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Asian Cryptocurrency Trading Roundup: Norwegian Bank Boosts Iota

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After a somewhat tumultuous week we end it with markets recovering slightly, but not in bullish territory just yet. Crypto markets have rallied from the monthly low on Tuesday of just over $300 billion but it has been a weak rally. Bitcoin has struggled to gain momentum today and is hovering around $7,570 where it was this time yesterday. Altcoins are a mixed bunch this Friday following trading in Asia, some are flat, some are still falling and one or two are climbing at the moment. The top coin as Asian trading comes to the end of the working week is Iota.

Coinmarketcap is showing a 10% climb for Iota over the past 24 hours putting it ahead of all other altcoins in the top 25. Currently trading at $1.87 Iota is up from $1.68 this time yesterday, it is the only cryptocurrency in double figures at the moment. On the week Iota has had a reasonable time, increasing over 22% from $1.52 this time last Friday. Iota ends the month pretty much where it started it with a monthly high of $2.66 and a low of $1.35. Against Bitcoin Iota is up 9% to 24600 satoshis from 22200 sats this time yesterday. Over the past seven days this altcoin has made 21% on BTC from 21300 satoshis this time last week.

This Internet of Things based altcoin has had a tough year with security breaches and a big fall from its all-time high of $5.70 in January. It has been due some good news and that finally came with the announcement of collaboration with Norway’s largest bank.

DNB ASA, Norway’s largest financial services group, has signed a MoU with the Iota Foundation to ‘explore the new digital innovation landscape made possible by the Iota Tangle technology.’ The news lifted momentum for Iota which has been in steady decline for several months.

Trade has been dominated in USD on Bitfinex today which has 35% of the total volume. Binance takes second place with over just 25% of the Iota trade. Volume has increased from $97 million to $145 million over the past 24 hours and is rising at the moment. Market cap for Iota currently stands at $5.2 billion positioning it at 9th on the charts, just behind Stellar.

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Litecoin Price Analysis: LTC/USD is Approaching Breakout

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Litecoin price is trading with a positive bias above $115 against the US Dollar. LTC/USD is currently approaching a short-term break either above $122 or below $116.

Key Talking Points

Litecoin price remained above the $115 and $116 support levels with a bullish angle (Data feed of Kraken) against the US Dollar. There is a short-term contracting triangle forming with support at $117.50 on the hourly chart of the LTC/USD pair. The pair is likely to make the next move either above $122 or below $116 in the near term.

During the past three sessions, there were mostly ranging moves above $115 in litecoin price against the US dollar. The LTC/USD pair consolidated and it seems like the pair is preparing for the next break.

Looking at the chart, the price recently failed to move above the $121.50 and $122.00 resistance levels. A high was formed at $121.10 and the price corrected below the 50% Fib retracement level of the last wave from the $115.01 low to $121.10 high.

However, the downside move was limited by the $117.00 level. Moreover, the 61.8% Fib retracement level of the last wave from the $115.01 low to $121.10 high also prevented the decline.

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Buy Bitcoin Now, Says Pantera Capital CEO

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What do you think of Dan Morehead’s latest recommendation to buy Bitcoin? Do you think the floor is in for the market leader this year? Be sure to let us know in the comments below!

According to Pantera Capital Management’s Dan Morehead, now is a good time to buy Bitcoin and other cryptocurrencies. Here’s why.

‘It’s Much Cheaper to Buy Now’

On Thursday — the founder of Pantera Capital, a San Francisco-based investment firm focused on blockchain technologies — told CNBC’s Fast Money that he believes Bitcoin has hit the bottom for 2018. As such, now is the best time to buy.

The former chief financial officer and head of macro trading at Tiger Management told the trading-focused show:

All cryptocurrencies are very cheap right now […] It’s much cheaper to buy now and participate in the rally as it goes.

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Santander Chooses Ripple (XRP) for 50% of Its International Transfers

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The momentum for Santander’s OnePay FX mobile application is growing by the day with the Ripple (XRP) team showcasing a live demonstration on how simple it is to use the app. From the get go, the user interface is simple with the app letting the user pick between US Dollars and Euros as the form of currency to perform the transaction in. After inputting the recipient’s details, the user now uses Apple Pay to make a selection on which credit card to use to complete the transaction. Once the selection is made and the user presses ‘pay’ it takes a few short seconds to complete the transaction from the U.K to the United States as demonstrated.

