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Bitcoin, Ethereum, AltCoin and ICO News

Cardano Price Technical Analysis – ADA/USD to Decline Further

Key HighlightsADA price remained in a bearish zone and it recently broke the $0.2840 support against the US Dollar (tethered). There is a major bearish trend line forming with resistance at $0.2780 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair may correct a few points in the short term, but it remains sell on rallies around $0.2800.

Cardano price is placed in the bearish zone against the US Dollar and Bitcoin. ADA/USD is likely to decline further with supports on the downside at $0.2710 and $0.2600.

Cardano Price Downtrend

There was no respite for buyers as there was no upside move above $0.3000 in ADA price against the US Dollar. The price remained in a bearish zone and settled below the $0.3000 level. It recently faced an increased selling pressure and broke a crucial support at $0.2840. It opened the doors for more losses and the price moved below $0.2800 and also settled below the 100 hourly simple moving average.

The recent low formed was $0.2710 from where the price started a minor upside correction. An initial resistance on the upside is around the 23.6% Fib retracement level of the last drop from the $0.2990 high to $0.2710 low. There is also a major bearish trend line forming with resistance at $0.2780 on the hourly chart of the ADA/USD pair. However, the most important resistance is around the $0.2840 level. It coincides with the 50% Fib retracement level of the last drop from the $0.2990 high to $0.2710 low.

Therefore, if the price corrects higher from the current levels, it may face sellers near $0.2840. On the downside, a break below the recent low of $0.2710 may push the price towards the $0.2600 level.

Hourly MACD – The MACD for ADA/USD is placed well into the bearish zone.

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IOTA Price Analysis: IOT/USD Trying to Sustain Its Breakout


IOTA broke down from a symmetrical triangle chart formation to signal that bearish pressure is picking up. The chart pattern spans 1.2000 to 2.6000 so the resulting selloff could be of the same height.

The 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside. However, the gap is pretty narrow so a downward crossover could still ensue and draw more sellers in.

Stochastic is on the move down to show that selling pressure is present. RSI is also heading south but is dipping into oversold levels to indicate that bears are getting exhausted.

In that case, price could still bounce back to the broken triangle support for a quick retest before resuming the drop. A return in bullish pressure, however, could lead to a move back up to the triangle resistance or the 2.0000 major psychological level.

The dollar has gained ground versus higher-yielding counterparts such as stocks and commodities when risk aversion returned on fears of a trade war. Although some US officials sought to reassure markets, the announcement of Cohn’s resignation revived protectionist concerns.

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Google Searches for ‘Bitcoin’ Drop to Five Month Low


Google searches using the keyword Bitcoin are down since the manic run of buying in late December. This marks the lowest interest based on Google trends since Bitcoin traded at $5,000.

Google Searches Match With Market Prices

Analysts who use Google searches as an indicator of market trends have noted that since the New Year searches with the word Bitcoin have dropped about 80%. This is with fluctuations as the market dropped and then has slowly regained some of its value.

Nick Colas, DataTrek Research co-founder, who called Bitcoin “the gateway drug of cryptocurrency” on CNBC’s “Fast Money” charted the spike and decline of Google searches related to Bitcoin and correlated it with trade activity.

He went on to say that a lot of movement in the market now is lateral as opposed to new investor money. That is investors taking money from Bitcoin and putting it into Ethereum or Litecoin and that the Google search percentages reinforce that by showing gains in those coin names used in searches as the market cap increases.

“So far (google) it’s been a very reliable indicator, it showed us the way up and now it’s showing us the way back down.”

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US Regulations May Require ICOs to Report Suspicious Investors


Initial Coin Offerings must comply with laws associated with money laundering and anti-terrorism that require reporting suspicious investors to authorities according to a newly released letter from the treasury department.

New Information on Old Regulations

In December 2017 Senator Ron Wyden (OR-D) requested information from the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) about its efforts at oversight and enforcement related to cryptocurrency.

FINCEN’s response to the senator was published yesterday though originally dated Feb. 13. The letter explained that companies offering ICOs may be legally considered as money transmitters and therefore be subject to laws set up to combat money laundering and the financing of terrorism which apply to money services businesses under the Bank Secrecy Act (BSA).

FINCEN goes on to broadly explain that these acts apply to any project involved in “convertible virtual currency” which “either has an equivalent in real currency or acts as a substitute for real currency” as laid out in a 2013 guidance from the Treasury Bureau.

The letter then obfuscates things by adding that depending on the particulars of an ICO project, regulation may fall under the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC).

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Litecoin Price Analysis: LTC/USD Could Decline Further


Litecoin price failed to move above the $210 resistance and declined against the US Dollar. LTC/USD is currently in a bearish zone and it may decline further.

Key Talking Points

·         Litecoin price failed to recover and move above the $210 resistance (Data feed of Kraken) against the US Dollar.

·         There is a major bearish trend line forming with resistance at $198 on the hourly chart of the LTC/USD pair.

·         The pair remains at a risk of more declines since it broke the $200 support.

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Ripple Price Technical Analysis – XRP/USD Back to Square One

Key HighlightsRipple price failed to remain in a bullish zone and broke the $0.9450 support against the US dollar. Yesterday’s short-term connecting bullish trend line with support at $0.9400 was broken on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is currently under pressure and it may fall back towards the $0.8800.

