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Bitcoin, Ethereum, AltCoin and ICO News

Despite Slow Start, Analysts Believe 2018 Could be the Best Year for Bitcoin

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Cryptocurrency markets are not off to a good start in 2018. Most markets have lost nearly half of their value during the first few weeks. This most recent dip has pushed the momentum back as well. Even so, analysts are convinced this year will be very bullish for all cryptocurrency markets in the long run. Especially Bitcoin may see some big gains.

Bitcoin Scalability Improvements?

All cryptocurrency markets have seen major declines throughout the first seven weeks of 2018. Although Bitcoin showed some good momentum this week, most gains have been lost once again. Whether or not this is a bubble effectively bursting, remains to be determined. However, there are still a few solid reasons as to why things may turn out for the better. Julian Hosp remains bullish on cryptocurrency for quite some time to come.

Especially where Bitcoin is concerned, things can still improve quite a bit. With new scaling solutions coming to the ecosystem, a lot of progress will be made. Segregated Witness is now enabled by default through the Core client. It has also become more convenient to use altogether. If this adoption rate improves, the Lightning Network has a fair chance of succeeding as well. For now, there is no official release date for the Lightning Network as of yet.

With a lack of scaling, Bitcoin made a lot of headlines due to mounting fees. At one point, a Bitcoin transaction cost over $20. It is far from ideal, yet solving the problem is not all that easy. With SegWit and LN, those fees should eventually come down over time. Only time will tell if this works as people expect it to. Moreover, the addition of smart contracts to Bitcoin through Rootstock is something to look forward to.

Other Cryptocurrencies and ICOs

Cryptocurrency is about so much more than just Bitcoin, though. More regulation of this entire industry can be a good thing in many different ways. If an industry is regulated, it is “validated” in the eyes of the general public. For now, we see dozens of countries looking into regulating Bitcoin and other currencies. Not everyone is a big fan of regulation, as it imposes severe restrictions in some cases. For now, it seems further regulation will help legitimize cryptocurrencies and digital tokens moving forward.

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An Ethereum Classic Fork Snapshot Is Coming Next Week

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Next week the ethereum classic (ETC) community is expecting to receive coins from a ‘snapshot’ fork called ‘callisto’ (CLO). The clone will be an exact copy of the ETC chain up until block 5,500,000 and ETC holders will receive a 1:1 ratio of CLO coins.

The First High Profile Hard Fork Is About to Get Forked

The funny thing about ethereum classic is that it was one of the first high profile blockchain splits and ethereum (ETH) holders received a 1:1 ratio of ETC after the hard fork at block 1,920,000. The fork was caused by members of the Ethereum community because they rejected the idea to ‘bail out’ the DAO, an ETH application that lost $150Mn that year. Some individuals firmly believe that ETC is the ‘one true’ Ethereum network. Callisto, however, is not quite like the ETC hard fork as it’s a snapshot much like bitcoin gold, bitcoin diamond, and the other clones that appeared over the past year.

Callisto Developers Believe CLO Will Have Better Smart Contract Security

Essentially CLO coins will share the same history as the existing ETC chain but from block 5,500,000 and forward the network will be its own. The cloning is expected to happen next week sometime on or after March 2. The reason behind the snapshot is because CLO developers believe there are issues regarding ETC’s smart contract design. According to the CLO white paper ETC is susceptible to smart contract hacks much like the DAO platform. The CLO developers plan to create a “Official Smart-contract Auditing Department of CLO & ETC,” so one could assume the snapshot may be considered an extension of the ETC community.    

“The main goal of callisto is to research and develop a reference implementation of self-sustaining, self-governed, self-funded blockchain ecosystem and development environment,” explains the CLO white paper.  

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Litecoin Price Analysis: LTC/USD Declines Below $200

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Litecoin price was not able to hold the $205 and $200 support levels against the US Dollar. LTC/USD traded towards $180 before starting a short-term correction.