The complete video of the demonstration can be found on youtube. The App is currently available in the Apple App Store for free downloads.

The demonstration proves that Ripple (XRP) via its product of xCurrent, and Santander’s OnePay FX, have managed to make international transfers a safer, faster and cheaper affair. In a world where time is more valuable due to our busy schedules, the use of OnePayFX is sure to grow as more mobile users demand efficiency through fintech and with many of us having friends and family all over the globe.

It is with the customer needs in mind mentioned above, that Santander has rolled out OnePayFX to Euro Zone countries and the United States. Santander Group’s Executive Chairman, Ana Botín was quoted as earlier saying that 50% of the bank’s annual international transfers are currently being carried by the Ripple-powered blockchain.

The above evidence of Ripple products working in an efficient manner is the reason Ripple CEO, Brad Garlinghouse, was adamant that the days of Bitcoin (BTC) dominance in the crypto-market are numbered. His reasoning was that BTC only dominates due to speculation by users in the crypto-verse. The tide will turn for BTC when the same users embrace the use cases of Ripple and other cryptocurrencies that solve real life problems. What will then proceed is a massive correction with the latter cryptocurrencies flippening Bitcoin.

Original linkOriginal author: John P. Njui
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Ripple Price Analysis: XRP/USD’s Downsides Remain Supported

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Key HighlightsRipple price remained in the positive zone above the $0.6000 and $0.6100 support levels against the US dollar. There is a short-term connecting bullish trend line forming with support at $0.6060 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair might correct a few points in the near term before retesting the $0.6250 resistance.

Ripple price is placed nicely in a bullish zone against the US Dollar and Bitcoin. XRP/USD has to move past the $0.6250 barrier for more gains in the near term.

Ripple Price Trend

There was a decent price action forming above $0.6000 in Ripple price faced against the US Dollar. The price retested the $0.6200-$0.6250 resistance zone yesterday. However, there was no upside break above $0.6250 and the price topped near $0.6201. It corrected lower and traded below the $0.6150 level. It also declined below the 23.6% Fib retracement level of the last wave from the $0.5815 low to $0.6201 low.

On the downside, there are many supports above the $0.6000 level. There is also a short-term connecting bullish trend line forming with support at $0.6060 on the hourly chart of the XRP/USD pair. Below the trend line, the 50% Fib retracement level of the last wave from the $0.5815 low to $0.6201 low is positioned near $0.6008 to prevent losses. Further below $0.6000, the next major buy zone is near $0.5850. As long as the price is above the $0.6000 and $0.5850 support levels, it remains in an uptrend.

Looking at the chart, the price remains well supported above the $0.5850 level. There could a few downside corrections in the near term, but $0.6000 and $0.5850 are likely to hold losses. On the upside, the price has to move above $0.6250 to accelerate gains towards $0.6600.

Looking at the technical indicators:

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McAfee Redemption Unit (MRU): The Crypto-Backed FIAT Proposed by John Mcafee

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John Mcafee has announced the creation of a FIAT currency backed cryptocurrency: the McAfee Redemption Unit (MRU).

The “IMO” is scheduled for June 25th, according to a tweet published by John McAfee himself confirming that the McAfee Redemption Unit (MRU) issuance was not a hoax.

The news first appeared on a Hindi website, suggesting the possibility that the story was a hoax, but John McAfee quickly clarified his intentions not only via twitter but through direct contact with the website team.

Previously John McAfee had commented on his intentions to issue a FIAT currency, after mentioning the coincidence that an user had sent him a design for a FIAT bill without knowing he was actually planning something similar.

According to the famous influencer, McAfee Redemption Unit (MRU) will be the token that will support the FIAT money: The McAfee Promissory Note. The intrinsic value of such a coin will be an amount of time to share with him in a personal meeting.

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Ethereum Price Analysis: ETH/USD Holding Key Support

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Key HighlightsETH price is struggling to break the $585-587 resistance area against the US Dollar. Yesterday’s highlighted major bullish trend line is intact with support at $565 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above the $565 support and the 100 hourly simple moving average to avoid a downside reaction.

Ethereum price is consolidating in a range against the US Dollar and Bitcoin. ETH/USD should not break the 100 hourly SMA to stay in a bullish zone.

