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Monera Price Analysis: XMR/USD Reversal Pattern Forming

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Monera is forming a head and shoulders pattern on its 4-hour time frame and is starting to complete the right shoulder. A break below the neckline around $225 could lead to a selloff of the same height as the chart pattern, which spans $225 to $375.

However, the 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. This means that the uptrend still has a chance at resuming. If the neckline keeps losses in check, XMRUSD could still bounce to the $300 area around the moving averages.

Note that the gap between the moving averages is narrowing to signal a slowdown in buying pressure. If a downward crossover materializes, price could still have a shot at breaking support and sustaining the drop.

Stochastic is pulling up from oversold conditions, though, so buyers could regain the upper hand at some point. RSI is already on the move up to signal that sellers are taking a break and could let bulls take over.

The dollar has been on weak footing following Trump’s decision to fire Tillerson, leading to speculations of more protectionist policies and a potential trade war. The US President also emphasized his plans to impose higher tariffs on China in order to protect US companies.

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Google Bans Cryptocurrency Ads, But Bitcoin Not Affected

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Following in the footsteps of Facebook, Google has announced it will ban cryptocurrency and initial coin offering (ICO) promotional material from its ad platform.

Google Cracks Down on Sketchy ICOs & Crypto Ads

Alphabet Inc.’s Google explained the new policy will go into effect in June of this year, affecting its search engine, advertisements on YouTube, and and its display-ads network.

Google’s crackdown is intended mainly to “prevent consumer harm” and follows Facebook, which adopted a similar policy in late January. 

Google’s announcement reads:

This year, we updated several policies to address ads in unregulated or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs).

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Litecoin Price Analysis: LTC/USD Remains at a Risk

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Litecoin price is trading lower and is currently below $180 against the US Dollar. LTC/USD must stay above the $170 support, otherwise there is a risk of a downside break.

Key Talking Points

·         Litecoin price is under pressure and is currently trading below the $180-182 support (Data feed of Kraken) against the US Dollar.

·         There is a connecting short term bearish trend line forming with resistance at $175 on the hourly chart of the LTC/USD pair.

·         The pair must break the $175 and $180 resistance to avoid further declines in the near term.

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IOTA Price Analysis: More Bearish Signals?

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IOTA is trending lower against the dollar after previously breaking below a symmetrical triangle consolidation pattern. Price is forming another short-term consolidation pattern at the moment and it looks like a bearish flag signal.

IOTUSD was rejected on its test of the descending channel resistance visible on the 4-hour time frame and might have its sights set on the next support levels. At the moment, price is testing the swing low around 1.3420 and the 38.2% extension.

Stronger selling pressure could take it down to the 50% extension around 1.1153 or the 61.8% extension at 0.8828. A test of the channel support could also hit the 76.4% extension at 0.5952 or the full extension at 0.1304.

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. These moving averages are slightly above the channel resistance to add to its strength as a ceiling in the event of another test.

Stochastic is pulling up to show that buyers are ready to regain control of IOTA price action. RSI also has some room to climb, so bullish momentum might still return. However once both oscillators hit overbought levels and turn lower, selling pressure could pick up again.

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Cardano Price Technical Analysis – ADA/USD Could Test $0.25

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Key HighlightsADA price is slowly rising higher and is currently trading above the $0.2100 support against the US Dollar (tethered), but faced sellers near $0.2230. There is a key connecting bullish trend line forming with support at $0.2150 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair may continue to rise and it could break the $0.2350 resistance for a test of $0.2500.

Cardano price is trading above key supports against the US Dollar and Bitcoin. ADA/USD could rise in the short term towards the $0.2500 level.

Cardano Price Support

There was a nice support base forming above the $0.1800 level ADA price against the US Dollar. The price traded higher and broke the $0.2000 and $0.2100 resistance levels. It even traded above $0.2300 and formed a high near $0.2324. Later, it corrected lower and moved below the 23.6% Fib retracement level of the last wave from the $0.1893 low to $0.2324 high.

However, the downside move was protected by the $0.2100 support and the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last wave from the $0.1893 low to $0.2324 high acted as a support. At the moment, the price is trading higher back towards $0.2324 high. It seems like it could break the $0.2350 resistance and trade towards $0.2500. Above $0.2500, the price may even trade towards the $0.2800 level.

On the downside, there is a key connecting bullish trend line forming with support at $0.2150 on the hourly chart of the ADA/USD pair. The pair remains well above the $0.2100 level and the 100 hourly SMA. If it fails to remain above the $0.2100 level, there is a risk of a downside push back towards $0.1800.

Hourly MACD – The MACD for ADA/USD is slowly gaining pace in the bullish zone.

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South Korea Urged by Private Sector to Lift ICO Ban

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The South Korean government is examining an end to the country’s ban on ICO’s as it explores ways to boost its crypto economy.

S.Korea Explores ways to Boost Blockchain

The country which banned initial coin offerings (ICO’s), a popular way for fintech companies to raise capital, in September 2017 is now having another look at allowing the method to take place as it worries about falling behind in developing blockchain based fields.

According to Business Korea, during a briefing on IT and Fintech the country’s Financial Supervisory Service (FSS) announced plans to revitalize blockchain technology.

Methods talked about including attending international conferences, promoting the use of the technology for companies within the country, and by dedicating financial resources to its promotion and use. The ministry of science will contribute 4.2 billion won ($3.94 million) of its budget to support blockchain technology projects.