Key Talking Points

Litecoin price extended declines and traded below a major support at $200 (Data feed of Kraken) against the US Dollar. There is a key bearish trend line forming with resistance at $205 on the hourly chart of the LTC/USD pair. The pair may correct a few points in the short term, but it may face sellers near $205 and $210.

There was a no major recovery in litecoin price above $225 yesterday against the US dollar. The LTC/USD pair even failed to hold the $205 support level and declined below the $200 handle. It traded towards the $180 level and formed a low at $181.

The pair is now trading well below the $200 level and the 100 hourly simple moving average. It recently started an upside correction and is currently trading near the 23.6% Fib retracement level of the last drop from the $252 high to $181 low.

However, there are many barriers on the upside for buyers above the $200 level. There is also a key bearish trend line forming with resistance at $205 on the hourly chart of the LTC/USD pair.

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Cardano Price Technical Analysis – ADA/USD Bearish Below $0.35

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Key HighlightsADA price is struggling to recover and it recently declined below the $0.3200 level against the US Dollar (tethered). There is a major declining channel forming with resistance at $0.3205 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair is currently correcting higher, but it may face a lot of resistance near $0.3250 and $0.3500 in the near term.

Cardano price declined further against the US Dollar and Bitcoin. ADA/USD is currently trading well below the $0.3500 level and in a bearish zone.

Cardano Price Decline

There was no major recovery in ADA price above the $0.3600 level against the US Dollar. The price did not move above the $0.4000 resistance and declined once again. During the recent slide, it broke the $0.3500 and $0.3300 support levels. It even traded below $0.3200 to test the $0.3000 area. A low was formed at $0.2995, and the price is currently consolidating losses around the $0.3000 level.

It is testing the 23.6% Fib retracement level of the last drop from the $0.3866 high to $0.2995 low. It seems like the price may find it hard to break the $0.3200 and $0.3300 resistance levels in the short term. There is also a major declining channel forming with resistance at $0.3205 on the hourly chart of the ADA/USD pair. The channel resistance at $0.3205 is near the 23.6% Fib level. If there is a break above $0.3205, the price may correct further higher. The next major resistance is near $0.3430 and the 50% Fib retracement level of the last drop from the $0.3866 high to $0.2995 low.

On the downside, the $0.3000 level is a major support. If the price fails to stay above $0.3000, it could even trade back towards the $0.2500 level in the near term.

Hourly MACD – The MACD for ADA/USD is slowly recovering and is showing positive signs.

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Ripple Price Technical Analysis – XRP/USD Tumbles Further

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Key HighlightsRipple price could not hold the $0.9000 support and moved below the $0.8400 level against the US dollar. There is a key bearish trend line forming with resistance at $0.8700 on the hourly chart of the XRP/USD pair (data source from SimpleFx). The pair is trading around the $0.8400 level and is currently trading with a bearish bias.

Ripple price failed to move higher and declined against the US Dollar and Bitcoin. XRP/USD may correct a few points higher, but it could face resistance near $0.9000.

Ripple Price Upside Hurdle

There was an extension to yesterday’s decline in Ripple price from the $0.8800 swing high against the US Dollar. The price failed to hold the $0.9000 and $0.8400 support levels and declined further. An intraday low was formed at $0.8015 before price started a minor upside correction. It is currently trading above the 23.6% Fib retracement level of the last decline from the $0.9483 high to $0.8015 low.

However, there are many hurdles on the upside below the $0.9000 level. There is also a key bearish trend line forming with resistance at $0.8700 on the hourly chart of the XRP/USD pair. At the moment, the price is testing the 38.2% Fib retracement level of the last decline from the $0.9483 high to $0.8015 low. There is a chance of it moving further higher towards the $0.8700 or $0.8800 levels, but an upside break won’t be easy. Moreover, the 50% Fib retracement level of the last decline from the $0.9483 high to $0.8015 low is at $0.8749 to act as a resistance.

