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Cardano Price Technical Analysis – ADA/USD Tumbles Below $0.20

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Key HighlightsADA price declined further and it even failed to hold the $0.20 support against the US Dollar (tethered). There is a crucial bearish trend line forming with resistance at $0.2100 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair will most likely remain in a bearish zone and it could even break the $0.1850 support.

Cardano price is under a lot of bearish pressure against the US Dollar and Bitcoin. ADA/USD could accelerate declines and it may even break $0.1850.

Cardano Price Slide

There were continuous losses from the $0.2800 swing high in ADA price against the US Dollar. A minor upside correction was initiated recently, but gains were capped by the $0.2400 level. The price started a fresh decline and moved below the $0.2200 and $0.2000 support levels. The recent break below $0.2000 is a crucial bearish sign and suggests that there could be more losses in the near term.

The current price action is very bearish below the $0.2500 level and the 100 hourly simple moving average. A low was formed at $0.1850 today, and it seems like sellers could even break it. On the upside, an initial hurdle for buyers is near the 23.6% Fib retracement level of the latest drop from the $0.2443 high to $0.1850 low. There is also a crucial bearish trend line forming with resistance at $0.2100 on the hourly chart of the ADA/USD pair. The pair may even face sellers near the 38.2% Fib retracement level of the latest drop from the $0.2443 high to $0.1850 low.

The overall bias is very bearish and a break below $0.1850 could trigger further declines in ADA in the near term. The next major support is at $0.1500.

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

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Ripple Price Technical Analysis – XRP/USD Collapsed Below $0.8000

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Key HighlightsRipple price declined sharply and even broke the $0.8200 and $0.8000 support levels against the US dollar. Yesterday’s highlighted crucial bearish trend line with current resistance at $0.0.8000 is intact on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is likely to decline further and it may even break the $0.7650 support in the near term.

Ripple price declined heavily against the US Dollar and Bitcoin. XRP/USD is currently trading below $0.8000 and it may continue to decline towards $0.7200.

Ripple Price Downtrend

There was no respite above $0.8500 in Ripple price against the US Dollar. The price continued to trade lower and it failed to correct above a major resistance near $0.8600. It fell and broke the $0.8200 and $0.8000 support levels to set the pace for more declines. It even broke the last swing low of $0.7869, which is a bearish sign and suggests more declines in the near term.

At the moment, the price is trading near the 1.236 Fib extension of the last wave from the $0.7869 low to $0.8778 high. It could continue to decline and it may even break the $0.7500 level. The next major support on the downside is around $0.7300. The stated level also coincides with the 1.618 Fib extension of the last wave from the $0.7869 low to $0.8778 high. On the upside, there are many resistances around the $0.8000 level. Moreover, yesterday’s highlighted crucial bearish trend line with current resistance at $0.0.8000 is intact on the hourly chart of the XRP/USD pair.

Overall, it seems like the price may continue to decline towards $0.7300. A break and close below $0.7300 may call for a call of $0.7000.

Looking at the technical indicators:

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

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Our highlight got to be that strong depreciation of Monero prices and with hard fork worries in the horizon-the fork date has been postponed by the way, the community is generally wary that MoneroV is another ploy to dilute Monero reputable privacy and price.

Remember to access the air drop you need to submit those private keys. Anyway, like most forks, volatility is something to content about.

LTC, EOS and NEO are other coins that are reversing their February gains and our analysis suggest prices to test key support levels before bull pressure resumes.

Let’s have a look at these charts:

XLM/USD (Lumens)XLM/USD Daily Chart for March 9, 2018

The general price action remains bearish and you can judge that by the slope of the middle BB. OK, it’s obvious that there is a continuation of sell pressure and even with that we haven’t seen a “yes” moment. By that I mean strong bear surges below $0.30.

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Asian Altcoin Trading Roundup: Top Cryptocurrency is Nem

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Things are not looking pretty this morning and the markets can only be described as a train wreck. The selloff has continued with what seems to be a greater sense of urgency during the Asian trading session. Bitcoin has lost over 10% on the day and all altcoins are also hemorrhaging badly. Everything is in the red but one altcoin seems to have made a bit back and is actually up on yesterday’s prices and that one is Nem.

