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Cryptocurrency Market Update: ‘Ethereum Killer’ EOS Getting Killed

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Another red day in crypto land, EOS getting battered and only Tezos is gaining

Hopes of a rally have been dashed as the bears wrestle markets downwards for another day. Total market capitalization has declined once again and fallen back below $270 billion. Bitcoin could not break resistance at $6,800 and has fallen back 1.5% on the day to $6,675, volume has increased fractionally though.

Likewise with Ethereum, it could not push past $500 and has dropped back a heavy 4.8% to $460 at the time of writing. As expected all altoins are in the red with a few plummeting double figures during the morning’s trading.

EOS has been absolutely trounced over the past 24 hours shedding 12% to trade at $7.58. From its all-time high of $21.50 just two and a half months ago it has lost 65%. Over the past week EOS has lost 17% falling from $9.15 this time last Tuesday. Mainnet, wallet, and centralization woes have taken the shine off what was once dubbed the ‘Ethereum killer’. EOS is no longer the crypto superstar it was hyped to be though it is still early days for the emerging technology.

As usual Cardano is taking a kicking, it has been consistently one of the worst performing altcoins over the past 3 months. Today ADA is down 6.5% to $0.134, likewise with Iota dropping a similar percentage to trade at a dollar. Neo has also had a rough day plummeting 9.6% to $35, the lowest levels it has seen since November 2017.

Privacy coins Monero and Dash are both down over 7% on the day as is last month’s top performer, Ethereum Classic. Qtum has taken a hit of over 8% and Ontology and Zilliqa are both down over 11% as bears pummel the markets. Bitcoin Diamond is the biggest loser of the day dropping 37% over the past 24 hours to trade at $2.30.

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Future of Mass Cryptocurrency Adoption is User Experience

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More retail investors are looking to get into cryptocurrency, but the learning curve is steep. From exchanges, wallets, portfolio and risk management tools, it’s not easy for new investors to grasp and get started.

When crypto first became a big thing, perhaps when Ethereum hit the scene, investors believing in the future of cryptocurrency and blockchain technology were willing to overcome the difficulties in order participate in its growth, but these far from streamlined applications could easily prevent widespread adoption.

Alisdair Faulkner, chief products officer at security technology firm ThreatMetrix, explains:

As with any industry, the exchanges that flourish will be the ones offering the best online experience and the easiest authentication process, all without compromising user safety and security.

Consumers have become used to interfaces offering the best ease of use – from banking applications to music streaming, they’ve learned to expect more. While all of these industries have had several years to learn how best to appeal to mainstream consumers, the cryptocurrency industry will need to learn how to do it as good or better – and in a far shorter time frame – while still adhering to incredibly strict regulations outside of their control.

This is a difficult challenge to overcome as regulations become increasingly complex.

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Ripple Price Analysis: Can XRP/USD Hold $0.4600?

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Key HighlightsRipple price extended its decline and broke the $0.4700 support area against the US dollar. Yesterday’s highlighted major bullish trend line was breached with support at $0.4690 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is currently trading near major support levels at $0.4640 and $0.4600.

Ripple price struggled to recover against the US Dollar and Bitcoin. XRP/USD is struggling and it remains at a risk of more declines below the $0.4600 support.

Ripple Price Decline

Yesterday, there was a downside correction from the $0.4880 swing high in Ripple price against the US Dollar. The XRP/USD pair declined and broke the $0.4800 and $0.4750 support levels. The decline was such that the price even broke the 61.8% Fib retracement level of the last leg from the $0.4630 low to $0.4880 swing high. Finally, there was a close below the $0.4750 support and the 100 hourly simple moving average.

During the slide, yesterday’s highlighted major bullish trend line was breached with support at $0.4690 on the hourly chart of the XRP/USD pair. Currently, the price is trading near a key support at $0.4640. A break below this may push the price towards the $0.4600 support area. Any further declines depend how XRP buyers react when the price reaches $0.4600. On the upside, an initial resistance is near the 23.6% Fib retracement level of the last decline from the $0.4877 high to $0.4630 low.

Looking at the chart, the price is at a risk of more declines below $0.4640. To recover, the price must move back above $0.4750 and the 100 hourly SMA. The $0.4750 resistance also coincides with the 50% Fib retracement level of the last decline from the $0.4877 high to $0.4630 low.

