Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Stellar, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 9

While some prominent investors are still on the fence about crypto, others see the current market as an opportunity to double down on it.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Some of the most prominent investors continue to back cryptocurrency and the blockchain technology. Hong Kong billionaire Li Ka-shing has invested in the latest funding round of Intercontinental Exchange’s (ICE) crypto trading platform Bakkt through his venture capital firm Horizon Ventures.

Similarly, Wall Street investor Bill Miller, who had invested in Bitcoin previously, expects the leading cryptocurrency to be worth either a lot more or zero.

According to Miller, he likes to keep cryptocurrencies in his portfolio because their performance is decoupled from the traditional asset classes. Though an active investor, he considers himself a “Bitcoin observer,” but not a “believer” yet.

On the other hand, the Winklevoss brothers are big believers in cryptocurrencies. They expect the market capitalization of Bitcoin to cross that of gold in the future. Because of that, they continue to support the idea of a Bitcoin exchange-traded fund (ETF).

The recent Ethereum Classic (ETC) 51 percent attack has many worried whether the same can be happen to Bitcoin (BTC) in the future. The opinions are divided, but such challenges are to be expected in a new asset class. This will only encourage the participants to find solutions to avoid such attacks in the future.

BTC/USD

Bitcoin has been trading near the neckline for the past two days. The bulls have been unable to complete the inverse head and shoulders pattern, but they have not given up much ground either. This is a positive sign.

BTC/USD

Both moving averages are flattening out, which suggests a change in trend. If the BTC/USD pair climbs above $4,255, it will signal the formation of a short-term bottom. Hence, we have recommended a buy in one of our earlier analyses. The pattern target on a break out of the inverse head and shoulders pattern is $5,500.

If the bears sink the digital currency below the right shoulder, the sentiment will turn bearish and can result in a retest of the low of $3,236.09. If this support breaks, the downtrend will resume.

ETH/USD

The bears have been defending the $167.32 mark for the past seven days. If Ethereum breaks down of the uptrend line and the 20-day EMA, it can dip to the 50-day SMA at $120.

ETH/USD

On the other hand, if the bulls break out of $167.32, the ETH/USD pair can rally to the next level of $225 and above it to $249.93. Hence, traders can buy on a close above $167.32 and keep a stop loss of $130.

The 20-day EMA is trending up and 50-day SMA is flat, which shows that the downtrend is over. Therefore, traders should look to buy on dips, as long as the price remains above the 50-day SMA. A break of this moving average can result in a drop to $100 and below that to $83.

XRP/USD

Ripple has been trading in a tight range for the past few days. Both moving averages are flat and the RSI is close to the neutral zone, which suggests a balance between demand and supply.

XRP/USD

The balance will shift in favor of the bulls when the XRP/USD pair rises above $0.4. Though the pattern target is $0.52205, the resistance line of the descending channel can act as a roadblock.

The digital currency will turn negative if it breaks below the support at $0.32615. Traders can initiate long positions on a close (UTC time frame) above $0.4 with a stop loss at $0.32.

BCH/USD

After a strong run from the lows, Bitcoin Cash has been consolidating in a tight range for the past few days. Both moving averages have flattened out, which shows a balance between the buyers and sellers.

BCH/USD

A break out of the range can resume the recovery and propel the BCH/USD pair to the next target of $307.01, with a minor resistance at $239.

Therefore, we suggest traders wait for a breakout and close (UTC time frame) above $181 to enter long positions. The stop loss can be kept at $138. A break below $141 will be a negative development that can result in a drop to $100 and below that to $73.5.

EOS/USD

EOS has been stuck in a range for the past few days. Both moving averages are flat, and the RSI is just above the neutral territory. This suggests that the consolidation might extend for a few more days.

EOS/USD

The longer the consolidation, the stronger will be the breakout or breakdown from it. Therefore, we recommend long positions on a breakout and close (UTC time frame) above $3.2081. The targets to watch on the upside are $3.8723, $4.1069 and $4.493.

If, however, the EOS/USD pair plunges below the range, it can decline to the low of $1.55. Therefore, the stop loss on the proposed long positions can be kept at $2.29.

LTC/USD

Litecoin has stayed above the neckline for the past three days but hasn’t been able to move higher. This shows a lack of buying at higher levels.

However, if the bears fail to break below the neckline and the 20-day EMA within the next couple of days, buyers will likely step in. The targets to watch on the upside are $47.246 and $56.910. The stop loss can be kept at $27.5, which can be trailed higher as the price moves up.

LTC/USD

We are bullish because the LTC/USD pair has formed a reversal pattern and the moving averages have completed a bullish crossover. All these point to a probable bottom at $23.1.

Our view will be negated if the cryptocurrency slips below the moving averages and the $27.701 mark. The downtrend will resume on a fall below $23.1.

XLM/USD

Stellar has not shown a meaningful recovery in the recent pullback. It continues to face resistance at $0.13427050. The pair is currently trading inside a symmetrical triangle.

XLM/USD

The resistance line of the triangle, the 50-day SMA and the horizontal resistance at $0.13427050 are all located close to each other. Therefore, once the XLM/USD pair rises above this cluster of resistances, it can move up to $0.184, which might act as a stiff resistance.

On the other hand, a break below the triangle can result in a retest of the lows. A break below $0.09285498 can resume the downtrend. We might propose a trade after the break out of the resistance sustains for a day. Until then, we suggest traders remain on the sidelines.

TRX/USD

Tron has continued its strong run and has reached the critical resistance of $0.02815521. This is a major hurdle as the bulls could not scale it in the past five months. Therefore, the traders who went long at lower levels based on our suggestion, can book 50 percent of profits at the current levels, if they have not done so already. The stops on the remaining position can be trailed higher.