The total market has shed over $50 billion in 24 hours and we are heading back to February 6 lows again. This time yesterday the crypto market was worth just under $400 billion, today it is heading south of $350 billion, last month’s low was at $280 billion. A trifecta of bad news has compounded the wave of panic selling and Asian’s are leading the way.

According to Coinmarketcap however Nem is up 19% on the day. XEM was the worst performing altcoin last month, shedding 50% of its value. Today however it has gone up from $0.29 to $0.35 when all others are still bleeding. Following the Coincheck hack Nem has been on a downward slide so this little reversal is nothing really to cheer about. Nem is still at the lowest levels it has been for three months and that trend looks set to continue despite this little blip.

Nem is traded heavily in Asia with Upbit in KRW and Zaif in JPY leading the way with over 50% of the total volume. Its market capacity currently stands at just over $3 billion which puts the altcoin at 13th spot in the charts. Almost $80 million has been traded in the past 24 hours and it is the only coin showing gains today.

Every other altcoin in the top 100 has fallen, those taking the biggest hit include Cardano, Monero, Iota, VeChain, Qtum, OmiseGO, Nano and Icon. There are some bargains to be had for those that buy the dip.

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Ethereum Price Analysis: ETH/USD Bears in Full Swing!

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Ethereum made a downside break from its triangle consolidation pattern to signal a pickup in selling pressure. The chart pattern spans $500 to $1,300 so the resulting selloff could be of the same height.

Cryptocurrencies have been under pressure recently due to a few factors. First is the increased scrutiny of the SEC in requiring exchanges that offer digital assets to register with them. Next is the closure of two small exchanges in Japan due to use of trading funds by a manager for his personal account. Another is news of compromised accounts in a Hong Kong exchange.

With that, ETH/USD broke to the downside and could be in for a prolonged selloff from here. The 100 SMA has also crossed below the longer-term 200 SMA to confirm that the path of least resistance is to the downside. In other words, the selloff is more likely to continue than to reverse.

However, stochastic is already indicating oversold conditions, which means that bears are exhausted. RSI is also in oversold territory to show that buyers could regain the upper hand soon.

In that case, a pullback to the broken triangle support around $800-850 could take place before the selloff resumes. This is also close to the inflection points at the moving averages.

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Bitcoin Cash Price Technical Analysis – BCH/USD Breaks $1,000

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Key PointsBitcoin cash price declined further and it broke the $1,000 support against the US Dollar. There are two bearish trend lines forming with resistance near $1,040 and $1,080 on the hourly chart of BCH/USD (data feed from SimpleFX). The pair may continue to move down towards the $950 and $920 levels in the near term.

Bitcoin cash price remains in a major downtrend against the US Dollar. BCH/USD remains at a risk of more losses towards the $950 and $920 levels.

Bitcoin Cash Price Resistance

There was a slight correction of around $50-100 yesterday in bitcoin cash price against the US Dollar. However, the upside move was capped by the $1,100 level. The mentioned $1,100 was a buy zone earlier and it recently prevented an upside move. The price declined once again and it even broke a major support near $1,000 to move into a bearish zone.

It traded as low as $970 and it seems like it may decline further. An initial resistance is around the 23.6% Fib retracement level of the last drop from the $1,109 high to $970 low. On the upside, there are many barriers near the $1,050 level. There are also two bearish trend lines forming with resistance near $1,040 and $1,080 on the hourly chart of BCH/USD. Furthermore, the 50% Fib retracement level of the last drop from the $1,109 high to $970 low is around $1,040.

Therefore, the $1,040 level may act as a major resistance on the upside. On the downside, the price will most likely retest the last swing low of $970. A break below the stated $970 level could push the price towards the next supports near $950 and $920.

Looking at the technical indicators:

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Coincheck Cryptocurrency Traders to Receive $230 Million Additional NEM

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The most recent news update on the Coincheck heist is better than expected for the 260,000 traders who lost money in the theft. The Japanese cryptocurrency exchange has promised to reimburse its customers $260 million more than the current market value of the stolen coins.

Yusuke Otsuka, Chief Operating Officer at Coincheck Inc., announced the company will now start reimbursing customers at a rate of about 88 yen (US$ 84) for each NEM coin that was stolen from their accounts, which comes to a total of approximately $440 million.

