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Bitcoin and Cryptocurrency to Solve the Main FIAT Issues

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One of the biggest engines that runs the hype around Bitcoin is its potential. One of BTC’s oldest enthusiast Jeffrey Wernick is investing in the leader of cryptocurrencies by market cap since 2009. That is when he started calling the coin “the currency of the people”. He strongly believes that:

“comes from its ability to solve the biggest problems with fiat money.”

Bitcoin for the People

Mr. Wernick has just explained where he found his motivation to invest in Bitcoin and such. During an interview for Business Insider, he gave details how his attraction towards monetary issue solutions grew while seeing peoples relationship with the gov transformed.

The change came because of gov’s ability to run massive deficits and debase the currency without the thought of its people.

Now the government can do a lot of things without the consent of the people because as long as the people don’t have to pay for it, they feel that they’re less interested in it.

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Expert Bets $8.5 Million That Bitcoin Will Reach $280,000, Surpassing Birkshire

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Though Bitcoins market price has been anything but inspiring of late, as it lingers at 70% below its all-time high, one wealthy Australian Bull still believes enough to put it up against Warren Buffets Berkshire Hathaway.

Bitcoin Punter Puts up Against Berkshire Hathaway

One of the land down under’s leading Bookmakers, Tom Waterhouse, tweeted That a well-known crypto expert ( who is choosing to remain anonymous) has requested a bet that by 2023 one Bitcoin will exceed the price of one share in Berkshire Hathaway. This well-known expert is showing a very bullish disposition as the amount of the requested wager is $AU8.5 million, which if it pans out will pay off at $AU 1.2 billion.

At the moment Bitcoin has a lot of catching up to do as Berkshire Hathaway currently trades at $288,481, over 45 times the amount of BTC. Waterhouse who recently moved on from his position as chief executive of CrownBet-owned William Hill Australia reportedly put the prospective gambler in touch with a large syndicate.

The outlandish wager may be emblematic of Australia’s enthusiasm for all things blockchain related, marked just last week by Huobi Global opening their Australian operation. Which took the occasion to launch ten fiat to crypto trading pairs in celebration.

The gambit could also be a potentially costly provocation of the famous Omaha based holding company’s leaders. Both Warren Buffet and Charlie Munger have been openly vocal about their distrust and even disgust of Bitcoin and cryptocurrencies in general, even as they have confessed their combined ignorance about the technology that powers them.

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Ripple Price Analysis: XRP/USD Targets Fresh Lows

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Ripple price is under a lot of pressure below $0.5000 against the US Dollar. XRP/USD is likely to accelerate declines towards the $0.4200 and $0.4100 levels.

Key Talking Points

Ripple price is in a major downtrend from the $0.4850 resistance zone against the US Dollar. There is a significant bearish trend line in place with resistance at $0.4580 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp). The pair may perhaps continue to move down and it could even break the last low at $0.4243.

During the past few days, there was a sharp increase in selling pressure above $0.4800 in Ripple price against the US Dollar. The XRP/USD pair struggled to settle above the $0.4850 resistance zone, resulting in a bearish reaction

Looking at the chart, the price declined heavily and broke a major support area near $0.4600. It opened the doors for more losses and the price declined below the 76.4% Fib retracement level of the last wave from the $0.4243 low to $0.5194 high.

It means there is a high chance that the price may revisit the $0.4243 low. Moreover, if sellers remain in control, the price may well break the $0.4243 low for a new low. The next target for sellers could the 1.236 Fib extension level of the last wave from the $0.4243 low to $0.5194 high.

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Ethereum Classic Price Analysis: Can ETC/USD Break This?

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Key HighlightsEthereum classic price declined recently and traded as low as $15.67 against the US dollar. There is a major bearish trend line formed with resistance near $16.35 on the hourly chart of the ETC/USD pair (Data feed via Kraken). The pair may perhaps struggle to break the $16.40 and $16.60 resistance levels in the near term.

