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Litecoin Price Analysis: LTC/USD Pressured Below $225

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Litecoin price declined further yesterday towards $200 against the US Dollar. LTC/USD is currently correcting higher, but it is facing a major resistance near $225.

Key Talking Points

Litecoin price failed to hold the $220 support yesterday and declined towards $200 (Data feed of Kraken) against the US Dollar. There is a short-term bearish trend line forming with resistance at $222 on the hourly chart of the LTC/USD pair. The pair has to break the $222 and $225 resistance levels to gain upside momentum.

Yesterday, we saw a downside reaction in litecoin price from the $250 resistance against the US dollar. The LTC/USD pair was holding the $220 support level, but later the pair declined further and moved towards the $200 level.

It traded close to the $200 level and formed a low near $203. It seems like the pair has moved back in a bearish zone short term below $225 and the 100 hourly simple moving average. I tis currently correcting higher and moved above the 23.6% Fib retracement level of the last decline from the $252 high to $203 low.

However, there are many resistances on the upside near $225. There is also a short-term bearish trend line forming with resistance at $222 on the hourly chart of the LTC/USD pair.

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Bitcoin Market Dominance Rises, Transaction Fees Fall

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The ratio of Bitcoin’s market dominance compared to all other digital currencies has generally getting smaller since early 2017. This period can be considered the ‘big bang’ for cryptocurrencies, when they literally all exploded onto the scene and inflated into the virtual universe. Over the past week however Bitcoin’s dominance has picked up and its transaction fees have fallen.

Over the first half of 2017 Bitcoin’s market share plummeted from almost 90% to around 37%. This was largely at the expense of Ethereum which skyrocketed in price from around $10 to over $400 during the same period. Other altcoins such as Ripple’s XRP also chomped away at the Bitcoin behemoth as the crypto train gathered momentum. The latter half of 2017 saw Bitcoin steadily rise back up to a high of 64% market dominance in early December as traders soon realized that they needed BTC to buy altcoins.

Big Drop For Bitcoin

As crypto mania reached a crescendo just after New Year Bitcoin found itself in free-fall again dropping by 50% to a low of 34% market dominance. Smaller altcoins such as Verge, Tron, and Cardano were being shilled and pumped causing millions of dollars to flow away from BTC and into them boosting their market capacities into the billions. The party did not last long and those that shot up so rapidly fell the hardest. Everything was sucked into the virtual vortex and the crypto markets shed 66% from $830 billion down to a low of $280 billion in just one month from January 7 to February 6.

In the past week however Bitcoin’s market dominance has seen a turn around and it is reclaiming some of its lost share. It has regained 14% from 34% on Feb 10 to just over 39% today, and it continues to climb as many of the altcoins carry on bleeding. Those that were seeking a quick buck are likely to have sold in a panic as markets fell, while those with true belief in blockchain technology and the projects they have invested in will be hodling for the future.

Chart: CoinmarketcapUsage and Transaction Fees at a Low

While Bitcoin approaches 40% market share again its actual usage has fallen to the lowest point in six months. Costs to send Bitcoin became unfeasible during its peak in December when they were as high as $35. This caused many to switch to more cost efficient alternatives such as Ethereum, Litecoin and even Bitcoin Cash.

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Binance (BNB/BTC) Technical Analysis for 02/22/2018 – Bears Still In Control

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Binance continues to trend lower and has broken below the mid-channel area of interest on its 4-hour chart. Price could be headed back to support at 0.00075 from here.

The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside. This suggests that the selloff is more likely to carry on than to reverse. The latest consolidation appears to be a bearish flag pattern, so a break below the short-term support could lead to a drop of the same height as the mast.

However, stochastic is pulling up from oversold levels to signal that buying pressure is present. RSI is pulling up from oversold territory as well, so Binance could follow suit. This could spur a correction to the channel resistance and moving averages at 0.0010-0.0011.

Applying the Fibonacci retracement tool on the 1-hour time frame shows that the 61.8% level lines up with the channel resistance. The 38.2% level lines up with the 100 SMA dynamic resistance, which could be enough to keep gains in check for a shallow pullback.

RSI has some room to climb on this chart so price could still enjoy a bit of bullish momentum. Stochastic, however, is already indicating overbought conditions and looks ready to turn lower to signal a return in selling pressure.

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Ethereum Classic Price Technical Analysis – Can ETC/USD Reclaim $36?