Ethereum Price Support

There was a slight upside push above the $575 resistance in ETH price against the US Dollar. However, buyers failed to retain momentum above the $585 and $587 resistances levels. A short-term high was formed at $586.31 and later the price started a downside correction. It declined and moved below the $580 support level. Moreover, there was a push below the 23.6% Fib retracement level of the last wave from the $540 low to $586 high.

However, the decline was protected by the $570 support. More importantly, yesterday’s highlighted major bullish trend line is intact with support at $565 on the hourly chart of ETH/USD. The 38.2% Fib retracement level of the last wave from the $540 low to $586 high is also acting as a major support. Lastly, the 100 hourly simple moving average is also positioned near the $565 level. Therefore, the $565 support holds a lot of importance. A break below $565 may open the doors for a larger downside correction in the near term.

Looking at the chart, the current price action is positive as long as ETH is above $565 and the 100 hourly SMA. On the upside, buyers must clear the $585-586 hurdle for more gains. Above $586, the price may retest the $600 handle.

Hourly MACD – The MACD is slightly place in the bearish zone.

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Tron (TRX) Price Analysis: Stuck in a Triangle, Waiting for a Break

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Tron has formed lower highs and found support at 0.0600 to create a descending triangle pattern. Price is currently testing support and could be due for a bounce soon.

However, the 100 SMA remains below the longer-term 200 SMA to confirm that the path of least resistance is still to the downside. This suggests that a drop is more likely to happen than a bounce. In that case, Tron could fall by the same height as the chart formation, which spans 0.0600 to 0.1000.

RSI is pulling up from oversold levels, though, so buying pressure could still return. A bounce could still hit a ceiling at the 0.0675 level that lines up with the triangle top and 100 SMA dynamic inflection point. On the other hand, stochastic seems ready for another round of declines.

Tron has already started the transition to its own blockchain, independent of the ethereum network, so it’s understandable that investors are nervous. The beta testing for this mainnet will last for the entire month of June so it’s possible that further consolidation could take place in the next few weeks.

According to founder Justin Sun:

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Bitcoin (BTC) Price Analysis: Waiting for Reversal Confirmation

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Bitcoin could be ready to pull up from its slide as price formed an inverse head and shoulders pattern on its 1-hour chart. Price has yet to test the neckline around $7,600 and make an upside break to confirm that an uptrend is underway.

The chart pattern spans $7,000 to $7,600 so the resulting uptrend could be of the same height. The 100 SMA looks ready for an upward crossover to confirm that the path of least resistance is to the upside. In other words, there’s a good chance of seeing an bullish breakout and an uptrend from here.

Stochastic is still heading lower, though, so there may be some bearish pressure left. In that case, bitcoin could still make a brief pullback to nearby support areas, possibly around the moving averages dynamic support zones, before heading back up.

RSI is already pulling higher without even reaching oversold levels to signal that buyers are eager to hop back in. If resistance holds, though, bitcoin could dip back to the lows at $7,000.

Risk aversion appears to keep lifting bitcoin these days as the focus has shifted to a brewing trade war. The US decided to impose higher tariffs on steel and aluminum imports from the EU, Canada and Mexico, prompting retaliatory measures from these trade allies.

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IOTA (MIOTA) Price Takes over Mid-Week: Mobile Wallet

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The 9th largest virtual currency by market capitalization is leading the crypto-recovery with double digit gains today. The pair MIOTA/USD increase 11.39% in the last 24-hours, leading the BTC market by 9.63%.

IOTA Price Reversal – Beta Mobile Wallet app

The last ten days were very struggling to keep confidence up for crypto-enthusiasts as token values were plunging lower and lower. The declining movement stopped when in general all coins reached mid-April prices.

Despite trading lower than the $2.00 mark, if things go well, the particular level will be playing a major role. So if cleared hold down to your wallets because gates will be open for even more increase.

Bitfinex continues to be the most active exchange for IOTA deals, generating more than 30.63 of daily volume. Binance processed about a fifth of the daily turnover.

Investors and various experts have titled the Trinity Mobile Wallet app as the cause of the recent surge. The IOTA project has gained numerous partnerships at a frantic pace, in addition to the continued development output. The project’s main feature, the “Tangle,” is targeted at businesses who are looking to make their processes and transactions more efficient and transparent. The projects’s focus on powering the Internet of Things infrastructure is key in gaining partners.

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