Ethereum classic price is in a bearish trend against the US Dollar and Bitcoin. ETC/USD has to surpass the $16.60 resistance to start a decent recovery.

There were heavy losses this week in ETC price as it moved below the $17.00 support against the US dollar. The ETC/USD pair even broke the $16.00 support and settled well below the 100 hourly simple moving average. It traded as low as $15.67 and is currently struggling to recover. There was a minor upside move, but buyers faced hurdles near $16.60-70. Moreover, there was no close above the 23.6% Fib retracement level of the last drop from the $18.80 high to $15.67 low.

More importantly, there is a major bearish trend line formed with resistance near $16.35 on the hourly chart of the ETC/USD pair. The pair is slowly moving lower and is holding the $16.00 support area. On the upside, a break above the trend line and $16.40 resistance could clear the path for a decent recovery. However, there is also a crucial resistance and a pivot zone at $16.60-70. The price must break the stated pivot zone to stage a comeback above the $17.00 level.

The chart suggests that the price is finding it tough to clear the trend line at $16.35-40. On the downside, the $16.00 level is an initial support. Below this, the price may perhaps retest the $15.70 low or it could even break towards $15.50.

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

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Binance (BNB/BTC) Technical Analysis for 07/12/2018 – Next Upside Targets

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Binance CEOChangpeng Zhao also had a response to Buterin’s comments on how exchange-based tokens would “burn in hell,” citing on Twitter “Let’s have a bigger heart, and appreciate the fact that we are part of an eco-system.”

Binance has slid lower but appears to be finding support at the bottom of its ascending channel visible on the daily chart. Assuming this floor keeps losses in check and applying the Fibonacci extension tool shows the potential upside targets.

The 38.2% to 50% extension levels are around the mid-channel area of interest at 0.0025 while the 78.6% extension is near the top of the channel at 0.0029. Stronger bullish momentum could take Binance up to the full extension at 0.0031.

The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, the uptrend is more likely to resume than to reverse. The 100 SMA lines up with the channel bottom as well, adding to its strength as support. A break lower could still find some buyers at the 200 SMA dynamic support.

RSI is heading south but already dipping into oversold territory to reflect weaker bearish pressure. A return in bullish momentum on a move higher could lead to a bounce and draw more buyers in. Stochastic has also reached the oversold region to indicate that sellers are tired and ready to let buyers take over.

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Ethereum Price Analysis: ETH/USD Facing Key Hurdle

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Key HighlightsETH price recovered a few points, but faced sellers near $445 against the US Dollar. Yesterday’s highlighted important bearish trend line is intact with resistance at $447 on the hourly chart of ETH/USD (data feed via Kraken). The pair may continue to struggle as long as it is below the $445 and $448 resistance levels.

Ethereum price is under pressure against the US Dollar and Bitcoin. ETH/USD must move higher above $448, if not, there is a risk of more losses.

Ethereum Price Upside Hurdle

After a major drop, ETH price found support near the $425 level against the US Dollar. The ETH/USD pair formed a base and started a minor upside correction above $430. There was a spike above the $440 resistance, but buyers failed to gain momentum. Additionally, there was no proper close above the 23.6% Fib retracement level of the last decline from the $496 high to $425 low.

The price attempted to break the $445 level on two occasions, but it failed. Above this, yesterday’s highlighted important bearish trend line is intact with resistance at $447 on the hourly chart of ETH/USD. Finally, above the trend line, the next hurdle for buyers is near $452 and the 100 hourly simple moving average. It is also close to the 50% Fib retracement level of the last decline from the $496 high to $425 low. Therefore, the price is likely to struggle near the $445, $448 and $452 resistance levels.

Looking at the chart, the price is currently moving lower from the $445 resistance. On the downside, an initial support is at $432. A break below this could push the price towards the $425 low. Overall, the price is at a risk of more declines as long as it is below the $448 resistance.