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Key HighlightsEthereum classic price declined sharply after trading above the $42.00 level against the US dollar. There is a major bearish trend line forming with resistance at $35.20 on the hourly chart of the ETC/USD pair (Data feed via SimpleFX). The pair is currently correcting higher, but it has to move above $36.00 to gain upside momentum.

Ethereum classic price declined this week from highs against the US Dollar and Bitcoin. ETC/USD could correct higher, but it must break the $36.00 resistance.

In the last analysis, we saw a nice upside move in ETC price above the $40.00 level against the US dollar. The price even traded above the $42.00 level before it faced sellers. A high was formed near $42.36 before the price started a downside correction. It declined sharply and moved below the $38.00 and $35.00 support levels. A low was formed at $32.40 from where the price started an upside correction.

At the moment, the price is trading near the 23.6% Fib retracement level of the last decline from the $52.36 high to $32.40 low. There is also a major bearish trend line forming with resistance at $35.20 on the hourly chart of the ETC/USD pair. Above the trend line resistance, the 100 hourly simple moving average is positioned at $36.00. Moreover, the 38.2% Fib retracement level of the last decline from the $52.36 high to $32.40 low is near $36.00. Therefore, it seems like the $36.00 level and the 100 hourly SMA are important barriers for more recoveries in ETC.

Buyers must push the price above the $36.00 level. If they fail, there are chances that the pair may decline once again back towards the $32.00 level in the near term.

Hourly MACD – The MACD for ETC/USD is currently reducing its bearish slope.

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Ripple Price Technical Analysis – XRP/USD is Facing Uphill Task

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Key HighlightsRipple price declined below the $0.9500 support area yesterday against the US dollar. There are two important bearish trend lines forming with resistance at $0.9400 and $1.00 on the hourly chart of the XRP/USD pair (data source from SimpleFx). The pair is currently correcting higher, but it is likely to face a lot of sellers on the upside near 0.9500.

Ripple price declined further during the past few hours against the US Dollar and Bitcoin. XRP/USD is currently recovering, but upsides are likely to be capped.

Ripple Price Resistance

There was no respite for buyers as Ripple price declined further below $0.9800 against the US Dollar. The price traded lower and even broke the $0.9500 support level. It was under a lot of pressure, which resulted in a push below $0.9000. A low was formed near $0.8817 from where the price started an upside correction above the $0.9000 level.

It is currently testing the 23.6% Fib retracement level of the last drop from the $1.0811 high to $0.8817 low. There are many hurdles on the upside for buyers starting with $0.9500. Moreover, there are two important bearish trend lines forming with resistance at $0.9400 and $1.00 on the hourly chart of the XRP/USD pair. The second trend line resistance is very important since is it close to $1.00 and the 100 hourly simple moving average. Furthermore, the 50% Fib retracement level of the last drop from the $1.0811 high to $0.8817 low is at $0.9815 to prevent upsides.

Therefore, if the price corrects higher from the current levels, then it could face sellers near $0.9600 and $0.9800. On the downside, the $0.9000 level is a major support followed by $0.8800.

Looking at the technical indicators:

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Altcoin Analysis: NEO, EOS, LTC, IOT and Lumens

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There is a broad base correction back as we are seeing in pairs as NEO, EOS, LTC and even Lumens.

DASH remains resilient but there is room for downside especially if we see any depreciation below $620.

Selling looks like a very short term bet as we anticipate correction back towards break out levels. By doing so, prices would be completing the retest phase which is so common after any form of break outs.

Let’s have a look at these charts:

XLM/USDXLM/USD Daily Chart for February 22, 2018

There are two important price developments that should influence price movements in the next sessions. One has to do with that breach and close below the middle BB and $0.40 in the daily chart.

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Ethereum Price Technical Analysis – Can ETH/USD Recover Further?

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Key HighlightsETH price declined further and traded as low as $806 against the US Dollar before starting a recovery. There is a major bearish trend line forming with resistance at $850 on the hourly chart of ETH/USD (data feed via SimpleFX). The pair is currently correcting higher, but it is facing many resistances such as $850 and $875.

Ethereum price fell sharply against the US Dollar and Bitcoin. ETH/USD is currently recovering, but it won’t be easy for the pair to gain upside momentum.

Ethereum Price Recovery

There was a minor recovery initiated yesterday from the $850 swing low in ETH price against the US Dollar. The price traded higher, but it could recover above the $880-900 resistance zone. It resulted in a downside move and the price traded below $850. It declined by more than $40 and traded close to $800. A low was formed at $806 from where the price started an upside correction.