TRX/USD

If the virtual currency breaks out and closes (UTC time frame) above $0.02815521, a new uptrend is probable. Following the breakout, the next level to watch on the upside is $0.03801042. Therefore, we are not advising to close the entire position.

If the TRX/USD pair turns down from the current levels, it is likely to remain range bound for a few more days.

BSV/USD

The range in Bitcoin SV has shrunk in the past few days. A period of low volatility is usually followed by an increase in volatility.

BSV/USD

If the bulls break out of the immediate resistance of $102.58, a rally to $123.98 is possible. Upon scaling this hurdle, the BSV/USD pair can rally to the pattern target of $167.608.

Conversely, if the bears sink the price below $80.352, the cryptocurrency can decline to $65.031 and below that to $38.528. Due to the uncertainty and a lack of clear direction, we are not proposing any trades in it.

ADA/USD

Cardano has completed a retest of the neckline in the past two days and is attempting to resume the uptrend. The 20-day EMA is gradually rising, and the 50-day SMA has flattened out. This shows that the selling has subsided and a trend change is likely.

ADA/USD

The critical level to watch on the upside is $0.060105. If this resistance is crossed, the ADA/USD pair can reach the pattern target of $0.066.

Our bullish view will be invalidated if the coin breaks down of both moving averages, as well as the $0.036 mark. Therefore, traders who bought on our recommendation can keep an initial stop loss at $0.036, and raise it later if the bulls struggle to scale $0.060105.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

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Major Coins Show Poor Performance, With Ethereum Dipping Below $100

Crypto markets have continued yesterday’s downtrend, with Bitcoin Cash, EOS, and Binance Coin seeing major losses.

Thursday, Dec. 6: Cryptocurrency markets have continued yesterday’s losses, with just two of the top twenty coins seeing any gains, according to Coin360.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) is down 3.13 percent the day, seeing a high of $3,887 and low of $3,587. At press time, the major cryptocurrency is trading around $3,656.

On its weekly chart, BTC is at its lowest price point over the past seven days, down 14.4 percent, while the coin’s monthly statistics show grim 43 percent losses.

Bitcoin monthly price chart. Source: CoinMarketCap

Bitcoin monthly price chart. Source: CoinMarketCap

The second largest virtual currency by market capitalization Ripple (XRP) is trading at $0.320 at press time, down 5.36 percent on the day. The altcoin’s market cap is around $12.7 billion, while its weekly high point was $15.3 on Nov. 30, according to CoinMarkerCap.

XRP 7-day price chart. Source: CoinMarketCap

XRP 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) have lost 7.85 percent in the last 24 hours, dipping below the $100 mark for the first time during the past month. The coin is trading around $95 as of press time. ETH’s market cap is $9.7 billion at press time.

Ethereum 7-day price chart. Source: CoinMarketCap

Ethereum 7-day price chart. Source: CoinMarketCap

Top 10 coin Bitcoin Cash (BCH) is one of the top 20 coins, has registered major losses on the day. The altcoin is down by over 14 percent during the last 24 hours and is trading at around $112 at press time.

The Bitcoin Cash hard fork has been followed by a lawsuit filed by Florida-based United American Corp. against crypto exchanges Bitmain, Kraken, Bitcoin.com, and BCH evangelist Roger Ver, claiming that they engaged in “unfair methods of competition” that were detrimental to UnitedCorp and other stakeholders.

United American Corp. claims that during the hard fork, a number of entities took control of the network using “rented hashing” to facilitate the adoption of Bitcoin ABC, while “no person or entity can be allowed to control them.”

Bitcoin SV (BSV), in turn, has seen noteable daily gains of 22.55 percent, and is trading at around $107.31 at press time. BSV’s maximum supply is 21 million, while its market capitalization is around $1.8 billion at press time.

Today’s major losers also include EOS and Binance Coin (BNB), which are down 14.19 percent and 17 percent respectively. As of press time, EOS is trading at $1.90 and BNB is around $5.

Total market capitalization of all cryptocurrencies is around $114.4 billion at press time. On its monthly chart, total market cap has been showing a steady downtrend.

Total market capitalization 7-day price chart. Source: CoinMarketCap

Total market capitalization 7-day price chart. Source: CoinMarketCap

Meanwhile, digital asset manager Bitwise launched two new beta funds for BTC and ETH, aiming to provide a “low-cost” and “liquid” means of capturing returns on both high-profile assets. Matt Hougan, global head of research for Bitwise, has contextualized the launch of the new funds as being driven by “significant inbound demand” spurred by part “positive developments on the horizon.”

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Bitcoin, Ripple, Ethereum, Stellar, EOS, Litecoin, Cardano, Monero, TRON, Dash: Price Analysis, Nov. 21

The world did not come to an end after the financial crisis of 2007–2008. Similarly, this bear market will also pass and the stronger cryptocurrencies will rise and reward investors.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

Bottoms are formed during market capitulations. After Bitcoin broke below the critical support of $5,900, investors dumped their holdings, fearing a complete loss on investment. For someone who does not believe in the future of cryptocurrencies and who was in it only for making a quick buck, it might be the right thing to do.

However, for the others, who believe in the story of blockchain and cryptocurrencies, the current fall offers a great opportunity to invest for the long term. During bottom formations, the outlook is always very dire and every bit of news is viewed as negative.

One such news was the U.S. Justice Department investigating the probability of Bitcoin manipulation in 2017 using stablecoin Tether. Though we believe that any regulatory step to protect retail investors is a long-term positive, the markets did not view it in the same way.

After the fall, while naysayers are claiming victory and forecasting a further fall, the bulls see an opportunity to buy for the long term. It is difficult to predict a bottom when markets are gripped in fear. Hence, we believe it is better to wait for the markets to show signs of stabilization before attempting a buy.