Hourly MACD – The MACD is about to move back in the bearish zone.

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Litecoin Price Analysis: LTC/USD’s Recovery Capped By $80

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Litecoin price started an upside correction from the $74.50 low against the US Dollar. However, recoveries in LTC/USD were capped by the $80.00 resistance.

Key Talking Points

Litecoin price moved a few points higher after forming a support near $75.00 (Data feed of Kraken) against the US Dollar. Yesterday’s highlighted key bearish trend line is intact with resistance at $79.00 on the hourly chart of the LTC/USD pair. The pair must break the $79.00 and $80.00 resistance levels to recover further in the near term.

After a major decline, litecoin price found support near the $75.00 level against the US dollar. The LTC/USD pair formed a low at $64.50 and later started an upward correction.

Looking at the chart, the price managed to move above the $78.00 resistance level. There was also a break above the 38.2% Fib retracement level of the last drop from the $86.03 high to $74.50 low.

However, the upside move was capped by a key resistance near $80.00. More importantly, the 100 hourly simple moving average, which is currently at $79.95 also acted as a barrier for more gains.

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Tron (TRX) Price Analysis: Falling Wedge Consolidation

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Tron formed lower highs and slightly lower lows to consolidate in a falling wedge pattern. Price is currently sitting at the bottom of this formation and might be due for a bounce back to the top.

It’s also worth noting that Tron is nearing the peak of its formation so a breakout might happen sooner or later. The wedge spans 0.032 to 0.060 so the resulting move could be of the same size.

The 100 SMA is below the longer-term 200 SMA to hint that the path of least resistance is to the downside or that a break lower is more likely to happen than an upside break. Price also seems to have consolidated in a small bearish flag, which is often considered a continuation pattern.

However, RSI is starting to climb out of the oversold region to signal a return in bullish momentum. Stochastic is already on its way up so buyers could take Tron price higher from here. However, the moving averages could hold as near-term resistance levels.

Reports that Twitter visited TRON Foundation revived hopes that the social media platform could lift its ban on ICO ads, allowing the altcoin to hold steady from its drop.

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Bitcoin (BTC) Price Analysis: Range-Bound Action?

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Bitcoin has found support at the $5,800 handle and resistance at $6,800 but is currently sitting right at the middle. Price seems to be stuck in a bearish flag, which is often considered a continuation signal.

In that case, bitcoin could tumble back to the bottom of its range to test support before buyers return. The 100 SMA is below the longer-term 200 SMA after all, so the path of least resistance might be to the downside. In addition, both moving averages appear to have held as dynamic resistance levels.

However, the gap between the moving averages has narrowed to signal weakening bearish pressure and a potential upward crossover. In that case, bullish momentum could return and push bitcoin price back to the resistance.

In that case, the inverse head and shoulders could be completed and a break past the range resistance or neckline could spur an even longer-term rally.

RSI reached oversold levels and has started to pull up, also hinting at a return in bullish momentum. Stochastic just made its way to oversold territory and has yet to turn higher.

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Bitcoin Cash Price Analysis: BCH/USD Consolidating Above $680

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Key PointsBitcoin cash price remained in a range and consolidated above the $680 support against the US Dollar. Yesterday’s highlighted key bearish trend line is intact with current resistance near $720 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair remains at a risk of more losses as long as it is below the $710 and $720 resistance levels.

Bitcoin cash price is struggling to move above $710 against the US Dollar. BCH/USD is currently consolidating and it remains at a risk of further declines.

Bitcoin Cash Price Trend

After a major decline below the $700 level, bitcoin cash price found support near $680 against the US Dollar. The BCH/USD pair formed a low near $683 and later it started a minor upside correction. It moved above the $690 level, but it failed to move past the $700-710 resistance. Moreover, the 23.6% Fib retracement level of the last decline from the $780 high to $683 low also acted as a resistance.

