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Ethereum Classic Price Analysis: ETC/USD Eyeing Upside Break

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Key HighlightsEthereum classic price is placed in a bullish zone above the $16.50 support against the US dollar. There is a connecting resistance trend line formed with current hurdle near $17.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken). The pair is likely to make an upside move above the $17.40 and $17.50 resistance levels.

Ethereum classic price is slowly gaining momentum against the US Dollar and Bitcoin. ETC/USD must break the $17.50 resistance for more gains in the near term.

There was a strong support formed near the $15.50 level in in ETC price against the US dollar. The ETC/USD pair jumped higher and broke the $16.00 and $16.50 resistance levels. It even moved above the $17.00 level and traded towards $17.50. A high was formed at $17.50 before the price started a downside correction. It declined below the 23.6% Fib retracement level of the last wave from the $15.66 low to $17.50 high.

However, declines were limited by the $16.70-80 zone. Moreover, there was no test of the 50% Fib retracement level of the last wave from the $15.66 low to $17.50 high. The price formed a low near the $16.70 level and recovered higher. ETC price is now trading well above the $16.50 support and the 100 hourly simple moving average. On the upside, an initial resistance is at $17.20. Above this, there is a connecting resistance trend line formed with current hurdle near $17.50 on the hourly chart of the ETC/USD pair.

The chart suggests that the price is placed nicely above the $16.50 support. Having said that, it must break the $17.20 and $17.50 resistance levels to gain upside momentum. The next major resistance for buyers is around the $18.00 level.

Hourly MACD – The MACD for ETC/USD is slowly moving in the bearish zone.

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NEO Price Catapults as its Network Decentralization Commences

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It is a beautiful start of the day for any NEO crypto-enthusiast as its 24-hourly gain is shining green with 10.85%. The 11th largest cryptocurrency by market capitalization on July 7th has reached the level of $40.00 again, leading the BTC market by 8.84%.

This morning price reversing could be the result of the election of a City of Zion consensus node into the NEO MainNetwork. The event has been named as the decentralization of its blockchain network. To have it clear, the above mentioned City of Zion are an independent group made of translators, designers and developers with a global reach that have teamed up to back up NEO core and the network as a total.

Parallel with other consensus nodes that are running on the TestNet for a longer time now, the City of Zion did its job smoothly for half a year getting ready for the election. According to the roadmap, the other ones are set for the end of 2018 to enter election.

Two of the independent nodes are hosted by:

KPN – leading telecom firm in the Netherlands with 33 mil mobile subscribers in Germany, France, Netherlands and Spain; 6.3 mil fixed-connected telephone clients. Its target to host the node was announced in the first NEO gathering held in Amsterdam. In an announcement on the 5th of May, the NewEconoLabs (NEL) announced a partnership between NEO Global Capital (NGC) and Fenbushi Capital for Neo’s Name Service Project (NNS). With respect to Fenbushi Capital, the firm was established in 2015 and is also a Venture Capital entity with a reputation for investing heavily in Blockchain projects.

Founder of NEO – Da Hongfei:

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Controversial Ethereum Network Clog Exposed: Chinese Crypto Exchange at Fault

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You may have noticed something recently, transactions on the Ethereum network have been oddly expensive. MyCrypto has chalked up this suspicious rise in transaction fees to a good-for-nothing exchange, essentially incentivizing its users to push out thousands of transactions onto the Ethereum network. 

Over the past few days, Ethereum has been seeing an abnormal increase in the cost of transactions. According to Etherscan, miners have been collecting an average of ten times more fees over the past 5 days in comparison with days of ‘normal’ network activity. 

 

Chart from Etherscan.io

Gas prices, which normally sit at around 5 Gwei, rose as high as 50 Gwei as users of the Ethereum network desperately tried to bring their transactions to the front of the pending transactions line. As a result, the average Ethereum transaction fee quickly rose from $0.2 to $3.5 within a matter of a short 48 hours, according to Bitinfo.

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Litecoin Price Analysis: LTC/USD Testing Significant Support

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Litecoin price failed to move above $89-90 once again against the US Dollar. LTC/USD is currently correcting lower and is testing a significant support.