The software companies did not vanish after the dotcom bubble. The world did not come to an end after the financial crisis of 2007–2008. In the same way, this bear market will also pass and the stronger cryptocurrencies will rise and reward investors. Therefore, be patient and let the markets offer us a relatively low-risk buying opportunity.

BTC/USD

Bitcoin nosedived to a low of $4,368.69 on Nov.20. The fall of the past two days gives the impression of panic selling by investors. Usually bottoms are formed after such a round of liquidation.  

BTC/USD

Both moving averages have turned down, which is a negative sign. The RSI has hit deeply oversold levels, which suggests that selling has been overdone and a pullback is likely.

The bulls might attempt to carry the BTC/USD pair to the downtrend line, which can prove to be a roadblock. If the downtrend line is crossed, we expect the bears to offer strong resistance in the zone of $5,450–$5,700.

The next leg down will give us a better insight about the bottom. If the bears slice through $4,368.69, the fall can extend to $4,000 and below it to the major support zone of $3,500–$3,000.

On the other hand, if the bulls successfully defend $4,368.69, the probability of it being the bottom increases. It is difficult to pinpoint the bottom right away. We can confirm a bottom only in hindsight.

XRP/USD

Ripple has emerged as one of the outperformers during the recent fall. It has stretched its lead over Ethereum after becoming the second most valuable cryptocurrency in terms of market capitalization.

XRP/USD

The XRP/USD pair is currently finding support between the trendline and $0.40. Both the moving averages remain flat, which points to range bound action in the near term. On the upside, $0.519 and $0.565 will act as resistances.

On the downside, if the bears sink prices below $0.40, a fall to $0.37185 and below that to $0.26913 is probable. Though we are relatively bullish on the digital currency, we shall wait for a new buy setup to form before proposing any trade.

ETH/USD

Ethereum extended its fall on Nov. 20 and broke below the support of $136. The RSI has reached deeply oversold levels, which previously resulted in a pullback.

ETH/USD

Currently, the bulls are attempting to pullback from the $126.20 level, which is likely to face a stiff resistance at $167.32. The downtrending 20-day EMA will also be a difficult hurdle to cross.

If the next leg down breaks below $126.20, the ETH/USD pair can extend its decline to $110. As the trend is down, we shall wait for a new reliable setup to form before recommending a trade.

XLM/USD

Stellar broke down of the ascending channel on Nov. 19 and followed it up with another sharp fall the next day. However, the bulls have managed to hold the critical support at $0.184.

XLM/USD

The current pullback attempt is likely to face a stiff resistance at the support line of the channel and above it at the downtrend line.

If the bears sink the XLM/USD pair below the critical support at $0.184, it can slide to the next support at $0.13 and below that to $0.09.

EOS/USD

EOS broke below the critical support of $3.8723 and dived to a low of $3.4703 on Nov. 20. In doing so, the RSI dipped into deeply oversold territory that indicates that the selling has been overdone and a pullback is probable. Currently, the bulls are attempting to climb back above the overhead resistance at $3.8723. If successful, the pullback can extend to $4.493, which might again act as a stiff resistance.

EOS/USD

If the pullback stalls at $4.1778, the bears will again attempt to sink the EOS/USD pair below the support at $3.8723. If successful, the decline can extend to the next support at $3. The falling 20-day EMA and the RSI in the oversold territory show that the bears have the upper hand.

LTC/USD

Litecoin dipped to an intraday low of $31.78 on Nov. 20, which was just below our suggested support of $32. The pattern target of a breakdown from the descending triangle is $29.653. We believe the zone between $32–$29.653 will act as a strong support.

LTC/USD

However, as the trend is down, any attempt to pullback will face a stiff resistance at the 20-day EMA that is sloping down. Above this, the next major resistance will be in the $47.246–$49.466 zone.

We believe that after such a sharp fall, the LTC/USD pair might attempt to form a bottom around current levels. However, the traders should wait for a confirmed bottom and a new buy setup to form before attempting to buy.

ADA/USD

Cardano fell in the past two days and overshot our suggested support of $0.043722 and made an intraday low of $0.041572. The RSI has declined deep into the oversold territory, which suggests a pullback is around the corner.

ADA/USD

The pullback can carry the ADA/USD pair to the overhead resistance at $0.060105. However, the trend is down, hence, any attempt to recover will face a hurdle at the previous support of $0.060105 and at the 20-day EMA, which is sloping down.

If the next leg down breaks below the support at $0.041572, the fall can stretch to the next lower support of $0.025954.

XMR/USD

Monero is trying to find support close to the $64.525 level. The RSI has entered deeply oversold levels, which shows that selling has been incessant. We believe that the bulls will attempt a pullback from the current levels that can carry the digital currency to the overhead resistance at $81.

XMR/USD

The bears are likely to attempt to turn down the XMR/USD pair from $81. If the next down leg breaks $64.525, the fall can extend to $60 and below that to $46 levels.

Our bearish view will be invalidated if the bulls scale $81 and sustain above it. Currently, there are no bullish patterns that suggest a buy, hence, it is best to remain on the sidelines.

TRX/USD

In the past two days, TRON broke below the two critical supports of $0.0183 and $0.01587681. With the RSI dropping close to 15 on Nov. 20, it shows that the selling has been overdone and a relief rally is likely.

TRX/USD

In a down trending market, every previous support acts as a resistance after it is broken down. Hence, we anticipate a stiff resistance at $0.01587681 and $0.0183. If the TRX/USD pair turns down from one of these levels, the bears will attempt to sink the price to the next support at $0.00844479.

On the other hand, if the bulls scale $0.0183 within the next few days, it will confirm that the current fall was a fake breakdown. We shall wait for the trend reversal to happen before suggesting any trade in it.

DASH/USD

Dash is currently trading inside a descending channel. It broke below the critical support of $129.58 on Nov. 19 and made a new 52-week low at $98.01 on the next day. It is presently finding support at the bottom of the channel. The bulls might attempt to push prices back above the $129.58 resistance. If successful, the pullback can extend to the upper end of the channel, close to $160.  