It seems like the $700-710 zone is a major resistance and a pivot area. A break above the same is needed for a push towards the next resistance at $720-725. More importantly, yesterday’s highlighted key bearish trend line is intact with current resistance near $720 on the hourly chart of the BCH/USD pair. The trend line now coincides with the 38.2% Fib retracement level of the last decline from the $780 high to $683 low. The next hurdle for buyers is near the $730 level and the 100 hourly simple moving average.

Looking at the chart, there are clearly many hurdles for buyers above $710. Therefore, a major upside recovery towards $750 won’t be easy. On the downside, a break below the $680 support could push the price towards $650.

Looking at the technical indicators:

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CNBC ‘Fast Money’ Sees Bitcoin Bulls And Bears All In One Segment

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In today’s segment of CNBC ‘Fast Money’, the hosts took a look at the current state of Bitcoin, pointing out signals and what they mean for the market going forward.

Bitcoin Sees Interest Decline, Is That A Problem?

The cryptocurrency market saw an astonishing 2017, with the industry quickly becoming the talk of the town on Wall Street and Main Street. Public awareness of the cryptocurrency market grew, along with exponentially increasing prices, with Bitcoin becoming one of the most searched terms on Google.

But since the most recent decline, with cryptocurrencies taking a nosedive in value, with some onlookers believing that the cryptocurrency market is losing its hold over the eyes and wallets of retail investors.

“This is pretty simple folks. As the price has come down, the volume of trading has declined. Not only that, but the public interest has declined as well,” said Bob Pisani, a CNBC stock analyst, and contributor.

Pisani then pointed out that Google search trends eerily mirror the price movements of the cryptocurrency market, with peak interest lining up with December’s $20,000 Bitcoin. The CNBC analyst stated that search interest regarding the world’s foremost cryptocurrency is “less than one-tenth of the level at its peak, last December.”

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‘Digital Currency Is Basically A Fallacy’ Says Finland Central Bank

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The Bank of Finland (BoF) has released a 133-page paper arguing the concept of digital currency is an “illusion.”BoF: ‘Fundamental Nature’ Of Digital Currency ‘Elusive’

The document, compiled by the Finnish central bank’s head of digitalization Aleksi Grym, claims the world has become “muddled” about the difference between money and technology and argues that digital currency is in fact “basically a fallacy.”

The paper’s abstract reads:

As of today, the fundamental nature of digital currencies remains surprisingly elusive. […] On the one hand, it shows how poorly understood the concept of money itself still is today. On the other hand, it may be reflecting how the world wide web and social media have muddled our sense of fact and fiction.

The BoF follows hot on the heels of preliminary remarks by a working group set up by France to examine digital currency regulation.

Published last week, the group’s lead, ‘Monsieur Bitcoin’ Jean-Pierre Landau, similarly drew a distinction between financial and technological innovation, arguing the two should receive different regulatory treatment.

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Licensing Fees and Taxes: The Upside For Governments Embracing Crypto Regulation

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The cryptocurrency and blockchain industries have pretty much stood unregulated ever since the Bitcoin (BTC) ledger was launched back in 2009. This means that for the last 9 years or so years, crypto enthusiasts, exchanges and traders have been enjoying the ride without answering to governments or any laws. This has been a good thing for this is the main point of decentralization through Distributed Ledger Technology.

But as much as John McAfee hates centralized governments, they are a necessary evil to maintain order in the various countries we live in. Whether it be an autocratic or democratic government, its mandate is to provide basic services to its citizens such as security, economic stability and healthcare. Governments achieve this through taxation, levies and fees for specific services.

With more countries embracing Crypto-regulation such as the Philippines, South Korea, Australia, Japan, Malta, Thailand, Kazakhstan and more, the corresponding governments will find a way to get their share of the crypto market action. One form is licensing fees as can be seen in the Philippines. The regulatory body there will rake in a cool $67 Million for issuing the 25 licenses it has set to approve. This means the funds collected can be diverted to other social services in the country.