Looking at the technical indicators:

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Litecoin Price Analysis: LTC/USD Turned South

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Litecoin price declined further and broke the $80 support against the US Dollar. LTC/USD is accelerating declines and it could revisit the $72 support.

Key Talking Points

Litecoin price failed to hold the $80.00 support and declined further (Data feed of Kraken) against the US Dollar. Yesterday’s highlighted crucial bearish trend line is active with resistance at $82.50 on the hourly chart of the LTC/USD pair. The pair is likely to accelerate declines towards the $75.00 and $72.00 support levels.

Yesterday, we discussed that litecoin price may decline further below $82.00 and it could test $80.00 against the US dollar. The LTC/USD pair did move down and broke the $80.00 support area.

Looking at the chart, the price is clearly under a lot of pressure below the $85.00 pivot level. Moreover, a close below the $80.00 support may well put a lot of pressure on buyers. It also cleared the 61.8% Fib retracement level of the last leg from the $72.00 low to $89.95 high.

It has opened the doors for more declines below $78.00. At the moment, the price is trading near the $77.50 support area, which may hold declines in the short term.

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IOTA Technical Analysis for 07/10/2018 – Bearish Channel Action Resuming

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IOTA looks ready to resume its selloff after bouncing off the top of its descending channel on the 4-hour chart. Applying the Fibonacci extension tool on this quick pullback shows the next downside targets.

The 38.2% extension is near the mid-channel area of interest at 0.8264 and could hold as near-term support. Stronger selling pressure could take IOTA down to the 50% extension at 0.6864, the 61.8% extension at 0.5463 or the 78.6% extension at the channel support or 0.3470. The full extension is located at 0.0930.

The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside. This basically means that the selloff is more likely to resume than to reverse. These moving averages line up with the top of the channel to add to its strength as a ceiling.

However, the gap between the moving averages is narrowing to signal weakening bearish pressure. At the same time, RSI is prepping to climb out of the oversold region to signal a return in bullish pressure. Stochastic has a bit more room to slide before hitting oversold levels, so bearish pressure could stay in play for a bit longer. Turning higher also could confirm that buyers are returning.

Cryptocurrencies took some hits this week on negative remarks from three well-known American economists: Stiglitz, Rogoff, and Roubini. Their remarks mostly focused on how regulation could prove to be the downfall of bitcoin and its peers as people in power wouldn’t likely allow this type of transactions to continue.

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Ethereum Price Analysis: ETH/USD Broke Key Support

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Key HighlightsETH price fell sharply and broke a major support near $475-478 against the US Dollar. Yesterday’s highlighted important bullish trend line was breached with support at $476 on the hourly chart of ETH/USD (data feed via Kraken). The pair is now trading well below the $475 support and the 100 hourly simple moving average.

Ethereum price made a sharp downside move against the US Dollar and Bitcoin. ETH/USD may decline further if sellers remain in control below $475.

Ethereum Price Drop

A new correction wave was started from the $496 high in ETH price against the US Dollar. The ETH/USD pair failed to hold important support levels near $475, which opened the door for more losses. It declined sharply and settled below the $475 support and the 100 hourly simple moving average. During the decline, there was a break below the 61.8% Fib retracement level of the last leg from the $451 low to $496 high.

More importantly, yesterday’s highlighted important bullish trend line was breached with support at $476 on the hourly chart of ETH/USD. It seems like the recent break below the trend line, 100 SMA and $475 has pushed the price back in a bearish zone. At the moment, the price is trading near the 76.4% Fib retracement level of the last leg from the $451 low to $496 high. A break below the $460 support zone could accelerate declines back towards the $450 support. Any further declines below $450 may perhaps put a lot of pressure on buyers.

Looking at the chart, the price turned red and it could decline further below $460. If there is an upside move, the price is likely to face sellers near $475 and the 100 hourly SMA. An immediate resistance is at $470, which is also a pivot level.

Hourly MACD – The MACD is gaining momentum in the bearish zone.

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EOS Price Analysis: Next Downside Targets

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EOS continues to trade lower beneath a descending trend line visible on the daily and 4-hour time frames. Price just bounced off this resistance and is setting its sights on the next downside targets marked by the Fibonacci extension tool.