On the downside, the $0.8100 and $0.8000 levels are decent supports. As long as the price is above the $0.8000 handle, it could make an attempt to recover above $0.9000.

Looking at the technical indicators:

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

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Bears all over guys and so far, all altcoin gains from last week’s bullish run has been reversed. LTC, EOS, NEO, Lumens and even DASH are on a down trend testing last week’s lows.

Let’s have a look at these charts:

XLM/USDXLM/USD Daily Chart for February 23, 2018

So far, Lumens sellers are trending right at last week’s lows and that’s a 100% retracement as far as price action is concerned.

Now, the thing is this week has been largely bearish-we can see that and track from what has been happening over the past couple of days.

If we zoom into the 4HR chart we notice that bear momentum is waning as candlestick are beginning to print away from the lower BB with stochastics at over sold territory.

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LTCUSD Technical Analysis for 02/23/2018 – Another Break and Retest

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LTCUSD recently broke above its descending trend line to show that a reversal is underway. The 100 SMA has also crossed above the longer-term 200 SMA to show that bullish momentum is returning.

At the same time, the 50% Fibonacci retracement level lines up with the dynamic support at these moving averages. This adds to its strength as support, especially since it lines up with an area of interest around the $175 level.

However, RSI is still on the move down to show that there’s some selling pressure left. This means that a larger pullback to the 61.8% Fibonacci retracement level or even the broken trend line resistance is still possible.

Stochastic is already dipping into oversold territory and looks ready to turn higher to indicate that bullish momentum could pick up. In that case, price could resume its rally to the swing high near $250 and complete an inverse head and shoulders pattern that could lead to a longer-term climb.

Dollar demand ticked lower recently but cryptocurrencies were left behind on the risk rallies. Regulation concerns are back as the SEC charged former cryptocurrency exchange BitFunder and its founder Jon E. Montroll with fraud for allegedly running the operation as an “unregistered securities exchange” and defrauding users of that exchange.

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Asian Altcoin Trading Roundup: Top Cryptocurrency is DigixDAO

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The selloff continues as the week ends in crypto land. Asians are leading the way and dropping their digital currencies for the third day in a row. Bitcoin has lost 8% on the day and has dropped back to just over $10k, altcoins as usual have been hit harder and are all in the red during this morning’s Asian trading session.

We have to go a long way out of the top 25 to find one that is actually up on the day. The only one in the top slot that is even in the green is Nano which we featured yesterday. Still trading higher on news of the app release, Nano is up 3.8% on the day – every other altcoin has fallen.

The next cryptocurrency that is up is DigixDAO, the gold based crypto that seems to do well when all others are falling. DGD is up 4.2% on the day, trading at $318 at the time of writing and has had a very good week gaining 34% from $235 this time last week. The only major difference with this coin is that it is based on a commodity which is why it seems to weather the storms better when all others are plummeting.

There are only 2 million DGD tokens circulating, most of which are traded on Binance which has almost 90% of the total. Market capacity currently stands at $635 million and it is ranked at number 35. $77.5 million has been traded in DGD over the past 24 hours.

All other altcoins are in the red but ones that have not taken such a hit include Ethereum, Neo, Bitcoin Gold, Rchain, and Maker. There are some bargains out there for those that like to buy the dip however the dip could keep dipping throughout the day.

Original linkOriginal author: Martin J. Young
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Ethereum Price Technical Analysis – ETH/USD Decline Looks Real

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Key HighlightsETH price faced a lot of selling pressure recently and declined below $810 against the US Dollar. Yesterday’s highlighted major bearish trend line with current resistance at $820 is intact on the hourly chart of ETH/USD (data feed via SimpleFX). The pair may correct a few points in the short term, but it remains in a downtrend below $840.

Ethereum price extended losses against the US Dollar and Bitcoin. ETH/USD declined as low as $776 and it is currently correcting higher toward barriers.

