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Bitcoin (BTC) Price Analysis: Potential Reversal Targets

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Bitcoin continues to test an area of interest highlighted in a previous article, and a bounce could take it up to the Fibonacci extension levels. In addition, this might also create an inverse head and shoulders pattern, which is often seen as a classic reversal signal.

This pattern would have a neckline around the 50% extension or $6,800 mark. A break past that level could lead to a move to the 61.8% extension at $6,941 or the 78.6% extension at $7,122. Stronger bullish pressure could take it up to the full extension at $7,352.

The 100 SMA is still below the longer-term 200 SMA, though, so the path of least resistance is to the downside. This suggests that the selloff is more likely to resume than to reverse.

Then again, the gap between the moving averages is narrowing to reflect weakening bearish pressure. If a bullish crossover materializes, buyers could get more energy to sustain the reversal from the earlier downtrend. In addition, the 100 SMA apepars to be holding as dynamic support.

RSI has made it to oversold territory, reflecting exhaustion among sellers and a potential return in bullish pressure upon turning higher. Stochastic is also indicating oversold conditions and bitcoin could follow suit if it starts moving north again. The chart pattern is around $1,000 tall so the resulting rally could be of the same height.

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The Looming Blockchain Disruption in The CGI And Creatives Industry

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The CGI and creative industry impact on our lives in countless ways. From the movies we watch to the advertisements we see on social media, we are constantly being infiltrated with creatives.

As our world becomes increasingly more visual, the need for creatives grows. And as our world becomes more technologically advanced, the creatives need to follow suit.

Technological advancements are clearly seen in the movies we watch. Each year the visual effects get better and more realistic. CGI has much to do with this. It created realistic dinosaurs in Jurassic Park. Then CGI moved to cartoon films made popular by Pixar. Eventually, CGI was used to capture an actor’s motion to create characters like Gollum in The Lord of the Rings. This is now a common feature in modern films. Recently, Disney recreated a live action version of The Jungle Book without using a single live animal. They could have fooled me.

As technological advancements continue to be made, every other aspect of the CGI and creatives industry needs to keep up. One of those aspects is rendering. And the way that is being tackled is through blockchain.

Recent Developments: The Blockchain Disruption

It seems that blockchain has disrupted every industry, and now it is disrupting the CGI and creative industry. Blockchain, the driving technology behind cultural revolutions like Bitcoin and Ethereum can do more than just be an investment for a quick buck. It provides a decentralized and open network where users can pool together resources for a common goal. In the case of CGI and creatives, this is being applied to rendering videos and images.

Rendering speed can be a problem for quickly pushing out creatives at a high resolution. Rendering is what transforms line drawings into photorealistic images. It’s what creates the final product of a dinosaur or ape that makes it look so realistic. But the rendering process takes a long time, even on a powerful computer. Time is money. And that’s why one company is turning to blockchain to speed up the process.

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Litecoin Price Analysis: LTC/USD Primed for Losses

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Litecoin price extended its decline below $78 against the US Dollar. LTC/USD is now at a risk of more losses below the $75 support.

Key Talking Points

Litecoin price was under a lot of pressure below the $80.00 support (Data feed of Kraken) against the US Dollar. There is a new important bearish trend line forming with resistance at $79.20 on the hourly chart of the LTC/USD pair. The pair is currently in a bearish zone and it could break the $75.00 support to decline further.

Yesterday, we saw a fresh downside move in litecoin price below the $80.00 support against the US dollar. The LTC/USD pair declined further, broke the $78.00 support, and it tested the $75.00 support zone.

Looking at the chart, the price fell sharply below the $80.00 and $78.00 support levels. There was even a spike below the $75.00 support and a low was formed at $74.52. Later, there was an upside correction above $76.00.

However, the upside move was capped by the $78.00 resistance. Moreover, the 38.2% Fib retracement level of the last decline from the $82.79 high to $74.52 low also acted as a resistance.

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MyEtherWallet Gets Hit By CyberAttack From Google Chrome Store Hackers

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MyEtherWallet (MEW), one of the most well-known services for managing Ether wallets, recently took to social media to relay an urgent message about a potential cyber attack. According to the Tweet, the Hola VPN extension was in a hacked state for five hours, allowing for the hackers to monitor the activity of some MyEtherWallet users through the extension.

Ironically enough, the VPN service meant to secure your online experience has slipped up again, with this most recent situation being Hola’s second case of bad press.

The wallet service advised that MEW users who had the Hola extension installed should immediately move their funds to a secure wallet, ensuring that the risk of attack is mitigated.

Unlike many other traditional third-party wallets, MEW takes a ‘you are your own bank’ approach, encouraging its users to take control over their own private keys. Although the MEW service has been lauded for the decentralized aspects it offers, the private key system increases the risk of fund loss/mismanagement on a user-to-user basis.