The country of Australia is also working on taxing crypto profits for its citizens that have been stashed away their crypto loot in foreign jurisdictions. This will involve cooperation between the Australian authorities and other governments they have an agreement with when it comes to such matters of finance. The revenue collected from such individuals will once again probably fund the welfare benefits the country sets to distribute via blockchain technology. The country also aims at being a global leader in blockchain technology, A.I. and quantum computing. All these projects need some sort of funding and it will probably be sourced from taxing crypto trading.

In a nutshell, with cryptocurrencies and crypto-trading, comes a new way for generating revenue for any individual. With any income generated, comes the responsibility of paying taxes to the corresponding jurisdiction we live in. Crypto exchanges are also business entities that must declare profits and pay their dues in licensing fees and taxes accordingly. This is a reality we must embrace no matter how bitter it is to accept.

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Litecoin Partner TokenPay to Buy German Bank, Make LTC User-Friendly

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TokenPay Swiss AG announced its partnership with Germany’s WEG Bank yesterday, which sees the decentralized and self-verifying payment platform acquire 9.9 percent of the bank. The other 90 percent of the bank is will reportedly be purchased pending mandatory regulatory approval.

TokenPay notably has a strategic partnership with Litecoin Foundation, which aims to be “a leading force in creating and delivering to the market modern consumer-driven crypto FinTech solutions” by allowing the former to benefit from the latter’s “high-level blockchain mechanization capabilities.” Specifically, the official announcement notes:

The partnership will focus on several key areas that have been identified by analysts as critical to the success of the enterprise. This includes, but is not limited to, the TPAY cryptocurrency and its vital blockchain, eFin decentralized exchange (DEX) and the EFIN coin, TokenSuisse asset management and structured financial products, WEG Bank FinTech platform including high demand consumer debit cards and the TokenPay Multisignature Transaction Engine designed for processing fast and secure crypto e-commerce payments for merchants.

The pending purchase of WEG Bank, strategic partnership with Litecoin, and “long-standing partnership with Verge Currency” all comprise TokenPay’s efforts to add “several hundred thousand customers to its debit card solutions platform in the near term.”

Commenting on the new partnership, Litecoin founder and Litecoin Foundation Managing Director Charlie Lee stated:

This partnership is a huge win-win for both Litecoin and TokenPay. I’m looking forward to integrating Litecoin with the WEG Bank AG and all the various services it has to offer, to make it simple for anyone to buy and use Litecoin. I’m also excited about Litecoin’s support in TokenPay’s eFin decentralized exchange.

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Wall Street’s Crypto King Calls Bitcoin ‘Currency of the Internet’

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Wall Street’s “Crypto King” sat down with the panel on CNBC’s Fast Money to discuss Bitcoin’s utility, calling the digital coin the “currency of the internet.”

Bitcoin is the Best Crypto Investment

Bart Smith, head of digital asset trading at Susquehanna International Group, dubbed the “Crypto King” of Wall Street for his expertise on the space and his bullish attitude towards investing in cryptocurrency, was in the Fast Money guest seat again, this time to discuss the utility of Bitcoin. He told the panel that Bitcoin is still the best crypto investment as people are “functionally using”. He added,

“If you want to own the asset that you can actually use today and that people are functionally using, it’s bitcoin,”

The fast money panel threw questions at Smith about the current state of the market and seemingly stagnated price of Bitcoin as it languishes in the 6 thousand dollar range. One panelist suggested that this area may be the new norm for Bitcoin which would at least lend it some consistency as a store of value.