It has moved above the 38.2% Fib retracement level of the last drop from the $895 high to $806 low. However, there are many resistances on the upside near $850. The stated $850 level was a support earlier and now it could prevent further gains. Moreover, there is a major bearish trend line forming with resistance at $850 on the hourly chart of ETH/USD. The 50% Fib retracement level of the last drop from the $895 high to $806 low is also around the same $850 level. Therefore, a break above the $850 level may ignite further recoveries in the near term.

The next major resistance on the upside is at $875 followed by $880. On the downside, an initial support is at $828. Below the mentioned $828, the price may retest the $806 swing low.

Hourly MACD – The MACD is slowly reducing its bearish slope.

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Asian Altcoin Trading Roundup: Top Cryptocurrency is Nano

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The markets have continued correcting during the Asian trading session this morning. Bitcoin continues with its slow sell off but the some of the altcoins seem to be accelerating downwards at a faster rate. BTC seems to have found support at $10,500 and has headed upwards slightly however it is still down around 2% on the day. Most altcoins are also down except one which is pretty rampant right now, and that is Nano.

Nano is the rebranded version of RaiBlocks and according to Coinmarketcap it is trading 26% higher on the day. From a low of just under $7 yesterday NANO (previously XRB) is nudging towards $10 today with a spurt that started a couple of hours ago. It had been down trending all week from a high of $10.02 until today when it has spiked back up to $9.05. RaiBlocks had a great run in early January peaking at $36, like most altcoins that were pumped during this period it has fallen back heavily.

Nano touts itself as a ‘block lattice’ based network offering zero fee digital currency transactions. This makes micropayments more viable as there are no fees and transactions are instant. The fomo spike today has come on the announcement that the Nano wallet for Android is now in Beta on Google Play. An iOS version is in the pipeline.

Nano has a market capacity of $1.2 billion with Binance taking over 90% of the trade volume. In the past 24 hours $82 million has been traded and there are 133 million tokens in total with all of them in circulation. Nano is currently ranked at number 24 in the market cap charts.

Other altcoins showing positive price action this morning in Asia are Monero, up 8%, and Zcash. Outside of the top 25 Populous, Dent and Polymath are also doing well when most others are falling.

Original linkOriginal author: Martin J. Young
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PayPal CFO: Bitcoin’s Success is Very Likely

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There’s a lot of doubt surrounding Bitcoin’s potential as a viable, real-world currency – but PayPal’s chief financial officer sees only positive things in the dominant cryptocurrency’s future.

A ‘Very High Likelihood’ of Success

According to John Rainey, PayPal’s chief financial officer, Bitcoin, and other cryptocurrencies will one day become a popular method of payment – just not yet. Rainey told The Wall Street Journal:

Given the volatility of bitcoin right now, it’s not a reliable currency for transactions because if you’re a merchant and you have a 10% profit margin, and you accept bitcoin, and the very next day bitcoin drops 15%, you are now underwater on that transaction.

Nevertheless, Rainey recognizes Bitcoin as a legitimate currency, even if it’s not quite ready for mainstream adoption yet. Says Rainey:

At some point there is very high likelihood. The technology, there is real merit to it. I do think, though, it will be years down the road before we see the kind of ubiquity and acceptance that make it a form of currency that is used every day.

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IOTA Crypto: Accusations, Development and Price

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First of all, it is of standard before stepping in to invest or trade a particular cryptocurrency that is changing hands in the market, you have to do your own research with no importance as to which coin it is. At the same time, as you are going link after link, platform after platform, you might run into fake news which could change your mind one chosen crypto.

Twitter seems to be the main tool for following up with how well currencies are doing given the fact that lots of people are sharing new information about the currencies at all times. Even developers have found social media very useful as they can now share their announcements and get to a wide array of targeted audiences quickly.

So, using a particular platform, the approach towards information and data in general around the virtual currencies has become easier and faster, which is why the latest development regarding IOTA spread very fast.

As it seems, the crypto that is positioned as the 11th largest coin by market capitalization in global-scale is not pairing to its realistic price as it should be lower – according to many analysts and various individuals.

The issue that gave birth to this war among IOTA fans that mostly went on Twitter, one of the largest social platforms, was the declaration of cryptocurrency experts that have shared their opinion publicly about having IOTA trading at an unrealistically high price when compared to its true value and technical capabilities.

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