DASH/USD

However, as the DASH/USD pair is in a downtrend, we anticipate a strong resistance at $129.58 and at the 20-day EMA. During the next down move, if the support at $98.01 breaks, the next support is at $75. Traders should wait for the trend to reverse and a bottom to form before initiating any long positions in it.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

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Multi-blockchain Battler: Crypto Game Allows Warriors To Get Equipped From Two Platforms

The game will be launched on EOS platform first. The Ethereum blockchain platform is planned to be connected in the upcoming months.

Crypto game developer 0xGames, creator of blockchain-based space strategy 0xUniverse has created a new multi-blockchain competitive battler, titled 0xWarriors. The company says that 0xWarriors is one of the first multi-blockchain based games where players can use different blockchains, starting with EOS and Ethereum, for interactions with each other and equipping their characters.

EOS sword and ETH shield

0xWarriors is a multiplayer game where users can fight, take part in weekly tournaments and equip themselves with different items that they collect or trade in an internal marketplace. 0xGames announced that 0xWarriors will be launched on the EOS platform first, and the Ethereum blockchain platform will be connected to the game in upcoming months. According to the game developer, this will make 0xWarriors one of the first multi blockchain-based games on the market.

0xGames says that normally multi-blockchain games have a divided player base and users can’t really interact between each other within the game or exchange assets between blockchains. “0xWarriors has a true approach to multi-blockchain,” the company said. That means that users can obtain different items for their warriors from different blockchains. For example, they can possess an EOS sword and an ETH shield. 0xGames promises that it won’t matter on which blockchain the tokens are located – players will be able to use all digital assets at any time.

0xGames believes that the combination of the two ecosystems will unite two different audiences into one game world where the players can trade playable items. They announced that there are five warriors in one squad, and each user can have up to 10 squads. The warriors are free but the equipment needs to be won or purchased. Using these items, players can uniquely style their characters and each item also has unique attributes that enhance performance in battle.

Live public tournaments and free chests

0xGames plans to keep the player base active and entertained by organizing private and public multiplayer tournaments. Those tournaments will be live-streamed on platforms like Twitch or blockchain alternatives. The final three participants will get special bonuses, a percentage of the revenue collected from the event and free chests with items. Armors, items, and warriors differ by a variety of parameters. For example, items have four different levels of rarity: common, rare, epic and legendary. There are eight types of armors, including light, heavy, one and two-handed weapons, bows, wands, and shields. Warriors are sorted by strength, damage, resistance, intelligence, and dexterity. If the player’s squad wins the battle, the player can get attribute points, which are used for improving individual parameters of their warriors.

0xGames has promised to release the detailed roadmap of the project after the presale is completed. Currently, users can buy chests that include three random items like light, heavy or one-handed weapon or bows, wands, and shields.

0xWarriors has partnered with Asia-based companies such as Meet.One, an crypto wallet and block producer,  and TokenPocket, a crypto wallet, to help grow the user base after the game increased in popularity since its’ launch. A presale of the company’s tokens is currently open.

About the game developer

The 0xGames’s team started to work together in November 2017. Their first product was 0xUniverse, a game powered by the Ethereum blockchain, where players can colonize planets in a 3D-rendered galaxy.  After successfully launching 0xUniverse, the company announced new games 0xBattleships and 0xWarriors.

 

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Crypto Markets See Calm as Most Coins Consolidate Recent Gains

Crypto markets are seeing some stability today, with most major coins seeing only minor ups and downs.

Tuesday, Oct. 16: Crypto markets are seeing some stability today following yesterday’s market upsing, with virtually all of the major cryptocurrencies seeing only minor price changes, both red and green, as of press time.

Tether (USDT) has meanwhile seen a recovery, having yesterday slipped from its U.S. dollar peg to trade well below its historical price range, briefly dipping as low as $0.925.

Market visualization by Coin360

Bitcoin (BTC) is trading at $6,580 at press time, down close to 1 percent on the day, according to CoinMarketCap. During a short-lived spike yesterday, which correlated with Tether’s price drop, Bitcoin traded as high as $6,673, but has since corrected to the price range it saw at the beginning of its weekly chart, despite several days of heavy losses on the crypto markets mid-week.

Overall on the week, the top coin has virtually not budged, and is 0.06 percent down as compared with Oct. 9. On the month, Bitcoin is up around 1.72 percent, again remaining relatively stable.

Bitcoin 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) is down just fractionally, by 0.3 percent, to trade just under $210, according to CoinMarketCap. Having seen an intra-week low of around $189 on Oct. 12, followed by a couple of days of sustained losses, the leading altcoin also saw a major spike yesterday, Oct. 15, to trade as high as $220.

On the week, Ethereum is around 7.5 percent in the red; monthly losses are around a milder 3.2 percent.

Ethereum 7-day price chart. Source: CoinMarketCap

Ripple (XRP) is the strongest performer among the top ten coins by market cap, up 3 percent to trade at $0.454 at press time. The asset saw a spike parallel to BTC and ETH yesterday, but has seen solid performance today and is trading only slightly below yesterday’s peak at $0.567.

Having shed value during the market-wide losses Oct.11-14, Ripple is around 4.4 percent in the red on its weekly chart. Nonetheless, due to its soaring successes in September, Ripple’s monthly growth is at close to 64 percent.

Ripple 7-day price chart. Source: CoinMarketCap

The remaining top ten coins on CoinMarketCap are seeing an almost even mix of gains and losses, capped within a 2 percent range in both directions.

Tether (USDT) has reclaimed most, if not all, the ground it lost during yesterday’s tumble, and is up 1.6 percent to trade at $0.98 at press time. Although reasons for Tether’s losses yesterday are not confirmed, unconfirmed reports have recently circulated that banking complications appear to have beset both Tether and associated crypto exchange Bitfinex.