Hola VPN, a free virtual private network (VPN) service with almost 50 million users, later released a report, giving their take on the situation. The blog stated:

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Bitcoin Cash Price Analysis: BCH/USD Upsides Remain Capped

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Key PointsBitcoin cash price fell sharply and even broke the $700 handle against the US Dollar. There is a major bearish trend line formed with resistance near $735 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair may correct higher in the short term, but upsides are likely to be capped by $710-730.

Bitcoin cash price is back in a bearish trend below $750 against the US Dollar. BCH/USD is now facing many challenges on the upside above $710.

Bitcoin Cash Price Resistances

Yesterday, there was a sharp downside move from well above $750 in bitcoin cash price against the US Dollar. The BCH/USD pair tumbled by more than $50 and broke the $730 and $700 supports. It traded as low as $684 and it is currently consolidating losses. An initial resistance is near the 23.6% Fib retracement level of the last drop from the $779 high to $684 low near $706.

However, there are many resistances on the upside above the $706 level. The previous support at $710 is a key barrier. Moreover, there is a major bearish trend line formed with resistance near $735 on the hourly chart of the BCH/USD pair. The same trend line is close to the 50% Fib retracement level of the last drop from the $779 high to $684 low. More importantly, the 100 hourly simple moving average is also positioned near the $735 resistance. Therefore, if the price corrects higher, it could face many challenges around $710 and $730.

Looking at the chart, the price is back in a bearish trend and if it fails to move above $710, it could decline further. On the downside, a break below $685 may push the price towards the $650 support.

Looking at the technical indicators:

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Bitcoin Down 6%, Market Loses $22 Billion in a Day

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Bitcoin (BTC), Cryptocurrency–Despite the significant gains Bitcoin and the crypto-markets posted over the weekend, nearly reaching 7000 USD for the first time since last month, 22 billion USD has been wiped from the market capitalization in less than 24 hours.

The rout began with a steady erosion of price throughout most of Monday, before taking a precipitous fall in the early trading hours of Tuesday. Cryptocurrency investors on the East Coast awoke to Bitcoin being down 6 points, with every coin in the top ten approaching or eclipsing double-digit losses (EOS fell the hardest with a 14% price drop as of writing).

While most investors were cautiously watching the market throughout the weekend’s price gains, Monday brought about a number of reports to suggest that the turnaround would be short-lived. Given the relative low trade volume and lack of momentum in the upward price movement, several analysts predicted that the currency would find trouble eclipsing the 7000 USD mark, and that a slide back to 6000 USD levels could be inevitable. Investors responded with a timid day of trading on Monday, seeing almost all currencies fall into a slow erosion of the weekend’s price gains. Early Tuesday morning brought about the precipitous drops that led to the present state of the crypto market, with nearly 23 billion USD taken from the market cap in a number of hours.

CoinTelegraph reports the price fall came in response to several prominent economists voicing their displeasure with cryptocurrency on Monday, going so far as to predict the digital form of money would inevitably fail.  Speaking in an interview with Financial News London, Joseph Stiglitz, Nouriel Roubini and Kenneth Rogoff cite the increased pressure of government regulation as precipitating the downfall of cryptocurrency, stating that no government could continue to allow the “nefarious” activity prompted by the growing industry. In particular, Stiglitz, who holds a Nobel Prize in Economics, posits that the anonymity afforded through Bitcoin (and other cryptos) goes against the virtues of a transparent banking system (the interviewer failed to question the economists on whether HSBC’s billion dollar money laundering of drug cartels qualified as either nefarious or transparent). In addition, the economists conclude that Bitcoin fails to meet the criteria of money, having no intrinsic store of value and too high of a price volatility to be used as a means of exchange.

Other outlets point to the recent hack of decentralized cryptocurrency exchange Bancor as bringing about the lack of confidence in the market (ironically, the funds were stolen just days after Vitalik Buterin called for more decentralized crypto exchanges while slamming the centralized variety).

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Here Is Why Tron’s (TRX) Price Drop Is Only Temporary

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The cryptocurrency markets have lost a staggering $20 Billion in the last 24 hours. The total market capitalization of the crypto markets stood at $273 Billion only yesterday; now it is valued at $253 Billion. The King of Crypto, Bitcoin (BTC), has somewhat held its own with a drop of 6% in the same time period and now trading at $6,392. BTC has since increased its market dominance to 43.2% as more traders prefer BTC in times of turmoil.

It is with the latter act of preferring BTC that the price of Tron (TRX) has also been dealt a major blow in the last 24 hours. TRX has lost 9.5% of its value in 24 hours and is currently trading at $0.033.

However, this is only temporary.

Initial reports indicate that the loss in market value has come as a direct effect of the Bancor Exchange hack that has resulted in the loss of digital assets worth $23.5 Million. The crypto market reaction follows a similar trend after the last 3 hacks (Coincheck, Coinrail and Bithumb) were announced in the crypto verse. What then proceeded, is a market recovery only a few days later. Therefore, all the TRX HODLers have to do, is to keep holding their TRX.