Key Talking Points

Litecoin price once again failed to move the $89.00-90.00 resistance zone (Data feed of Kraken) against the US Dollar. The LTC/USD pair is currently testing yesterday’s highlighted important bullish trend line with support at $84.00 on the hourly chart. The pair should stay above the $83.00-84.00 support zone to bounce back in the near term.

Yesterday, there was a fresh upside move above the $85.00 level in litecoin price against the US dollar. The LTC/USD pair traded above the $88.00 level, but it failed to move above the $89.00-90.00 resistance zone.

Looking at the chart, the price traded as high as $89.15 and later started a downward move. It declined below the $86.00 level and also broke the 50% Fib retracement level of the last leg from the $83.31 low to $89.15 high.

However, litecoin buyers were able to protect declines near the $84.00 support zone. More importantly, the LTC/USD pair stayed above yesterday’s highlighted important bullish trend line with support at $84.00 on the hourly chart.

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Ethereum (ETH) Price Analysis: Upside Wedge Breakout?

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Ethereum was gradually sliding lower inside a falling wedge pattern before breaking past the resistance to signal a potential rally. Price also seems to have completed a quick pullback and is gaining bullish traction.

However, the 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is still to the downside. In other words, the selloff is more likely to resume than to reverse. The 100 SMA is holding as dynamic resistance as well while the 200 SMA dynamic inflection point is just close by at $500.

RSI is pointing down to signal that selling pressure is returning so ethereum might follow suit. Similarly stochastic is heading so price might find itself back inside the wedge pattern and trending lower once more.

The mood in the cryptocurrency industry is still pretty positive so far as traders appear more optimistic that developments could sustain gains until the end of the year. However, some also attribute this to profit-taking or a dead cat bounce off the earlier declines.

Nonetheless, the dollar could take center stage for the rest of the week with the FOMC minutes and NFP report lined up. Hawkish views supported by upbeat jobs data could pave the way for more dollar gains across the board, thereby dragging ETHUSD down.

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Bitcoin (BTC) Price Analysis: Next Potential Ceilings

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Bitcoin was moving south since breaking below the bottom of a long-term symmetrical triangle. Price has been climbing recently and might be due for a pullback to the former support area.

Applying the Fibonacci retracement tool on the latest swing low and high shows that the 50% level lines up with the broken triangle support. This is also close to the 100 SMA dynamic inflection point.

On the subject of moving averages, the 100 SMA is safely 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 resume than to reverse.

RSI is still heading north so bitcoin could follow suit until the oscillator reaches overbought conditions and turns lower. Stochastic is closer to the overbought region and might reflect bullish exhaustion soon. In that case, the 38.2% Fib might already be enough to keep gains in check and push bitcoin back to the swing low.

A larger correction, on the other hand, could find its way up to the 61.8% Fib at $8,400. A move past that area and the 200 SMA could be enough to confirm that bulls have the upper hand.

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Bitcoin Cash Price Analysis: BCH/USD Remains Supported

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Key PointsBitcoin cash price retested the $740 support zone and is currently holding gains against the US Dollar. There is a new connecting bullish trend line formed with support at $742 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair must stay above the $740-750 support and the 100 hourly simple moving average.

Bitcoin cash price is holding gains above $740 against the US Dollar. BCH/USD has to move above the $780 and $800 resistances to gain upside momentum.

Bitcoin Cash Price Support

There was an extended decline in bitcoin cash price below the $780 support against the US Dollar. The BCH/USD pair traded below the $750 support and even spiked below the $740 support. A low was formed near the $735 level and the price recovered from losses. It moved above the 23.6% Fib retracement level of the last decline from the $828 high to $735 low.

More importantly, it settled above the $740 support and the 100 hourly simple moving average. There was also a spike above the 61.8% Fib retracement level of the last decline from the $828 high to $735 low. However, the price failed to hold gains above the $800 level and declined once again. It is currently trading a few points above the $760 support and the 100 hourly SMA. There is also a new connecting bullish trend line formed with support at $742 on the hourly chart of the BCH/USD pair. Therefore, the price remains supported above the $740-750 support zone.