The price of Bitcoin is still feeling the effects of a tough spring that consisted of a prolonged bear market with mitigating factors such as the ongoing regulatory debate and several exchange hacks that have routinely brought up the issue of security. Smith though pointed out that creation of Bitcoin futures in the fall of 2017 created a premature expansion of the cryptocurrency market. He explained saying,

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Here is Why XRP (XRP) Is Not Going Anywhere

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The crypto-markets have experienced some sideways movement in the last 24 hours with the total market capitalization still at yesterday’s levels of $253 Billion. The King of Crypto, also known as Bitcoin (BTC), is also somewhat stable at current levels of $6,400 and down 3.6% in the last 24 hours. As a matter of fact, BTC dominance in the crypto-markets has now increased to 43.4%. It seems that during times of turmoil, crypto traders prefer to hold BTC for it is deviates less than alt-coins during bear-market periods.

With respect to our favorite remittance coin of XRP (XRP), it has stood its ground in the last 24 hours and only declined by 2.30%. XRP is currently valued at $0.44. This observation of XRP being less volatile than BTC is the reason exchanges are warming up to the digital asset as a base for trading. Exchanges such as Zebpay and Unodax, now offer trading with XRP as a base. This then brings us to the first reason why XRP is not going anywhere. These exchanges have shown that the coin is here to stay by continually adding it as a base for trading. There is also SBI Virtual Currencies that is XRP-centric and promising to be the number one exchange in the world.

Another reason why XRP is not going anywhere, is the fact that the Ripple Company is now offering the much needed clarity separating the digital asset from the company of Ripple. This means that XRP’s destiny is in the hands of the XRP community. You and I will determine if the digital asset remains relevant. We love the coin, therefore, it is here to stay for the foreseeable future.

Thirdly, the crypto-verse has been considered as being in its infancy with total crypto adoption in the United States expected in the next 10 years. Yes. We are the early adopters. Therefore, we should not bulk at the current market turmoil neither worry due to the pending lawsuits against Ripple. The Ripple company can hold its own in a court of law. Besides, XRP is entirely separate from Ripple. Therefore, if the cases go against the company, XRP will still be available in the crypto markets.

Original linkOriginal author: John P. Njui
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Cryptocurrency Trading Update: Bears Bash Markets by Another $12 Billion

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Markets are hurting, altcoins getting hit hardest are EOS, Tezos, VeChain and Ontology. Power Ledger is on top.

Markets are in pain once again as the bears keep the pressure on for another day. Over $12 billion has left the crypto space and market capitalization has plummeted again back to just over $250 billion.

Bitcoin is holding key support at $6,400 and has lost 3.8% on the day to trade at just below this level. Further losses could be imminent if BTC falls below $6,400 where it is currently consolidating. Ethereum has lost another 4.4% resulting in a fall to $440, downward signals are showing on the charts.

Every altcoin in the top 30 is in the red some declining by double figures. The biggest loser in the top ten is EOS once again which has shed a further 7% on the day. The once golden child of cryptocurrencies has suffered the heaviest losses over the past few days. Currently trading at $7.08, EOS is down from $7.65 this time yesterday and down even further from $8.90 this time last week and way down almost 40% from $11.30 this time last month.

Stellar is the next biggest loser in the top ten today with a 5.2% drop to $0.189. Looking at the top twenty Tezos has finally taken a hit with the largest drop of 10%. XTZ has defied the drop by gaining over the past four days but the momentum has now exhausted and it has fallen back to $2.08 from $2.35 this time yesterday. VeChain is also having a bad day with a 6.4% drop as is Ontology losing 7% on the day. Bitcoin Gold rounds out the top 30 with a 10% decline.

The top altcoin of the moment is Power Ledger which has spiked 19% over the past 24 hours. Currently trading at $0.324 POWR is up from $0.277 this time yesterday. Kucoin Shares is also defying the drop with as 12.6% rise to $3.21.

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Cardano Price Analysis: ADA/USD Could Break $0.1250

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Key HighlightsADA price declined further and broke the $0.1350 support area against the US Dollar (tethered). There is a major bearish trend line formed with resistance at $0.1380 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair is likely to extend the current decline below the $0.1250 support in the near term.