Private Sector Urges a Lift on ICO Ban

Market watchers in the country though are calling for a lift of the ICO ban in order to finance the development of blockchain projects in a meaningful way.

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Ripple Price Technical Analysis – XRP/USD Extends Consolidation

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Key HighlightsRipple price is trading in a range above the $0.7700 support level against the US dollar. Yesterday’s highlighted monster contracting triangle pattern with current support near $0.7700 is intact on the hourly chart of the XRP/USD pair (data source from Kraken). The pair seems to be struggling to gain momentum above $0.8000 and the 100 hourly simple moving average.

Ripple price continues to trade in a range against the US Dollar and Bitcoin. XRP/USD may rise, but it could struggle to break the $0.8000 and $0.8200 resistances.

Ripple Price Range

There was no upside action above $0.8000 in Ripple price against the US Dollar. The price is currently trading in a range and is preparing for the next move above $0.8000. The recent low was formed at $0.7630 form where the price started rising slowly. It is currently trading near the 38.2% Fib retracement level of the last drop from the $0.8300 high to $0.7630 swing low.

However, there are many barriers on the upside around the $0.8000 and $0.8200 levels. First, the 50% Fib retracement level of the last drop from the $0.8300 high to $0.7630 swing low is near $0.8000. Moreover, the stated $0.8000 is just around the 100 hourly simple moving average. Therefore, the $0.8000 level is a major resistance. A break above the stated $0.8000 resistance could clear the way for more gains. More importantly, yesterday’s highlighted monster contracting triangle pattern with current support near $0.7700 is intact on the hourly chart of the XRP/USD pair.

It seems like the pair may continue to trade in a range above $0.7700 for a few sessions. Once there is a break above $0.8000 and $0.8200, there could an extended upside move towards $0.8500.

Looking at the technical indicators:

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International Banking Study Calls Centralized Crypto Inevitable

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A new report issued by an international banking group analyzing the use of cryptocurrency by central banks recognizes the usefulness of digital currency while calling into question their overall safety and security.

Study Calls Centralized Crypto Inevitable

The Bank for International Settlements issued a report on Monday saying that cryptocurrency, as issued by central banks, could be beneficial to replace cash as it disappears from the marketplace but warned of problems it sees as inherent to the system.

As central banks around the world are studying the potential of issuing cryptocurrencies of their own, the consortium of banking regulators in Basel, Switzerland released their white paper saying “(Central bank cryptocurrencies or other forms of digital currencies) could bring substantial benefits,”

Cryptocurrency issued by a central bank could be a stable, robust and even safer alternative to cash said the study by the group that includes the Federal Reserve and 59 other central banks of nations that account for about 95 percent of world gross domestic product.

Warnings of Dangers Ahead

This bit of positivity though came with many caveats warning of potential dangers. The report argues that digital currencies could become a rival to cash which would lead to rising interest rates as cash would then pulled from the commercial banking system.

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NEO, EOS, LTC, Monero, Lumens: Technical Analysis March 14, 2018

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While there is an obvious slide of altcoins prices, there is hope for EOS, LTC and NEO. Technically, these charts are hinting of possible price appreciation with series of higher highs at lower time frames happening at key support lines.

NEO prices looks interesting and not only are sellers testing the main support line in the weekly chart but a buy signal in the daily chart and rejection of lower lows in the 4HR chart may mean a lift off past $90. On the flip side though, sellers can further erode prices and drive NEO to $55.

Let’s have a look at these charts:

XLM/USD (Stellar Lumens)XLM/USD Bittrex Daily Chart for March 14, 2018

Besides the strong bear Lumens trajectory, there is nothing much that can be said when it comes to price volatility. Fact is, since March 9 pin bar, prices have been slow and moving within that candlestick with no clear cut gains.

From a positive perspective, the middle BB at $0.30 is our logical resistance line. While Lumens prices are $0.02 from our key support line at $0.30, the rate of depreciation hasn’t been that rapid to warrant a bearish break out and consequent sells.

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Ethereum Price Technical Analysis – Can ETH/USD Move Higher?

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Key HighlightsETH price is slowly gaining pace from the $677 swing low against the US Dollar. There is a connecting bullish trend line forming with current support at $685 on the hourly chart of ETH/USD (data feed via Kraken). The pair has to move above the 100 hourly simple moving average and $710 to gain traction.

Ethereum price is slowly rising higher against the US Dollar and Bitcoin. ETH/USD may climb higher in the near term above the $710 level.

Ethereum Price Resistance

Yesterday, there was a downside move, but it was contained by the $677 level in ETH price against the US Dollar. The price was seen struggling, but buyers succeeded in preventing any major breakdown towards $620. A low was formed at $677 recently and the price is currently correcting higher. It has moved above the 23.6% Fib retracement level of the last decline from the $739 high to $677 low.

However, there are many barriers on the upside for buyers around $708-710. The 100 hourly simple moving average is positioned near $710. Moreover, the 50% Fib retracement level of the last decline from the $739 high to $677 low is at $708. Therefore, a break above the $708-710 is needed for buyers to gain upside momentum in the near term. Above $710, the next major resistance is near $735 and $737. The stated $735 level acted as a resistance on many occasions, and it may continue to prevent gains.

On the downside, there is a connecting bullish trend line forming with current support at $685 on the hourly chart of ETH/USD. The pair remains supported on the downside around $685. However, it must rise above $710 to avoid a downside reaction in the near term.

Hourly MACD – The MACD is gaining pace in the bullish zone.

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