Others have proposed the market sentiment was tied to investors “losing faith” because of the ongoing lack of transparency surrounding Tether’s claims to be backed one-to-one by the US dollar.

Tether 7-day price chart. Source: CoinMarketCap

The market’s seventh largest coin Litecoin (LTC) is down 1.66 percent to trade at $54.25 by press time. Still among the top ten, Cardano (ADA) and Monero (XMR) are both up about 1 percent on the day to press time.

In the context of the top twenty coins, the picture is also mixed, with most coins seeing minor price change capped within a 2 percent range, though with a couple of notable exceptions.

Tezos (XTZ) has soared 13 percent on the day and is trading at $1.44 at press time.

Tezos’ 7-day price chart. Source: CoinMarketCap

Dogecoin (DOGE) and Binance Coin (BNB) have both seen above-average price changes on the day, both down about 3 percent at press time.

Total market capitalization of all cryptocurrencies is down to around $211.1 billion as of press time — having reached as high as $220.2 billion briefly yesterday, Oct. 15.

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Today investor and crypto bull Mike Novogratz tweaked his price forecast for Bitcoin, predicting the top crypto would in fact not break $10,000 in 2018. He suggested instead that during “Q1 [or] Q2 [2019] if the institutions start coming in, we’ll put in new highs.”

In other crypto news, stablecoins continue to make headlines this week, with blockchain trust company Paxos announcing it has already issued around $50 million worth of its recently-launched U.S.dollar-backed stablecoin, PAX.

Notably, with regards to better-known thought controversial stablecoin Tether, stablecoin issuance at this scale has drawn both speculation and criticism in regards to its possible impact on Bitcoin (BTC)’s price performance.

As reported yesterday, the now second largest crypto exchange by market cap OKEx announced it would be listing four stablecoins at once – PAX, TrueUSD (TUSD), USD Coin (USDC), and Gemini Dollar (GUSD) – the same day as U.S.-based crypto payment processor BitPay announced it had started to accept two stablecoins for merchant settlement, GUSD and USDC.

Following OKEx’s move, another major crypto exchange, Huobi, announced their listing of the same four USD-backed stablecoins today.

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Top 5 Crypto Performers Overview: TRON, Bitcoin, Litecoin, EOS, Cardano

Weekly price review of the best performing cryptocurrencies

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

On October 11, the total market capitalization of the cryptocurrencies plunged below $200 billion for the first time since September 20, as a global risk-off trade led investors to dump their holdings. However, the encouraging sign is that the sell-off was short-lived and most currencies are trying to claw back.

The next week is critical because it will provide insight on whether the currencies will break down of their key supports or rise above their overhead resistances. A breakdown to new lows will be negative and might signal the extension of the ongoing bear market. On the other hand, if the bulls succeed in scaling the key levels, it will signal a likely bottom and might attract buying.

Let’s take a look at the top 5 performers of the week and their medium-term outlook.

TRX/USD

Among the digital currencies that have a market capitalization of more than $1 billion, TRON is the only one that has managed to stay in the green in the past seven days. Two news stories attracted buyers in a range bound/falling market.

The first news that pushed prices higher was the tweet from Justin Sun, CEO of TRON on October 08. He said that the latest upgrade would make the digital currency “200x faster than Ethereum and cost 100x cheaper than EOS.”

The second news that led to higher prices was the tweet on October 12 that hinted at a partnership with an industry giant.

So, can this fundamental news propel prices higher and should the investors buy now? Let’s study the charts and find out.

TRX

The TRX/USD pair topped out at $0.35013935 on January 05. At the current levels, the price is down about 93 percent from the highs. Since August 14, it has stopped falling and is trying to form a range. Such a consolidation shows that the owners of the digital currency are in no hurry to sell their holdings. Additionally, the investors are buying on dips, close to $0.0183.

The range has seen two touches at the top and two at the bottom. If the bulls break out and sustain above the range, it will indicate the probable start of a new uptrend. The first pattern target is $0.03801042. However, when the breakout happens after a large consolidation, it easily overshoots the minimum pattern target. Therefore, in the medium-term, investors can expect a move to $0.0415 followed by a rally to $0.052.

If the bears sink prices below $0.01587681, the downtrend will resume. Therefore, we suggest traders wait for a confirmed breakout and only then initiate a long position.

BTC/USD

The sell-off in the global stock markets caught up with Bitcoin. The warning by International Monetary Fund (IMF) that the “rapid growth” of the new asset class could create “new vulnerabilities in the international financial system,” did not help matters either.

Global economist Nouriel Roubini continued his anti-crypto rhetoric. He called cryptocurrencies “the mother or father of all scams and bubbles,” and the blockchain technology as “nothing better than a glorified spreadsheet or database.”

Another study from Juniper Research warned of an implosion in the crypto markets. Still, the BTC/USD pair ended as the second-best performer among the mega cap digital currencies. So, does this signal buying at the lows?

BTC

On a medium-term timeframe, Bitcoin has formed a large descending triangle pattern. It has formed successive lower highs but has largely held the $6,000 levels in 2018. Each lower high shows that the sellers are in a hurry to short or liquidate their positions and are not waiting for higher levels. The bulls have been buying only on dips close to $6,000, which has resulted in the support being held.

If the bears break the $5,900 levels, it is likely to attract further short selling and long liquidation, pushing prices to $5,450 and $5,000 levels. The first sign of a change in trend will be a close above the downtrend line of the triangle.

Investors should wait for a breakout above the most recent low of $6,831.99 to sustain for about three days before turning bullish.

LTC/USD

Winklevoss twins led cryptocurrency exchange Gemini, has received the required regulatory approval to add Litecoin trading and custody since October 12.