Ethereum Price Resistance

There was no major upside move in ETH price above the $860 level against the US Dollar. The price struggled to correct higher and it started a downside move below the $840 level. It declined and broke a couple of support levels such as $810 and $800. It traded as low as $776 from where a minor upside correction was initiated. However, the price may face many barriers on the upside on the way to $810.

It has moved above the 23.6% Fib retracement level of the last decline from the $858 high to $776 low. However, there is a major resistance near $810-820. More importantly, yesterday’s highlighted major bearish trend line with current resistance at $820 is intact on the hourly chart of ETH/USD. The trend line resistance is close to the 50% Fib retracement level of the last decline from the $858 high to $776 low. Therefore, if the price corrects further from the current levels, it could face sellers near the $820 and $825 levels. Above $825, the next major barrier for buyers is at $840.

On the downside, the recent low at $776 is a key intraday support. If the price fails to stay above $776, then it could accelerate declines towards the $750 level.

Hourly MACD – The MACD is gaining pace in the bearish zone.

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Bitcoin Cash Price Technical Analysis – BCH/USD Breaks $1,200

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Key PointsBitcoin cash price did not correct higher and declined below the $1,200 support against the US Dollar. There are two bearish trend lines forming with resistance at $1,250 and $1,280 on the hourly chart of BCH/USD (data feed from SimpleFX). The pair may decline more in the near term and it could even break the $1,100 support level.

Bitcoin cash price declined further below $1,200 against the US Dollar. BCH/USD looks set to extend the current decline towards or below $1,100.

Bitcoin Cash Price Resistance

There was no stopping sellers as bitcoin cash price failed to correction above the $1,300 level against the US Dollar. The price declined and broke yesterday’s low to trade below the $1,200 level. It opened the doors for more losses and the price traded towards $1,150. A low was formed at $1,134 and it seems like the price is struggling to correct higher in the short term.

On the upside, the price is facing resistance near the 23.6% Fib retracement level of the last drop from the $1,325 high to $1,134 low. There are many resistances on the upside below the $1,300 level. More importantly, there are two bearish trend lines forming with resistance at $1,250 and $1,280 on the hourly chart of BCH/USD. The first bearish trend line is close to the 50% Fib retracement level of the last drop from the $1,325 high to $1,134 low. Therefore, a break above the $1,250 and $1,260 levels won’t be easy. Above $1,260, the second trend line at $1,280 is the next hurdle.

On the downside, the recent low of $1,134 is a short-term support. If the price breaks the stated level, it could test the $1,100 level.

Looking at the technical indicators:

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Stablecoin Done Right for Traders Miners and Merchants

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The crypto world needs a stablecoin it can trust. In case you are new to this game, let’s explain that a little further. No, we’re not talking about making Bitcoin, Ethereum et al less volatile. That’s something that will likely come with age. Instead, we are talking about solving a problem that confronts all crypto traders – where to hide when the going gets tough?

The market is falling precipitously and as an investor or trader you want to protect your portfolio from losses. If your coins are on an altcoin exchange that doesn’t handle fiat then your options are limited to using a token issued by Tether called UST or the lesser known Dai token from MakerDAO.

Tether, as its name suggests, has its valued tethered to that of the US dollar. This is what is known as being “pegged” in economics.

For instance, sometimes government’s peg their currency to the value of another currency. For example, The Swiss Franc was pegged to the euro between 2011 and 2015. When the euro cap was removed, the value of the Swiss Franc soared, suggesting that the currency was undervalued while it was pegged to the euro.

What’s wrong with Tether?

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Ripple Price Analysis: XRP/USD to Decline Further?

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Ripple price declined recently and moved towards $0.9300 against the US Dollar. XRP/USD is currently at a risk of more declines and it could break $0.9300.

Key Talking Points

Ripple price started a downside move from the $1.1994 swing high against the US Dollar. There was a break below a major bullish trend line with support at $1.108 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp). The pair is currently under pressure and it may decline further below the $0.9300 level.