Cardano price is placed in a bearish zone against the US Dollar and Bitcoin. ADA/USD may perhaps move down further as long as it is below $0.1350.

Cardano Price Analysis

There was an extended decline below the $0.1400 level in cardano price against the US Dollar. The ADA/USD pair broke a major support area near $0.1350 to move into a bearish zone. The price even traded below the $0.1300 support and almost tested $0.1250. It traded as low as $0.1269 and is currently trading well below the 100 hourly simple moving average.

There was a minor upside correction above the $0.1280 level. However, the 23.6% Fib retracement level of the last decline from the $0.1440 high to $0.1269 low acted as a major resistance. Above this, the next resistance is near the $0.1350 level. There is also a major bearish trend line formed with resistance at $0.1380 on the hourly chart of the ADA/USD pair. Therefore, there are many key hurdles on the upside near $0.1350 and $0.1380. Should there be a decent correction, the $0.1380 level can be seen as a sell zone.

The chart indicates that the price is under pressure below $0.1300. It could soon test the $0.1269 low and it may even break it. In the mentioned scenario, the price is likely to break the $0.1250 support. The next support below $0.1250 is at $0.1200, which is a strong barrier for sellers.

Hourly MACD – The MACD for ADA/USD is about to move back in the bearish zone.

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Ethereum (ETH) Price Analysis: Bears Back in the Game

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Ethereum has been trending lower inside a descending channel visible on its 4-hour chart. Price recently bounced off this resistance, which happened to line up with the 200 SMA and a former support zone.

Now that ethereum appears to be gaining downside traction, it could be poised to test the Fibonacci extension levels from here. Price is already hovering close to the 50% extension at $424 and might be due for a dip to the 61.8% extension near the swing low.

Stronger selling pressure could take it down to the 78.6% extension at $384 or the full extension at $354.40. The 100 SMA is below the longer-term 200 SMA after all, indicating that the path of least resistance is to the downside or that the selloff is more likely to resume than to reverse.

However, RSI is already dipping into oversold territory. It has yet to turn higher to signal a return in buying pressure. Stochastic is also in the oversold region but isn’t showing any signs of pulling up just yet. Still, a bounce could hit a ceiling at the dynamic inflection points at the moving averages.

Cryptocurrencies took hits from remarks by well-known American economists who highlighted how price volatility and regulation could still weigh on the industry. This erased nearly half the gains posted in the first week of July and the second quarter, also dampening investor optimism.

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Ripple Price Analysis: XRP/USD Extending Slide

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Key HighlightsRipple price is under a lot of pressure and it recently broke the $0.4500 support against the US dollar. There is a short-term declining channel in place with resistance at $0.4500 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is likely to extend the current decline towards the $0.4300 and $0.4250 levels in the near term.

Ripple price is extending losses against the US Dollar and Bitcoin. XRP/USD is in a downtrend and it could accelerate losses below the $0.4400 level.

Ripple Price Downtrend

There was a sharp downside move from the $0.4800 pivot level in Ripple price against the US Dollar. The XRP/USD pair fell sharply and cleared the $0.4750 and $0.4500 support levels. There was even a spike below the $0.4400 level and a low was formed at $0.4393. Later, there was minor correction above the $0.4400 level. However, the upside was limited by the 23.6% Fib retracement level of the last decline from the $0.4810 high to $0.4393 low.

The price is moving lower once again and it may soon break the $0.4400 level. It seems like there is a short-term declining channel in place with resistance at $0.4500 on the hourly chart of the XRP/USD pair. Above the channel resistance, the price could move above the $0.4550 level. The next resistance is at the 50% Fib retracement level of the last decline from the $0.4810 high to $0.4393 low around $0.4600. Any further gains may perhaps face a strong resistance near the $0.4750 level.

Looking at the chart, the price is clearly in a downtrend below $0.4500. It is likely to break the recent low of $0.4393. The next supports on the downside are at $0.4250 and $0.4200.

Looking at the technical indicators:

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