LTC

The LTC/USD pair has been in a steady downtrend. Previous attempts to stabilize and start a new uptrend have failed at higher levels. For the past two months, the digital currency has been consolidating in a tight range near the lows. A breakdown of the range will resume the downtrend.

If the bulls succeed in breaking out of the range, a rally to $94 levels is possible. A new uptrend will be confirmed only after the virtual currency successfully defends the breakout of the range and makes a series of higher highs and higher lows. Until then, it is best to remain on the sidelines.

EOS/USD

The EOS community is trying to bridge the gap between the West and the East. Language barriers, cultural differences and use of different platforms for conversing with each other were causing issues to the Chinese users. The EOS Mandarin Arbitration Community (EMAC), created to help the Mandarin-speaking users, is believed to be able to bring the two continents together.

EOS

In the medium-term time frame, the EOS/USD pair has largely been range bound between $18.67-$3.8723. Both the top and the bottom of the range have been tested twice. Though the bulls broke out of the range in end-April, they could not sustain the highs and prices crashed back into the range.

On the downside, the bulls have been defending the bottom of the range but have failed to rally higher. The digital currency has been trading close to the bottom of the range for the past two months. A breakdown can start a new downtrend that can result in a sharp fall.

On the upside, a breakout of $6.8299 will signal the start of a new upswing. The first target is $9.1668. If the bulls scale $10 levels, a rally to $15 is possible.

ADA/USD

Charles Hoskinson, founder of Input Output Hong Kong (IOHK), and Ken Kodama, CEO of Emurgo have demanded the resignation of Michael Parsons, chairman of the Cardano Foundation. They have cited lack of performance and the non-responsive attitude of the council and the chairman as a “great frustration.” The Foundation is yet to respond.

The possibility of Coinbase listing the coin is doing the rounds. If successful, it might give a boost to Cardano’s price. So, is it worth buying? Let’s find out.

ADA

The ADA/USD pair has been in a long-term downtrend. It has fallen about 94 percent from the highs of $1.396281, reached on January 05. Various attempts to start a new uptrend have failed as higher levels attract selling.

For the past one month, the digital currency is trying to form a range close to the bottom. If the bears break down of $0.060105, it will resume its downtrend.

On the upside, the bulls will have to scale $0.094256 and $0.111843 to signal strength. A sequence of higher highs and higher lows will herald the start of a new uptrend. If the bulls breakout and close (UTC time frame) above $0.111843 for three days in a row, a move to $0.2-$0.23 is probable. Medium-term traders should wait for a new uptrend to start before initiating any long positions.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, TRON: Price Analysis, October 12

While many predicted Bitcoin to be an alternative to gold, during the recent drop in stock markets, cryptocurrencies also sold aggressively.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

In 2017, Bitcoin (BTC) was being projected as an alternative to gold. Many believed that with its unique properties, the leading digital currency would replace the precious metal as a preferred choice of investment when the markets enter a risky environment.

However, during the recent drop in the stock markets, cryptocurrencies were also sold aggressively. Does this mean that digital currencies will not be considered as a safe haven investment in the future?

Not likely. There have been many instances in the past when gold has faced aggressive selling along with the more risky assets. In 2008, even though gold was in an uptrend, it was initially sold off along with the other asset classes, only managing to find its footing in the last quarter of the year.

It’s too early to say that virtual currencies are not a safe haven investment and are doomed. Those who don’t understand the significance of the new technology are mostly the ones who continue to criticize it.

Others, including governments and a number of large corporations, are exploring options to use blockchain technology in various fields. Several prominent Universities’ endowments are investing millions of dollars into cryptocurrency funds.

After the recent steep fall on crypto markets, do the chart patterns predict an even deeper fall, or a sharp rebound? Let’s find out.

BTC/USD

Bitcoin nosedived Oct. 11, breaking below the support at $6,341. Though we would have expected a retest of the critical support zone at $5,900–$6,075.04, the bulls are currently attempting a pullback.

BTC/USD

If the bulls close (UTC time frame) above $6,341, the BTC/USD pair will again try to break out of the downtrend line of the descending triangle. The bulls will have to scale a slew of overhead resistances before the trend changes. A rally above $6,831.99 will indicate the start of a new uptrend.

A break of the $5,900 mark will trigger a number of stops, resulting in a sharp fall. Currently, the moving averages are flat, with the 20-day EMA showing signs of turning down and the RSI in the negative territory. This shows that the bears have an upper hand.

Therefore, we suggest traders keep their stops at $5,900. The next few days are critical and can shed some light on the future direction.

ETH/USD

The tight range bound trading in Ethereum has resolved on the downside and broke below the support at $200. The bulls are currently trying to bounce from $188.

ETH/USD

Both moving averages are turning down and the RSI is in the negative zone, which shows that the bears have an advantage. A break of the Oct. 11 intraday low of $188.35 can result in a drop to the Sept. 12 low of $167.32.

The ETH/USD pair will gain strength and show signs of a trend change if it sustains above $249.93. Until then, we suggest traders stay on the sidelines.

XRP/USD

Ripple broke below the support at $0.4255 on Oct. 11, triggering our stop loss. The price nosedived below the 50-day SMA and found support close to the 78.6 percent retracement level.

XRP/USD

On the upside, the zone between $0.4255 and the 20-day EMA will act as a strong resistance. The 20-day EMA has started to turn down and the RSI is in the negative zone, which shows strong selling pressure in the short-term.

If the bears break below Oct. 11 intraday lows, the XRP/USD pair might plunge to $0.26913, completing a 100 percent retracement of the recent rally. The first sign of strength will be a move above the downtrend line.

BCH/USD

The bulls are trying to keep Bitcoin Cash inside the symmetrical triangle. A break down of the triangle and the Sept. 11 intraday low of $408.0182 will resume the downtrend. The next support on the downside is $300.

