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Litecoin Price Analysis: LTC/USD Breaks Key Resistance

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Litecoin price made a nice upside move above the $235 resistance against the US Dollar. LTC/USD is currently correcting lower, but it remains supported on the downside.

Key Talking Points

Litecoin price climbed higher recently and broke a major resistance at $235 (Data feed of Kraken) against the US Dollar. Yesterday’s highlighted contracting triangle with resistance at $230 was breached on the hourly chart of the LTC/USD pair. The pair traded as high as $252 and it is currently correcting lower.

The past few hours were mostly bullish above $220 in litecoin price against the US dollar. The LTC/USD pair started a fresh upside wave and moved above the $230 and $235 resistance levels to set the pace for more gains.

The pair settled above the $230 level and surpassed the 100 hourly simple moving average. The upside was decent as the price was able to move above the $240 and $250 resistance levels. A high was formed at $252 from where the price started a downside correction.

More importantly, yesterday’s highlighted contracting triangle with resistance at $230 was breached on the hourly chart of the LTC/USD pair. At the moment, the price is trading below the 23.6% Fib retracement level of the last wave from the $214 low to $252 high.

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Litecoin Cash Lifts Off on First Day of Trading

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When forks occur, which is quite often in crypto land, the original one tends to have a good run up. This is largely due to the promise of free equivalent tokens from the new fork to holders of the original. Traders want to get in both for the price boost of the first coin, and the added bonus of free crypto, whatever it is worth at the time.

When Litecoin hard forked on Sunday at block 1371111 Litecoin Cash was born. There was a fair bit of controversy leading up to the blockchain split as LTC founder Charlie Lee called it a scam. His own coin however finally awoke from weeks of down trending jumping from $154 on February 13 by almost 58% to $243 where it currently trades a week later today. Renewed interest in LTC is likely come from the upcoming launch of LitePay which enables businesses and merchants to accept payments in Litecoin which is faster and cheaper to send than Bitcoin.

Litecoin Cash landed on the Russian crypto exchange Yobit in the early hours of Monday 19 where it was valued at around $1.20 per token. Since then the price has gone skywards to a high of $9.28 representing an increase of over 675% in its first 24 hours trading. In the past 12 hours it has corrected a little back to around $7.6 where it currently trades. According to Yobit the 24 hour volume at the time of writing is over $4.2 million which is higher than Bytecoin, Rchain, Electroneum, Maker, and Decred, all of which are in the top 50 chart with a market capacity over $500k.

Since most major crypto exchanges did not support LCC it is unlikely that many LTC holders actually claimed their free tokens as the process was convoluted and involved opening multiple wallets and exporting private keys. LCC has also yet to be listed on the analytics websites such as Coinmarketcap and Livecoinwatch.

It is currently too early to tell whether this is an initial pump and dump or Litecoin Cash has any legs. Without more exposure on more exchanges it is not going to get the influx of traders that it’s big and disapproving brother has. There have also been a number of posts on social media throughout the day from users experiencing technical issues with LCC wallets. Good news for Charlie Lee and co but maybe not so for the creators of Litecoin Cash who are still pushing out their next best thing in crypto land.

Original linkOriginal author: Martin J. Young
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Companies using the Ethereum platform have contributed $100M+ grant back to Ethereum to improve the network.

Ethereum-Metropolis

It was announced a few days ago that a consortium of projects that are using the Ethereum network such as OmiseGo, Golem, Raiden, and Cosmos have gotten together to give back to the network. This is not only a generous token of partnership, but has potentially big ramifications for improving the speed and scalability of ethereum.

All of the projects mentioned above are obviously, by market cap, in a strong position to make this investment into the technology that underpins their companies. However this does not make the investment any less significant.

It is not clear at this stage how exactly the money will be allocated, however the obvious current talking point is ethereum’s need to improve transaction capability. Scalability is something that Vitalik Buterin has been very vocal about in recent times.

On September 18, 2017 Buterin said that Ethereum will Visa in scale within “a couple of years”, but more recently has publically started to speak about how the developers are planning to achieve this in practical terms.

Sharding

One possible technical change to the protocol is called “sharding.” Sharding is the breaking down of the primary blockchain of a network, into smaller interconnected blockchains which will be known as the ‘shards.’

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Ethereum Classic Price Technical Analysis – ETC/USD Surges above $40

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Key HighlightsEthereum classic price surged higher this week and moved above the $40.00 resistance against the US dollar. There is a connecting bullish trend line forming with support at $40.10 on the hourly chart of the ETC/USD pair (Data feed via SimpleFX). The pair may decline a few points in the short term, but it remains supported above $38.00.