There was a short-term top formed in Ripple price above the $1.1900 level against the US Dollar. The XRP/USD pair formed a high at $1.1994 and started a downside move. It declined and traded below the $1.10 and $1.04 support levels.

The price is now trading well below the $1.00 level and the 100 simple moving average (2-hours), which is a bearish sign. It also moved below the $0.9600 support and traded close to the $0.9250 level.

During the downside move, there was a break below a major bullish trend line with support at $1.108 on the 2-hours chart of the XRP/USD pair. The pair traded as low as $0.9292 and it is currently correcting higher.

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Litecoin Price Analysis: LTC/USD Pressured Below $225

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Litecoin price declined further yesterday towards $200 against the US Dollar. LTC/USD is currently correcting higher, but it is facing a major resistance near $225.

Key Talking Points

Litecoin price failed to hold the $220 support yesterday and declined towards $200 (Data feed of Kraken) against the US Dollar. There is a short-term bearish trend line forming with resistance at $222 on the hourly chart of the LTC/USD pair. The pair has to break the $222 and $225 resistance levels to gain upside momentum.

Yesterday, we saw a downside reaction in litecoin price from the $250 resistance against the US dollar. The LTC/USD pair was holding the $220 support level, but later the pair declined further and moved towards the $200 level.

It traded close to the $200 level and formed a low near $203. It seems like the pair has moved back in a bearish zone short term below $225 and the 100 hourly simple moving average. I tis currently correcting higher and moved above the 23.6% Fib retracement level of the last decline from the $252 high to $203 low.

However, there are many resistances on the upside near $225. There is also a short-term bearish trend line forming with resistance at $222 on the hourly chart of the LTC/USD pair.

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Bitcoin Market Dominance Rises, Transaction Fees Fall

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The ratio of Bitcoin’s market dominance compared to all other digital currencies has generally getting smaller since early 2017. This period can be considered the ‘big bang’ for cryptocurrencies, when they literally all exploded onto the scene and inflated into the virtual universe. Over the past week however Bitcoin’s dominance has picked up and its transaction fees have fallen.

Over the first half of 2017 Bitcoin’s market share plummeted from almost 90% to around 37%. This was largely at the expense of Ethereum which skyrocketed in price from around $10 to over $400 during the same period. Other altcoins such as Ripple’s XRP also chomped away at the Bitcoin behemoth as the crypto train gathered momentum. The latter half of 2017 saw Bitcoin steadily rise back up to a high of 64% market dominance in early December as traders soon realized that they needed BTC to buy altcoins.

Big Drop For Bitcoin

As crypto mania reached a crescendo just after New Year Bitcoin found itself in free-fall again dropping by 50% to a low of 34% market dominance. Smaller altcoins such as Verge, Tron, and Cardano were being shilled and pumped causing millions of dollars to flow away from BTC and into them boosting their market capacities into the billions. The party did not last long and those that shot up so rapidly fell the hardest. Everything was sucked into the virtual vortex and the crypto markets shed 66% from $830 billion down to a low of $280 billion in just one month from January 7 to February 6.

In the past week however Bitcoin’s market dominance has seen a turn around and it is reclaiming some of its lost share. It has regained 14% from 34% on Feb 10 to just over 39% today, and it continues to climb as many of the altcoins carry on bleeding. Those that were seeking a quick buck are likely to have sold in a panic as markets fell, while those with true belief in blockchain technology and the projects they have invested in will be hodling for the future.

Chart: CoinmarketcapUsage and Transaction Fees at a Low

While Bitcoin approaches 40% market share again its actual usage has fallen to the lowest point in six months. Costs to send Bitcoin became unfeasible during its peak in December when they were as high as $35. This caused many to switch to more cost efficient alternatives such as Ethereum, Litecoin and even Bitcoin Cash.