Looking at the chart, the price is struggling to overtake the $800 barrier, above which, the price may retest $828. On the downside, a break and close below the $740 support may perhaps ignite more declines towards the $700 level.

Looking at the technical indicators:

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EOS Price Watch: Short-Term and Long-Term Channels

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EOS Price Key Highlights

EOS price is finding support at the bottom of the long-term ascending channel on the daily chart. This lines up with the bottom of a short-term falling channel, so a test of this resistance is due. If the nearby resistance levels are broken, EOS price could gain more upside traction to the longer-term channel top.

EOS bounced off the short-term and long-term channel support and is on its way to test the nearby resistance levels.

Technical Indicators Signals

The 100 SMA is still above the longer-term 200 SMA on this time frame to indicate that the path of least resistance is to the upside. This means that the uptrend is more likely to resume than to reverse. However, the gap has narrowed enough to signal that a bearish crossover might be a possibility.

For now, price is making its way up to the top of the short-term descending channel, which is close to the 38.2% to 50% Fibonacci retracement levels. These are also spanned by the moving averages dynamic inflection points.

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Bitcoin Gold Introduces Algorithm To Counter ASIC Centralization

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Bitcoin Gold Hard Fork At Block 536,200

Bitcoin Gold was founded with the decentralization of mining in mind, adopting algorithms which ASICs cannot mine on. Many critics of ASIC mining machines see these specialized pieces of hardware as a source of centralization, as ASICs can be bought en-masse, putting a copious amount of relatively affordable hash power into the hands of a single entity. 

A group of individuals thought it best to build off of this criticism, forking off the main ASIC-infested Bitcoin blockchain into Bitcoin Gold in October 2017. BTG first enlisted the use of the Equihash algorithm, which was ASIC-resistant at the time. In the nine months since then, new Equihash ASICs have begun to edge out GPU miners, with these specialized machines offering an exponentially higher dollar/hash ratio.

On Tuesday, the Bitcoin Gold team announced that it had successfully implemented a network upgrade by initiating a hard fork on the 536,200 BTG block. The release from the Bitcoin Gold team member, Edward Iskra, noted that the upgrade changed the mining algorithm for BTG. With the algorithm changing from Equihash to an updated version of the aforementioned algorithm, fittingly named Equihash-BTG.

This upgrade is an attempt to keep ASICs away from the network, introducing a layer of ASIC-resistance that should stave off any attempts at centralizing BTG mining. Although successful so far, it is likely that ASIC manufacturers may pick up on the new Equihash-BTG algorithms moving into the future.  

The May BTG 51% Attack

Bitcoin Gold experienced a 51% attack in May, amongst growing fears of similar attacks on other blockchains. The double-spend attack saw $18 million worth of BTG being exploited by the malicious attackers, getting a nice payday from the attack.

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Bitcoin’s Next Big Battle: Restoring its Reputation

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Throughout its short existence, Bitcoin has successfully confronted several challenges, such as technical issues and internal wars. It has also withstood relentless persecution from governments and powerful financial personages. However, although Bitcoin is undoubtedly not intrinsically illicit, it unfairly has a bad reputation.Nothing is Illegal About Bitcoin

Granted, Bitcoin’s image needs improvement. Many still associate the cryptocurrency with cybercrime, drug dealing, fraud, and other illicit activities. Scandals, accusations, and allegations abundantly published in the world press have helped to tarnish Bitcoin’s reputation. Conspicuous are the cases of the Silk Road, the bankrupt Mt. Gox Bitcoin exchange, as well as several ransomware acts.

But Bitcoin itself is not illegal. Indeed, according to Dr. David Cowan:

With the controversy and confusion surrounding cryptocurrencies, it is easy to forget that there is nothing inherently illegal in them.

In effect, data shows that the use of Bitcoin in illegal activities is almost negligible.

In January 2018, Yaya Fanusie, director of analysis for the Foundation for Defense of Democracies’ Center on Sanctions and Illicit Finance (CSIF), released a study entitled “Bitcoin Laundering: An Analysis of Illicit Flows into Digital Currency Services.” The study concludes:

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