Stolen on January 26, the 500 million NEM coins were worth a total of $534 million at that time. Since then, however, the price of NEM has slumped amid a broad retreat in cryptocurrencies. Priced at $0.36 each at the moment of writing, the 500 million coins are now worth a total of $180 million. So, for a regular fiat-currency kind of investor, it would seem like customers have hit the jackpot, with the extra $260 million. But of course, Coincheck is obliged to repay NEM for the stolen NEM.

The cryptocurrency exchange will be using its own funds to start the payouts as soon as next week. Otsuka added that the company has bolstered its security measures. Since the hack, customers have withdrawn about 60 billion yen ($566 million) in cash.

The company’s first statement regarding the reimbursement came less than 48 hours after the hack: “The timing of the reimbursement and the application process are currently under consideration. The source of the refunded money is being carried out using our own capital.”

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Bitcoin Price Technical Analysis for 03/09/2018 – Double Top Breakdown

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Bitcoin Price Key Highlights

Bitcoin price has broken below the neckline of its double top formation highlighted previously. This confirms that bearish pressure is in play and price could fall by the same height as the chart pattern. Technical indicators, however, are suggesting that bullish momentum is still present.

Bitcoin price confirmed the double top reversal signal, which suggests that further losses are in the cards.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA so the path of least resistance might still be to the upside. This suggests that the rally is more likely to resume than to reverse.

However, the break below the 200 SMA and neckline support suggests that bitcoin price could fall by around $2,000 or the same height as the double top reversal pattern. The gap between the moving averages also appears to be narrowing to indicate a possible crossover.

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SEC Publishes Warning Against Unlawful Crypto Exchanges

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On Wednesday, March 7, the U.S. regulator the Securities and Exchange Commission (SEC) published a letter concerning the potential of unlawful online platforms that trade digital assets. The SEC is concerned with platforms operating without permission and advises investors to use entities that are registered with the SEC as an alternative trading system (ATS).

Investors Should Use a Platform or Entity Registered with the SEC

The top U.S. regulatory agency has issued a warning to “unlawful online platforms that trade digital assets” alongside issuing a recommendation to digital currency investors. The SEC says that many exchanges have become popular selling cryptocurrencies and Initial Coin Offerings (ICOs). A number of the platforms offer a mechanism to trade assets that the SEC considers a “security” and some of them are operating unlawfully. If this is the case the platform “must register with the SEC as a national securities exchange or be exempt from registration.”

“The federal regulatory framework governing registered national securities exchanges and exempt markets is designed to protect investors and prevent against fraudulent and manipulative trading practices,” explains the SEC letter.

To get the protections offered by the federal securities laws and SEC oversight when trading digital assets that are securities, investors should use a platform or entity registered with the SEC, such as a national securities exchange, alternative trading system (“ATS”), or broker-dealer.

While the SEC’s Letter Questions if Exchanges Are Lawful, Crypto Prices Plummet

Immediately after the SEC letter was published and started being shared across social media and forums, cryptocurrency markets dropped significantly in value. The top 100 digital currencies according to Coinmarketcap.com saw losses between 10-20 percent in a short period of time.

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Despite Security Concerns, Vast Majority of Businesses Interested in Cryptocurrency

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Despite concerns over volatility and security, research has shown that the vast majority of businesses are open to using cryptocurrency for business transactions, and that positive awareness is being raised over cybersecurity.

Business Sense

In their push towards mainstream adoption, Bitcoin and cryptocurrency continue to solidify themselves in the minds of business owners everywhere — who are increasingly more open to utilizing cryptocurrency for business transactions.

A study by Neustar International Security Council (NISC) has revealed that 80 percent of organizations are interested in utilizing Bitcoin, Litecoin, and other cryptocurrencies for transactions.

Savvy businesses are also aware of the potential gains available on the volatile cryptocurrency market, as 48 percent believe using cryptocurrency for transactions could generate income through increased value.

However, as noted by Computer Business Review, 26 percent also claimed risks are posed by accepting cryptocurrencies that are commonly used as ransom payments, and 80 percent also noted their awareness of the increased risk for DDoS (distributed denial-of-service) attacks.

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