Ripple price declined further in the bearish zone against the US Dollar and Bitcoin. XRP/USD may accelerate declines towards or below $0.8800.

Ripple Price Decline

There was no recovery above $1.00 yesterday in Ripple price against the US Dollar. The price extended declines and moved below a major support area near $0.9400. The decline was substantial as the price closed below the $0.9200 support as well. There was even a close below the 100 hourly simple moving average and the price traded as low as $0.8928.

During the downside move, yesterday’s short-term connecting bullish trend line with support at $0.9400 was broken on the hourly chart of the XRP/USD pair. It opened the doors for more gains and the price is now at a risk of more declined below $0.8900. An initial resistance on the upside is around the 23.6% Fib retracement level of the last decline from the $0.9802 high to $0.8928 low. There are many hurdles on the upside near the $0.9400 level and the 100 hourly SMA. Moreover, the 50% Fib retracement level of the last decline from the $0.9802 high to $0.8928 low is at $0.9356.

On the downside, the recent low of $0.8928 is a short term support. A break below the mentioned level could push the price towards $0.8800. Any further losses below $0.8800 could be very bearish for XRP in the near term.

Looking at the technical indicators:

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


It is no doubt that the decline in BTC is literally pushing EOS, NEO, LTC and Monero prices down. The correction of this recent appreciation seem to be on its early stages and considering this, we recommend LTC or Monero straight sells with every high a shorting opportunity in the lower time frames.

Let’s have a look at these charts:

XLM/USD (Lumens)XLM/USD Daily Chart for March 7, 2018

Lower lows and higher highs-that has been the theme of Stellar Lumens price action over the past couple of days.

Yes, our trade plan remains constant. However, considering yesterday’s lower lows and bearish confirmation towards $0.30, I cannot discount possibilities of further deterioration of prices especially if we refer to price developments in the 4HR chart.

Indeed, we are cognizant of current price pattern and being aware of the bullish break out pattern that’s still valid, I will watch if there is a follow through of yesterday’s bears and a breach below $0.30 in today’s session.

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Australians Keep Getting Scammed Out of Their Bitcoin


Consumer Affairs Victoria has been flooded with reports of people falling victim to fraudulent Bitcoin scams.

Investment Scams Down Under

Australia is a hotbed for Bitcoin scams.

According to Consumer Affairs Victoria, a unit of the Department of Justice and Regulation, Bitcoin oriented fraud continues to wreak havoc on investors.

Most reports center around victims losing their cryptocurrency through fake Bitcoin websites. The average loss per victim is roughly $300.

For the month of January 2018 alone, $10,692,438 have been scammed out of Australians, primarily by way of Ponzi or pyramid schemes. In fact, $4.63 million was lost that month from investment schemes – up from $2.9 million the month before, and up from $1.7 million 12 months prior.

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South Korean Travel Site with Over 50,000 Hotels to Accept 12 Cryptocurrencies


A South Korean travel website with over 50,000 hotels and other types of accommodation facilities will begin accepting 12 cryptocurrencies, thanks to a partnership between its operator and Bithumb, a major cryptocurrency exchange in Korea.

Pay for 50,000+ Hotels with Crypto

One of South Korea’s largest cryptocurrency exchanges, Bithumb, announced on Tuesday its business alliance with Seoul-based With Innovation Corp. Thanks to this partnership, customers will be able to pay with cryptocurrencies for over 50,000 accommodation facilities, including hotels, motels, inns, motels, guest houses, and campers. Specializing in small and medium-sized accommodation facilities, the service operates under the brand name that is loosely translated as “How are you here?” The Hankyoreh elaborated:

The user can pay in a virtual currency held in their Bithumb account when booking a hotel, resort, or motel. There are about 50,000 registered properties here [in Korea].

At the time of this writing, Bithumb is the fifth largest crypto exchange globally by 24-hour trading volume and the second largest in South Korea. The Kakao Corp-backed Upbit is currently the country’s largest crypto exchange.

12 Cryptocurrencies Supported

Bithumb explained that all 12 cryptocurrencies the platform supports can be used: bitcoin, bitcoin cash, ripple, ether, ethereum classic, EOS, qtum, monero, litecoin, zcash, bitcoin gold, and dash. The news outlet quoted the exchange commenting:

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How NEO’s consensus failure is spreading FUD


On 3 March the NEO blockchain stopped working. An initial statement by Malcolm Lerider, NEO’s senior research and development manager, said the reason for the failure was because one of its consensus nodes was disconnected from the network.

NEO uses the delegated Byzantine Fault Tolerance (dBFT) consensus mechanism, which at its simplest means that the nodes on the network elect a smaller number of nodes to carry out the consensus work.

Centralisation worries

Because the NEO Council holds most of the token supply it has centralised control of the network. As such, it also controls the delegation process and has limited the number of consensus nodes to seven. This fact alone has seen NEO attract criticism from those who consider it not to be a “true” cryptocurrency because of its lack of decentralisation, a criticism also levelled against Ripple.

On the other hand, centralisation means its software can be updated without having to reach a consensus across the hundreds or thousands of decentralised nodes on the network, thereby avoiding the divisions that, for example, have stymied the upgrading of the bitcoin network.

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