BCH/USD

If the bulls succeed in defending the support line of the triangle, the BCH/USD pair will again attempt to rise to $530.

The 20-day EMA is starting to slope down and the RSI is below 50 levels, suggesting bears have the upper hand. We recommend traders keep a stop of $400 on their long positions.

EOS/USD

After clinging to the resistance line of the symmetrical triangle for three days, EOS tumbled on Oct. 11, breaking below both moving averages and the trendline of the triangle.

EOS/USD

The bulls are currently attempting to hold the $5 line, below which, a drop to $4.49 is possible. The traders can protect their long positions with a stop of $4.9. The EOS/USD pair will attract buyers if it breaks out of the overhead resistance zone at $6.044–$6.3117.

XLM/USD

The fall in Stellar hit our stop loss suggested at $0.21. The current pullback attempt might face resistance at the 50-day SMA and the 20-day EMA.

XLM/USD

The XLM/USD pair will invalidate the descending triangle pattern if it can sustain above the downtrend line. The failure of a bearish pattern is a bullish sign; hence, we might suggest long positions on a successive close above $0.26.

On the downside, any break below the Oct. 10 intraday lows can push the price towards the critical support of $0.184.

LTC/USD

From the midpoint of the range, Litecoin has declined to the bottom of the range of $49.466–$69.279. A break of the support can resume the downtrend and push the price towards the next support at $40.

LTC/USD

The bulls are currently trying to bounce from close to the $50 mark. $60 will continue to act as a resistance on the upside.

The LTC/USD pair will show strength if it can sustain above $69.279. Until then, volatile trading inside the range is likely.

The aggressive investors can wait for today’s close and buy a small quantity with the stops below $47. A conservative investor should wait for the break out of the range before attempting a buy.

ADA/USD

On Oct. 11, Cardano broke below the first support at $0.073531, but the bears have not been able to capitalize on the fall.

ADA/USD

Currently, the bulls are attempting to push the price back above $0.073531. If successful, the  ADA/USD pair will continue to trade inside the range of $0.073531–$0.094256.

If the bears thwart the attempt, the cryptocurrency can decline to the recent low of $0.060105. We can’t find any buy setups and are not recommending a trade on the pair.

XMR/USD

After days of tight range bound trading action, Monero broke down of the range on Oct. 11, triggering our suggested stop loss at $106. It is currently trying to bounce off the psychological support at $100.

XMR/USD

The previous support of $107.8–$112 will now act as a strong resistance. The XMR/USD pair will show signs of strength if the bulls scale above the moving averages.

If the bears defend the overhead resistance, a drop to the lower level of $90 is likely. Traders should wait for a new buy setup to form before attempting to get in again.

TRX/USD

TRON has broken down of both moving averages, which extends its stay inside the range of $0.0183–$0.02815521.

TRX/USD

Both moving averages are flat and the RSI has dipped into the negative territory, which shows that the sellers have an advantage in the near-term. If the bulls fail to scale the 20-day EMA, the probability of a fall to the bottom of the range will increase.

The TRX/USD pair will resume its downtrend if the bears succeed in sustaining below $0.0183. Traders should wait for a breakout and close (UTC time frame) above the range to establish new positions.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

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Markets See Piecemeal Price Action, Some Stability After Yesterday’s Plummet

After yesterday’s carnage, crypto markets are seeing some relative price stability, with the top cryptocurrencies by market cap seeing mild movement, both up and down.

Friday, Oct. 12: after yesterday’s carnage, crypto markets are seeing some relative price stability. The top cryptocurrencies by market cap are seeing mild movement, both red and green.

Market visualization

Market visualization by Coin360

Bitcoin (BTC) has has seen little price action on the day, and is up 0.5 percent to trade at $6,318 as of press time. Ater a strong week of sustained trading around $6,600 – briefly trading as high as almost $6,670 Oct. 8 – the top coin took a plummet yesterday, hitting as low as $6,201.

On its weekly chart, its cliff-like performance yesterday has brought Bitcoin down to around 4.7 percent in the red, although it continues to practically break even on the month, at around 0.3 percent in the negative.
Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) is down around 1 percent on the day to trade at $197 at press time. Its weekly chart shows a similarly stark sudden drop yesterday, after the altcoin had circled $230 levels throughout much of the week. Yesterday’s losses brought Ethereum as low as around $194.

On the week, Ethereum is now almost 13 percent in the red; monthly growth remains around 8 percent.

Ethereum 7-day price chart

Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index

Ripple (XRP) is faring better, and is up close to a solid 7 percent to trade at $0.43. Nonetheless, the asset was not spared yesterday’s market-wide losses, and is showing a 17 percent loss on its weekly chart.

Buoyed by its outstanding price performance in September, Ripple’s monthly gains remain at 60 percent.

Ripple 7-day price chart

Ripple 7-day price chart. Source: Cointelegraph Ripple Price Index

The remaining top ten coins on CoinMarketCap are all seeing a mix of red and green. After Ripple, Litecoin (LTC) has made the strongest recovery, although it has seen a relatively mild 2 percent gain to trade $53.32. Stellar (XLM) is up around 1.6 percent and is trading at $0.216.

Meanwhile, anonymity-oriented altcoin Monero (XMR) is down a further 1.8 percent on the day and is trading at $102.79; EOS (EOS) has also shed around 1.46 percent in value at $5.21.

In the context of the top twenty coins, the picture is mostly red: Tezos (XTZ) is down the most, losing 3.5 percent to trade at $1.21, and Ethereum Classic (ETC) is down a round 3 percent at $9.51. Dash (DASH) and IOTA (MIOTA) are seeing smaller losses, at around 2.2 percent ($158.59) and 1 percent ($0.502) respectively.

Tron (TRX) has grown 2.2 percent to trade at $0.227 and is the only other top twenty crypto to see green.