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Binance (BNB/BTC) Technical Analysis for 02/22/2018 – Bears Still In Control

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Binance continues to trend lower and has broken below the mid-channel area of interest on its 4-hour chart. Price could be headed back to support at 0.00075 from here.

The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside. This suggests that the selloff is more likely to carry on than to reverse. The latest consolidation appears to be a bearish flag pattern, so a break below the short-term support could lead to a drop of the same height as the mast.

However, stochastic is pulling up from oversold levels to signal that buying pressure is present. RSI is pulling up from oversold territory as well, so Binance could follow suit. This could spur a correction to the channel resistance and moving averages at 0.0010-0.0011.

Applying the Fibonacci retracement tool on the 1-hour time frame shows that the 61.8% level lines up with the channel resistance. The 38.2% level lines up with the 100 SMA dynamic resistance, which could be enough to keep gains in check for a shallow pullback.

RSI has some room to climb on this chart so price could still enjoy a bit of bullish momentum. Stochastic, however, is already indicating overbought conditions and looks ready to turn lower to signal a return in selling pressure.

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Ethereum Classic Price Technical Analysis – Can ETC/USD Reclaim $36?

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Key HighlightsEthereum classic price declined sharply after trading above the $42.00 level against the US dollar. There is a major bearish trend line forming with resistance at $35.20 on the hourly chart of the ETC/USD pair (Data feed via SimpleFX). The pair is currently correcting higher, but it has to move above $36.00 to gain upside momentum.

Ethereum classic price declined this week from highs against the US Dollar and Bitcoin. ETC/USD could correct higher, but it must break the $36.00 resistance.

In the last analysis, we saw a nice upside move in ETC price above the $40.00 level against the US dollar. The price even traded above the $42.00 level before it faced sellers. A high was formed near $42.36 before the price started a downside correction. It declined sharply and moved below the $38.00 and $35.00 support levels. A low was formed at $32.40 from where the price started an upside correction.

At the moment, the price is trading near the 23.6% Fib retracement level of the last decline from the $52.36 high to $32.40 low. There is also a major bearish trend line forming with resistance at $35.20 on the hourly chart of the ETC/USD pair. Above the trend line resistance, the 100 hourly simple moving average is positioned at $36.00. Moreover, the 38.2% Fib retracement level of the last decline from the $52.36 high to $32.40 low is near $36.00. Therefore, it seems like the $36.00 level and the 100 hourly SMA are important barriers for more recoveries in ETC.

Buyers must push the price above the $36.00 level. If they fail, there are chances that the pair may decline once again back towards the $32.00 level in the near term.

Hourly MACD – The MACD for ETC/USD is currently reducing its bearish slope.

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Ripple Price Technical Analysis – XRP/USD is Facing Uphill Task

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Key HighlightsRipple price declined below the $0.9500 support area yesterday against the US dollar. There are two important bearish trend lines forming with resistance at $0.9400 and $1.00 on the hourly chart of the XRP/USD pair (data source from SimpleFx). The pair is currently correcting higher, but it is likely to face a lot of sellers on the upside near 0.9500.

Ripple price declined further during the past few hours against the US Dollar and Bitcoin. XRP/USD is currently recovering, but upsides are likely to be capped.

Ripple Price Resistance

There was no respite for buyers as Ripple price declined further below $0.9800 against the US Dollar. The price traded lower and even broke the $0.9500 support level. It was under a lot of pressure, which resulted in a push below $0.9000. A low was formed near $0.8817 from where the price started an upside correction above the $0.9000 level.

It is currently testing the 23.6% Fib retracement level of the last drop from the $1.0811 high to $0.8817 low. There are many hurdles on the upside for buyers starting with $0.9500. Moreover, there are two important bearish trend lines forming with resistance at $0.9400 and $1.00 on the hourly chart of the XRP/USD pair. The second trend line resistance is very important since is it close to $1.00 and the 100 hourly simple moving average. Furthermore, the 50% Fib retracement level of the last drop from the $1.0811 high to $0.8817 low is at $0.9815 to prevent upsides.

