomberg the only other bank offering to clear them at the moment is Goldman Sachs which demanded that clients set aside funds equal to the full value of their Bitcoin futures trade as a condition for clearing the transaction. This may have deterred many of them from entering such highly leveraged contracts.

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Ledger secures $75m for crypto security

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The demand for secure crypto storage is almost as high as the demand for the assets themselves. Only a few companies at the moment are offering solid secure offline storage devices for cryptocurrencies and they are selling out like hot cakes. Ledger is one such company and it has just secured its second round of investments which will go into research and development and up-scaling operations.

In a press release on the company blog yesterday Paris based Ledger announced that Series B of funding has now been completed with 75 million USD secured in investments. The first round of investments was held in March 2017 where $7 million was raised. Leading the way was London based capital markets firm Draper Esprit whose CEO Simon Cook said;

“Blockchain, as evidenced by crypto assets, is a truly revolutionary technology. Security will be paramount to its success and we believe that Ledger has built the world’s best security platform to manage private keys for all blockchain and crypto asset applications. This is a global company for a global industry and we have built an international syndicate through the Draper Network to support the team in their huge ambition.”

A number of other venture capitalist partners added to the stash which included Draper Associates, Draper Dragon and Boost VC, as well as FirstMark Capital, Cathay Innovation, and Korelya Capital.

Eric Larchevêque, Ledger CEO, was pleased with the outcome;

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Ripple Price Technical Analysis – XRP/USD Settles above $1.50

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Key HighlightsRipple price managed to move further higher and it broke the $1.50 resistance against the US dollar. There is a short-term bullish trend line forming with support at $1.50 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is placed nicely above the $1.45 and $1.50 levels, and is eyeing further gains.

Ripple price is back in the bullish zone against the US Dollar and Bitcoin. XRP/USD is gaining pace and it may soon attempt further upsides toward $1.80 and 2.00.

Ripple Price Support

There was a decent recovery initiated in Ripple price from the $0.8905 swing low against the US Dollar. The price traded above the $1.00 and $1.20 resistance levels to initiate a fresh upside move. There was even a break above the 61.8% Fib retracement level of the last major decline from the $1.91 high to $0.89 low. It opened the doors for more gains and the price was able to break the $1.45 and $1.50 resistance levels.

It traded as high as $1.7540 and is currently correcting lower. It is testing the 23.6% Fib retracement level of the last wave from the $0.8905 low to $1.7540 high. Moreover, there is a short-term bullish trend line forming with support at $1.50 on the hourly chart of the XRP/USD pair. The trend line support at $1.50 is also around the 100 hourly simple moving average. Therefore, there is a major support forming at $1.50. As long as the pair is above the $1.50 level, there could be more gains toward $1.75 or above the mentioned level.

The overall price action remains positive with supports at $1.45 and $1.50.

Looking at the technical indicators:

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IS DASH RECOVERY ON-COURSE OR SELLERS ARE ANGLING FOR ENTRIES?

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Safe from stagnation at key resistance levels, most alt coins are inching higher. From price action, DASH recovery looks to be on course as buyers push prices higher.

This was likely to happen. Relative to other coins, DASH bore the wrath of sellers after that serious dip to as low as $600. Despite the rosy view, we cannot rule out possibilities of alt coin sellers angling for better entries with every higher high.

This is why we should especially watch out and wait for reactions at $210 for LTC and $3 for IOTA. Any break above and buyers might have a field day.

NEM IS BACK AT $1.14 AS BUYERS WAIT FOR A CONFIRMATION ABOVE $1.50XEMUSD 4HR Chart for January 19, 2018

As a typical break out, NEM prices are back towards $1.14, a reprieve for buyers? Yes, maybe.

But first, it will mean nothing if the last couple of bullish soldiers which resisted lower lows with a double bar reversal pattern failed to follow through and push above this minor resistance line.

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Autopsy of the Bitconnect Implosion: Ponzi, Centralization, Governance

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Ponzi lending smart bot scam Bitconnect finally did what most sane observers predicted long, long ago. It went splat. And it didn’t collapse due to government pressure, nor flurries of bad press, and certainly not from DDoS hacking attacks. The story is more of a ballad, a great object lesson, and it is the lie proving a greater truth: coin centralization and ”governance” end in fiery crashes and hellish burns.

Changes Coming for the Bitconnect System

“Ubitex, MyBitcoin, Bitcoin7, Bitscalper, Bitcoin Savings & Trust, Bitcoin Rain, Gbl Basic-Mining, Butterfly Labs, MintPal, Gemcoin, GAW Miners / Paycoin,” well known developer Jameson Lopp listed, including the latest, “Bitconnect. Scammers have wanted your BTC ever since it had an exchange rate. Learn from history. Don’t be greedy. Don’t be a victim,” he tweeted.

The third week of 2018 brought an announcement, Changes coming for the Bitconnect system – Halt of lending and exchange platform, posted by the anonymous outfit 15 January. “We are closing the lending operation immediately with the release of all outstanding loans,” they claimed.

“In short, we are closing lending service and exchange service while Bitconnect.co website will operate for wallet service, news and educational purposes.” Among the reasons for an abrupt change included “continuous bad press,”  “two Cease and Desist letters,” and “DDoS attacks,” according to the scheme’s unnamed authors.   