The 38.2% extension is below the swing low at 6.3000 and the 50% extension is at 5.3000. Stronger selling pressure could take it down to the 61.8% extension at the 4.3000 area, which lines up with a longer-term horizontal support. Sustained bearish momentum could lead to a drop to the 78.6% extension at 2.8683 or the full extension at 1.0550.

The 100 SMA is still above the 200 SMA, though, so the path of least resistance is to the upside. In other words, there’s still a chance for EOS to make rallies. Then again, the gap between the moving averages is narrowing to reflect slowing bullish momentum.

RSI has been on the move up but is pointing back down to reflect a return in selling pressure. Reaching oversold conditions and turning back up could bring buyers back, though. Stochastic has more room to fall and is heading south without even reaching overbought levels, which means that sellers are eager to return.

Cryptocurrencies are erasing some of their earlier gains on a positive start for the quarter as well-known American economists had some negative remarks on bitcoin.

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Bitcoin (BTC) Price Analysis: Will This Area of Interest Hold?

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Bitcoin is still trading inside its ascending channel on the 1-hour chart and is about to test support. This lines up with the $6,600 major psychological level, former resistance, and the 100 SMA dynamic inflection point.

Speaking of moving averages, the 100 SMA is still above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, the uptrend is more likely to resume than to reverse. The 200 SMA is just slightly below the channel bottom to add another floor.

If support holds, bitcoin could rally to the 38.2% extension and short-term area of interest around $6,725. The 50% extension is in line with the mid-channel area of interest and could also hold as an upside target. Stronger bullish momentum could take it up to the 61.8% extension close to $6,800 or the 78.6% extension at $6,860. The full extension is around the channel resistance at $6,931.40.

However, the gap between the moving averages is narrowing to reflect slowing bullish pressure. RSI is indicating oversold conditions and starting to pull up, though, so a return in buying momentum could be due. Stochastic is still moving south so bitcoin might follow suit, but the oscillator is also approaching oversold levels.

Bitcoin took some hits after three well-known American economists Joseph Stiglitz, Kenneth Rogoff, and Nouriel Roubini talked about how cryptocurrency could fail. According to Stiglitz:

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Tron (TRX) Price Watch: Short-Term Support Zones

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Tron Price Key Highlights

Tron is on another leg lower but might be due for a bounce off the nearby support zones. Price has tumbled through most of the Fib extension levels but is still due to test the channel support and full extension. Technical indicators are showing mixed signals, with oscillators hinting at a bounce.

Tron has been in selloff mode for the past few days but might be able to bounce off these nearby support areas.

Technical Indicators Signals

The 100 SMA is still below the longer-term 200 SMA on this time frame to indicate that the path of least resistance is to the downside. This confirms that the selloff is more likely to resume than to reverse.

Also, the gap between the two is widening to reflect strengthening bearish momentum. The 100 SMA is also near the top of the descending channel on the 1-hour time frame to add to its strength as resistance in the event of a pullback.

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Why Cardano (ADA) can Possibly Check-Mate Ethereum (ETH)

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As the lead-tech delivering platform in dApps, Smart Contracts and Initial Coin Offerings – Ethereum has well deserved its second place in the crypto-verse. However, the race is becoming more difficult for the best as the following coins are making great steps forward. One of them is Cardano (ADA) that has been taking center stage in the community on a daily basis for a long time now. Is the 8th largest coin posing a threat for the lead.

Cardano & Ethereum

Founder of Cardano – Charles Hoskinson received and accepted an invitation by Google to put on table various technological advancements that would help both enterprises. Details of the meeting will be made soon enough public for the crypto-community, according to Mr. Hoskinson.

[email protected]_Charles was invited to talk about Cardano and the future of cryptocurrencies at Google’s London Headquarters last month. Read @InputOutputHK ‘s blog post on the visit here: https://t.co/BsouiOWGf5

— Cardano Community (@cardanocom) June 28, 2018

This is just one of the news that made Cardano the highlight of the month. Very similar to Ethereum, Cardano is a smart contract network with a strong focus on security. Cardano boasts to be the first blockchain project to be built on peer-reviewed hypothetical research and developed from a logical philosophy.

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