Another reason why the value of TRX will not be so low for too long, is that Binance plans on resuming withdrawals and deposits on the exchange sometime this week. This means that TRX holders can now move their TRX around to their wallets and cold storage thus decreasing the circulating supply available for trading. The influx of TRX into exchanges for the token migration, was a contributing factor for the decline in value of TRX by increasing the supply in exchanges whereas the demand was low.

Thirdly, the Tron MainNet has been working flawlessly since the Genesis Block was released on the Tron Independence Day. With a capability of 2,000 transactions per second, it is only a matter of time before the Tron Network decentralizes the web as well as the entertainment industry. Ethereum World News had earlier hinted that the Adult Film industry might be willing to tap into the Tron Blockchain and offer DApps for its viewers.

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Golden Opportunity to Invest in NEO as Predictions are Record Like

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The bears have the clear saying above all in the second week of the 7th month of 2018. This Tuesday the red declining trend has taken the market as a whole. For some that are on the short term trading this might mean loss, but other that are longer in the game could find the movement as the best buying opportunity. Especially some altcoins that are taking heavy steps towards development.

NEO Opportunity to Step In

With the first half of the year gone, the crypto-verse both infrastructure and price wise has seen some drastic improvements and changes. Each team is trying their best to showcase their work potential.

That is why in our opinion this time around could be the best to step in before the second part of the year hits hard. As the lead token BTC changed hands from $20,000 to $5,800 just a couple of days ago against the US Dollar, so did many altcoins drop.

During the bull run of late last year and early this year, NEO had peaked at levels of $187 on January 16th. The coin would continue holding its own against an ever dropping Bitcoin and also have a value of $144 in late February as the rest of the market was spiraling out of control. It bottomed at $27.00 seven days ago. However, with the potential seen last year, the rest of 2018 could be filled with new possibilities.

On July 4th, the platform commenced the election of a City of Zion consensus node into the NEO MainNetwork. The event has been named as the decentralization of its blockchain network.

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Google Co-Founder Has Been Mining Ethereum With His Son

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Sergey Brin, co-founder of Google, revealed at this year’s Blockchain Summit that he is mining Ethereum with his son. He also weighed in on the potential of zero-knowledge proofs – Zcash’s underlying privacy option.Blockchain is “Extraordinary”

Sergey Brin, co-founder of Google and current president of its parent company, Alphabet, spoke at the Blockchain Summit – an annual event hosted by Sir Richard Branson – on July 8. Brin, whose estimated net worth is roughly around $52 billion, revealed that he is mining Ethereum with his son.

Brin, who was a last-minute addition to the summit, said that has been mining Ethereum with his 10-years old son.

A year or two ago, my son insisted that we needed to get a gaming PC. […] I told him, ‘Okay, if we get a gaming PC, we have to mine cryptocurrency.’ So we set up an Ethereum miner on there, and we’ve made a few pennies, a few dollars since.

Apart from casually mining the world’s second largest cryptocurrency, Brin admitted that he doesn’t know a lot about cryptocurrencies. Yet, he referred to their underlying technology and its potential as “extraordinary”.

Interestingly enough, the former drummer of Guns ‘n’ Roses, Matt Sorum, also spoke on the panel, highlighting the potential of blockchain to defend the intellectual property (IP) rights of artists. He reiterated on unauthorized and, therefore, unpaid usage of IP and urged for a solution, which could be provided by blockchain-based technology.

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Ethereum Classic Price Analysis: ETC/USD Bearish Below $18

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Key HighlightsEthereum classic price failed to move above the $18.80 resistance and declined against the US dollar. There was a break below a key bullish trend line formed with support at $18.20 on the hourly chart of the ETC/USD pair (Data feed via Kraken). The pair is now trading below the $18.00 pivot level and the 100 hourly simple moving average.

Ethereum classic price is slowly moving lower against the US Dollar and Bitcoin. ETC/USD could decline further as long as it is below the $18.00-18.20 resistance.

After a decent upside move, ETC price failed to break the $18.80 and $19.00 resistance levels against the US dollar. The ETC/USD pair formed a high near $19.00 and started a downside move. There was another attempt to clear the same hurdle, but the price failed and topped near $18.81. ETC price moved down and broke the $18.50 support area. Moreover, there was a close below the $18.00 pivot level and the 100 hourly simple moving average.

Additionally, there was a break below a key bullish trend line formed with support at $18.20 on the hourly chart of the ETC/USD pair. The pair is currently trading near the $17.60 level with an immediate support at $17.40. Below the mentioned support, the price could accelerate declines towards the $16.60 support area. On the upside, an initial resistance is near the 23.6% Fib retracement level of the last decline from the $18.81 high to $17.61 low. However, the most important hurdle is near $18.20 and the 100 hourly SMA.

The chart suggests that the price may perhaps face a strong resistance at $18.20. If it fails to recover above $18.00 and $18.20, there is a risk of more losses below the $17.60 level in the near term.

Hourly MACD – The MACD for ETC/USD is gaining pace in the bearish zone.

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