Former believers posting on the subreddit, /r/bitconnect, went apoplectic, as one might imagine (see insets). Their concern now is not with mechanics or figuring what might’ve gone wrong, but is instead purely practical: how to get out. Sober analysis is still important, and maybe it’s a perfect opportunity to pass along an ugly lesson to crytpo’s newcomers in hopes of helping them avoid future tragedy.

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IOTA Technical Analysis for 01/19/2018 – Break and Retest?

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IOTA has recently broken below its consolidation pattern to bitcoin and its range to the dollar. Corrections appear to be in play before selling pressure picks up again.

Against bitcoin, IOTA is testing the 61.8% Fibonacci retracement level on the breakdown move and looks ready to head back to the swing low at 0.0002. The moving averages are currently keeping gains in check.

Speaking of moving averages, the 100 SMA is starting to cross below the longer-term 200 SMA so the path of least resistance is to the downside. In other words, the selloff is more likely to resume or reverse. Stochastic is turning lower from the overbought region to indicate a pickup in selling pressure as well.

RSI, on the other hand, has some room to climb so buyers could still put up a fight. A move past the triangle bottom or resistance could indicate that bullish momentum is picking up.

Against the dollar, IOTA is also in correction mode and is hovering around the 50% Fib on the breakdown move. This also appears to be keeping gains in check as it lines up with the 100 SMA dynamic inflection point.

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Bitcoin Price Technical Analysis for 01/19/2018 – Sellers Returning?

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Bitcoin Price Key Highlights

Bitcoin price looks ready to resume its slide as the descending trend line on the 1-hour time frame is keeping gains in check. This lines up with Fibonacci retracement levels that add to its strength as a ceiling. A continuation of the selloff could lead to a test or break of the lows near $9,300.

Bitcoin price is struggling to regain ground as it hit a barrier at the inflection points on short-term charts.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA so the path of least resistance is to the downside. In other words, the selloff is more likely to continue than to reverse.

The gap between the moving averages is widening to signal a pickup in bearish momentum. The 100 SMA also lines up with the trend line and Fib levels, keeping gains in check. A larger pullback could still hit a ceiling at the 200 SMA dynamic inflection point around $13,000.

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New York Stock Exchange (NYSE) Owner to Launch Bitcoin Data Service

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At the end of 2017, signs that Bitcoin was making the jump from a currency used and held only by technology and decentralization enthusiasts to a mainstream asset started to hit the press.

The launch of Bitcoin futures on two of the major futures exchanges served up an opportunity for traders and investors that wanted to take a position in the cryptocurrency without having to buy and store bitcoins to do just that and, perhaps unsurprisingly, the Bitcoin price (what’s grown to become a bellwether of industry health) soared.

During early 2017, and especially over the last week or so, the bitcoin price has taken a hit and – with it – sentiment has weakened.

This doesn’t mean the fundamental developments have stopped, however.

As per this report in The Wall Street Journal on Thursday, the owner of the New York Stock Exchange (NYSE) is launching a bitcoin data feed that it intends to offer to financial firms across the globe, with the goal being to offer the latter the latest and most accurate information on volume, pricing, exchange activity, etc.

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Neo Approaches Record High But Centralization Concerns Persist

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After gaining 2,300% in six months and launching a string of eagerly anticipated ICOs, Neo would appear to be quite the success story. The token is currently trading for $150, after peaking at $193 earlier this month. But behind the scenes, everything isn’t as rosy as it seems; the Chinese blockchain faces persistent claims of over-centralization and rumors of US exchange delisting.

The Neo Kid on the Blockchain

If 2017’s crowdsales were all about Ethereum, 2018 is shaping up to be the year of Neo. The Asian smart contract platform has some way to go before it can match the transaction volume, market cap, or number of ICOs as Ethereum. But if hype is any arbiter of things to come, Neo is on course to own 2018. The biggest token generation events this month have all been on the Neo blockchain, with tokens selling out in record time.

The Key raised $22 million in minutes, and projects such as Aphelion – a Neo P2P DEX – and Deepbrain – an AI platform – have also reported record uptake. Others still to come include Zeepin, Narrative, and Apex, the latter boasting one of the largest crypto Telegram groups and guaranteed to hit its $25m cap. On the surface, everything is going smoothly, but beneath the waters the good ship Neo is sailing on, trouble may be brewing.

Who Controls Neo?Da Hongfei

Da Hongfei, Neo’s CEO, is a man of few words and even fewer tweets. Binance CEO Changpeng Zhao is loquacious, personable, and approachable; Hongfei, on the other hand, is an enigma. The entire Neo team aren’t known for their communicative skills, preferring to let their community do the talking. One reason for this may be the uncertain regulatory environment in China. Like other crypto companies that originated in the country, Neo is obliged to keep government officials onside, as it walks a delicate tightrope, balancing its goals with its legal obligations. The core team has since relocated, but Neo retains close ties with its country of origin.

One of the biggest concerns regarding Neo, and indeed many other cryptocurrency projects, is the level of centralization. Ethereum, despite its “strong leader” handicap, is at least decentralized in terms of the nodes that secure the network, as a recent study has shown. With the majority of Neo nodes controlled by the project’s inner circle, the blockchain is susceptible to interference, either directly or at the say-so of government officials. Its Github also only has one branch.

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