Ethereum classic price is super bullish against the US Dollar and Bitcoin. ETC/USD climbed higher recently and broke the $38.00 and $40.00 resistance levels.

There were solid gains in ETC price during the past few days from the $30.00 swing low against the US dollar. The price traded higher and moved above the $35.00 and $40.00 resistance levels. It even moved above the $41.00 resistance and traded as high as $42.36. At the moment, the price is correcting lower and is trading below the 23.6% Fib retracement level of the last wave from the $37.76 low to $42.36 high.

On the downside, there are many supports around the $40.00 level. There is also a connecting bullish trend line forming with support at $40.10 on the hourly chart of the ETC/USD pair. The trend line support near $40.00 is a significant support. Moreover, the 50% Fib retracement level of the last wave from the $37.76 low to $42.36 high is also near $40.05. Therefore, if the price continues to move down, it could find support near $40.00. Any further declines below the $40.00 level could push the price towards the $38.00 support.

On the upside, an initial resistance is around the $42.00 level. Above the mentioned $42.00 level, the price may break the last high at $42.36. The next major resistance above $42.36 is near the $44.00 level.

Hourly MACD – The MACD for ETC/USD is placed heavily in the bullish zone.

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Ripple Price Technical Analysis – Can XRP/USD Break 100 SMA?

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Key HighlightsRipple price is struggling to move higher and is currently trading below $1.0850 against the US dollar. There is a major contracting triangle pattern forming with resistance at $1.0700 on the hourly chart of the XRP/USD pair (data source from SimpleFx). The pair has to move above $1.0700 and the 100 hourly simple moving average to move further higher.

Ripple price is slowly moving away from the bullish zone against the US Dollar and Bitcoin. XRP/USD must break above $1.0700 and the 100 hourly SMA to avoid further declines.

Ripple Price Upside Hurdle

There was no upside break above $1.12 in Ripple price during the past three sessions against the US Dollar. The price started a slow and steady downside move and traded below $1.10. It also traded below the $1.0750 support and the 100 hourly simple moving average. The last upside move not sustainable above the 50% Fib retracement level of the last drop from the 1.1510 swing high to $1.0050 swing low.

There was no hourly close above the $1.10 level, which ignited a downside wave. At the moment, there is a major contracting triangle pattern forming with resistance at $1.0700 on the hourly chart of the XRP/USD pair. The pair is approaching a short-term break either above $1.0700 or below $1.0400. On the upside, above $1.0700, the price could test the 61.8% Fib retracement level of the last drop from the 1.1510 swing high to $1.0050 swing low at $1.0945. Above the mentioned $1.0945, the price may perhaps move above the $1.10 level.

On the flip side, if the pair fails to move above the 100 hourly SMA, it could decline back towards $1.0200 in the near term.

Looking at the technical indicators:

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South Korea Investigating Cryptocurrency Regulator’s Death

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A South Korean cryptocurrency regulator in charge of “devising measures against cryptocurrency speculation” was found dead in his home from an apparent heart attack on Monday, semiofficial government news agency Yonhap News reports. A government spokesperson told The Wall Street Journal they weren’t “sure about the cause of death.” 

South Korean police are investigating the death of Jung Ki-joon, 52, who led economic policy at the Office for Government Policy Coordination. His job involved developing rules for regulating cryptocurrency in a largely unregulated, fast-growing market the South Korean government seeks to manage.

Ki-joon was in charge of coordinating weekly meetings on regulating cryptocurrency transactions that began in November of last year. Hong Nam-ki, the minister of the Office for Government Policy Coordination, headed up the meetings.

Yonhap News reports his colleagues said he had been “under heavy stress” since taking the job late last year.

South Korean Crypto Surges

South Korea is a hot spot for trading Bitcoin. According to the government, the country’s 30 cryptocurrency exchanges saw 87.5 times more income in 2017 than the previous year, Yonhap News reports. The prices of Bitcoin have traded higher in South Korea than in other markets, at times by more than 50 percent.

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

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Question is: will altcoins continue charting its way up now that buyers are picking prices from key support levels? In my opinion, it looks likely but I’m a little bit skeptical about NEO bull pressure.

Mind you, this token was resilient and didn’t full go to the dregs like the rest. In fact, all things equal, the recovery has been swift insinuating buy pressure but I cannot recommend buys unless I see a strong reaction above $140.

Let’s have a look at these charts:

XLM/USDXLMUSD Daily Chart for February 20, 2018

Prices are still oscillating within February 18 bear candlestick and from the chart, we notice that Lumens is actually facing a little bit of sell pressure.

Even though we still are optimistic that prices may continue moving higher in the coming sessions, the only trigger for further bear pressure is if sellers push prices below the middle BB towards $0.30.