Therefore, if the price corrects higher from the current levels, then it could face sellers near $0.9600 and $0.9800. On the downside, the $0.9000 level is a major support followed by $0.8800.

Looking at the technical indicators:

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

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There is a broad base correction back as we are seeing in pairs as NEO, EOS, LTC and even Lumens.

DASH remains resilient but there is room for downside especially if we see any depreciation below $620.

Selling looks like a very short term bet as we anticipate correction back towards break out levels. By doing so, prices would be completing the retest phase which is so common after any form of break outs.

Let’s have a look at these charts:

XLM/USDXLM/USD Daily Chart for February 22, 2018

There are two important price developments that should influence price movements in the next sessions. One has to do with that breach and close below the middle BB and $0.40 in the daily chart.

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Ethereum Price Technical Analysis – Can ETH/USD Recover Further?

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Key HighlightsETH price declined further and traded as low as $806 against the US Dollar before starting a recovery. There is a major bearish trend line forming with resistance at $850 on the hourly chart of ETH/USD (data feed via SimpleFX). The pair is currently correcting higher, but it is facing many resistances such as $850 and $875.

Ethereum price fell sharply against the US Dollar and Bitcoin. ETH/USD is currently recovering, but it won’t be easy for the pair to gain upside momentum.

Ethereum Price Recovery

There was a minor recovery initiated yesterday from the $850 swing low in ETH price against the US Dollar. The price traded higher, but it could recover above the $880-900 resistance zone. It resulted in a downside move and the price traded below $850. It declined by more than $40 and traded close to $800. A low was formed at $806 from where the price started an upside correction.

It has moved above the 38.2% Fib retracement level of the last drop from the $895 high to $806 low. However, there are many resistances on the upside near $850. The stated $850 level was a support earlier and now it could prevent further gains. Moreover, there is a major bearish trend line forming with resistance at $850 on the hourly chart of ETH/USD. The 50% Fib retracement level of the last drop from the $895 high to $806 low is also around the same $850 level. Therefore, a break above the $850 level may ignite further recoveries in the near term.

The next major resistance on the upside is at $875 followed by $880. On the downside, an initial support is at $828. Below the mentioned $828, the price may retest the $806 swing low.

Hourly MACD – The MACD is slowly reducing its bearish slope.

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Asian Altcoin Trading Roundup: Top Cryptocurrency is Nano

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The markets have continued correcting during the Asian trading session this morning. Bitcoin continues with its slow sell off but the some of the altcoins seem to be accelerating downwards at a faster rate. BTC seems to have found support at $10,500 and has headed upwards slightly however it is still down around 2% on the day. Most altcoins are also down except one which is pretty rampant right now, and that is Nano.

Nano is the rebranded version of RaiBlocks and according to Coinmarketcap it is trading 26% higher on the day. From a low of just under $7 yesterday NANO (previously XRB) is nudging towards $10 today with a spurt that started a couple of hours ago. It had been down trending all week from a high of $10.02 until today when it has spiked back up to $9.05. RaiBlocks had a great run in early January peaking at $36, like most altcoins that were pumped during this period it has fallen back heavily.

Nano touts itself as a ‘block lattice’ based network offering zero fee digital currency transactions. This makes micropayments more viable as there are no fees and transactions are instant. The fomo spike today has come on the announcement that the Nano wallet for Android is now in Beta on Google Play. An iOS version is in the pipeline.

Nano has a market capacity of $1.2 billion with Binance taking over 90% of the trade volume. In the past 24 hours $82 million has been traded and there are 133 million tokens in total with all of them in circulation. Nano is currently ranked at number 24 in the market cap charts.

Other altcoins showing positive price action this morning in Asia are Monero, up 8%, and Zcash. Outside of the top 25 Populous, Dent and Polymath are also doing well when most others are falling.

Original linkOriginal author: Martin J. Young
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