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Bitcoin Processed $1 Billion While US Banks Stay Closed

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Yesterday was President’s Day in America. Schools were shut, no government offices functioned and even the stock markets rested. While the banking system napped though over $7 billion in Bitcoin was traded.

Bitcoin Rebounds As Banks Take The Day Off

Unlike the stock and commodities markets, cryptocurrency trades 24/7. It recognizes no national holidays, doesn’t mind working on Sundays and stays up all night.

Since January 3, 2009 when Bitcoin went online it has been functionally trading 99.99 percent of the time. In that same time period, there have been 216 bank holidays in America (more in other countries) not including weekends, when trading in traditional markets stagnates.

Historically cryptocurrencies will spike on national holidays. It makes sense that like online commerce which always has an uptick when people are off work Bitcoin markets will see a bump when the majority of day traders are at home.

Yesterday was no different. Bitcoin trading was brisk over the weekend as the price rose back over $11,000, showing an 84% gain. Though it dropped back down to 10,800 on Monday as investors took some profits out more than $7 Billion traded over the day.

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Ethereum Price Technical Analysis – Can ETH/USD Hold This?

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Key HighlightsETH price is slowly moving higher, but it is currently facing sellers near $940 against the US Dollar. There is a connecting bearish trend line forming with resistance at $940 on the hourly chart of ETH/USD (data feed via SimpleFX). The pair is currently just above the 100 hourly simple moving average and it remains supported near $900.

Ethereum price is slowly gaining pace against the US Dollar and Bitcoin. ETH/USD needs to break the $940 resistance to trade further higher.

Ethereum Price Trend

There was no downside break below $920 and $900 support levels in ETH price against the US Dollar. The price started a nice upside move and succeeded in trading above the $925 resistance. It also moved above the 23.6% Fib retracement level of the last decline from the $970 high to $895 low. However, there are many resistances on the upside near the $940 and $945 levels.

There is also a connecting bearish trend line forming with resistance at $940 on the hourly chart of ETH/USD. The pair is also facing sellers near the 61.8% Fib retracement level of the last decline from the $970 high to $895 low. However, the price is currently just above the 100 hourly simple moving average, but it has to gain momentum above $940 for more gains. A break above the $940 resistance could open the doors for more upsides toward the $970 level.

On the downside, an initial support is at $930 and the 100 hourly SMA. Should there be a break below $925, the price could move back towards $900. The overall price action is positive, but the price has to move above $940 to remain in the bullish zone.

Hourly MACD – The MACD is slightly in the bullish zone with neutral signs.

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How Blockchain is Unlocking Business Investment for Retail Participants

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Great ideas often have the humblest beginnings, and it’s only after a ‘Eureka!’ moment that many realize their true potential. An excellent example is Avon, one of today’s most popular cosmetics companies, which began as a single door-to-door book salesman named David H. McConnell. McConnell noticed that he made more book sales when offering free samples of perfume to his female customers, and so he decided to drop the books permanently, setting up shop as the California Perfume Company.

His business took off, but like many, it required more working capital to get further off the ground. In his time, obtaining new business funding was only possible through banks or by borrowing money from friends and family, so McConnell likely went to the local branch and made his pitch. What eventually resulted is a multi-billion-dollar company, but what would Avon be today had McConnell failed to find investors? It likely wouldn’t exist, at least not in such an impressive state.

Investment is how a society collectively chooses which ideas are most worthy. It’s what turns a garage-based startup into a tech powerhouse listed on the NYSE, and this notion creates enormous amounts of wealth for those who can participate. With the prevalence of the internet and the dot-com era, launching a new IT company has become easier than ever, but unfortunately, the internet’s convenience doesn’t extend into the investment sphere. It’s not difficult to invest in companies that are already established via the equity markets, but what about companies that have yet to bloom?

Blockchain Breeds Change

Barriers to entry for casual business investors remain hard to overcome. One can work extensively to try and break into angel investment rounds, but the amount of paperwork and effort required are a significant investment themselves. The transactional costs to process deals are daunting as well, but even so, the best ideas usually receive their funding behind the closed doors of venture capital firms, due to their iron grip on institutional money.

Retail investors want to help startups by putting forth their own money, and rightfully so, given the potential rewards. However, the opportunities to do so are held at arm’s length, tantalizingly out of reach. It’s not that startups wouldn’t appreciate more variety in where funding comes from, especially if they can skirt the draconic equity requirements common to any VC firm, but the gatekeepers of this status quo keep it shut for selfish reasons. This has been the reality for some time, yet decentralized blockchain technology is already illustrating to the market that the tides are finally changing.

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