Total market capitalization of all cryptocurrencies is down to around $202.2 billion as of press time – slightly recovering from a 24-hour low of $196.3 billion, yet remaining almost $20 billion down from an intra-week high at around $222 billion Oct. 8.

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Earlier today, Cointelegraph reported that the U.S. Financial Crimes Enforcement Network (FinCEN) has issued an advisory that calls on cryptocurrency exchanges to monitor Iranian use of crypto to evade sanctions.

According to the agency, as of 2013 Iranian use of cryptocurrency includes “at least $3.8 million worth of bitcoin-denominated transactions per year”; FinCEN goes on to warn that cryptocurrencies represent an emerging “payment system that may provide potential avenues for individuals and entities to evade sanctions.”

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Crypto Markets Shed Almost $20 Billion as Major Coins See Double-Digit Losses

Markets have taken a steep downturn, with several top-market altcoins seeing double-digit losses.

Thursday, Oct. 11: markets have taken a steep downturn, even as onlookers had lately been pointing to a period of stable price action in the crypto sphere. Virtually all of the top 100 cryptocurrencies are in the red, with several top-market altcoins losing double-digits in percentage value.

Market visualization by Coin360

Bitcoin (BTC) has shed 4 percent in value on the day, and is trading at $6,309 as of press time. Ater a strong week trading sideways to consolidate a higher price point – trading as high as almost $6,670 Oct. 8 – the top coin took a plummet earlier today, dropping over $300 in a few hours.

On its weekly chart, Bitcoin is now just over three and a half percent in the red, although it is practically breaking even on the month, remaining 0.3 percent in the green.

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) has fared even worse, and is down around 10 percent on the day to trade at $202 at press time. Its weekly chart shows a similarly strong consistent performance, with the altcoin circling $230 levels in recent days, ahead of today’s sudden plunge.

On the week, Ethereum is now a stark 8.3 percent in the red; monthly growth remains close to 9.5 percent.

Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index

Ripple (XRP) is down over 12 percent on the day and is trading at $0.41. The asset had seen outstanding growth in September, growing so rapidly it briefly knocked Ethereum off its long-standing second spot ranking on CoinMarketCap’s listings.

However, compounding a shaky start to October, Ripple’s plummet today has brought the asset to an almost 22 percent loss on its weekly chart: on the month, it nonetheless remains up by over 57 percent.

Ripple 7-day price chart. Source: Cointelegraph Ripple Price Index

The remaining top ten coins on CoinMarketCap are all seeing hefty losses, with Bitcoin Cash (BCH) losing close to 12 percent to trade at $451.58, EOS (EOS) down almost 9 percent at $5.35, and Stellar (XLM) down 10.6 percent at $0.216.

Cardano (ADA) is also pushing a 10 percent loss, and Litecoin (LTC) is down around 8.5 percent.

In the context of the top twenty coins, the picture is just as bleak: IOTA (MIOTA) down 10.5 percent at $0.517, NEO (NEO) down 10.7 percent at $16.13 and NEM (XEM) down 10.6 percent at $0.094. Tezos (XTZ) and VeChain (VEC), ranked 18th and 19th by market cap, are down around 7 and 11 percent respectively.

Total market capitalization of all cryptocurrencies is down to around $202.35 billion as of press time – down almost $20 billion from an intra-week high at around $222 billion Oct. 8.

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Even as the markets decline, this week has seen reports that multiple Ivy League and other prestigious U.S. universities – including Harvard, Stanford, and MIT – have all invested in crypto funds, in what sources consider to be “a sign of the asset class’ growing acceptance among institutional investors.” Just last week, it was reported that fellow Ivy League titan Yale had also invested in a major new crypto-focused fund.

In other global crypto news, the South Korean government is said to be “likely” to announce its official position on Initial Coin Offerings (ICOs) in November, according to local reports. Korea’s government first considered re-legalizing ICOs in August 2018: the South Korean National Assembly and several government ministries have discussed introducing a potential legal framework for ICOs alongside investor protection measures.

Meanwhile, notoriously anti-crypto American economist Nouriel Roubini – a.k.a. Dr. Doom – is set to deliver a 30-page “debunking” of the industry today at a U.S. congress hearing. He will testify in counterpart to Coin Center director of research Peter Van Valkenburgh.

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Research: $20 Billion Raised Through ICOs Since 2017

A recent study by Autonomous Research has revealed that ICOs raised $20 billion since the beginning of 2017.

Initial Coin Offerings (ICOs) have raised $20 billion since the start of 2017, which is $18 billion more than the previous year, according to a recent study by financial research firm Autonomous Research. The study dubbed “Crypto Utopia” explores the cryptocurrency industry over the past year, focusing on ICOs and the regulation to which they are exposed.

Per the study, $12 billion has been raised through ICOs in the course of 2018, while last year they raised $7 billion. The ICOs of blockchain protocol EOS and messaging app Telegram are responsible for almost half of all ICO funds in 2018 at $4.2 billion and $1.7 billion, respectively.

Though over 300 crypto funds have been launched to invest in crypto assets, a vast majority of funds are concentrated within a small minority of organizations, according to Autonomous.  

The research notes that ICOs are often exposed to fraud and scams, which form 20 percent of project white papers, while phishing and hacking are responsible for stealing 15 percent of all crypto assets by market capitalization. More than 50 percent of ICOs have failed to raise funds and subsequently have closed.

2017 saw over $7 billion of investment flow into ICOs, which is fourfold greater that equity investment in crypto companies. Many ICOs were purportedly launched to take advantage of the “goldrush,” subsequently resulting in quality and regulatory concerns regarding tokens.

Price performance for the top 200 liquid coins during the last 1.5 years has reportedly demonstrated an unprecedented surge, from 10 to 1 million percent. The authors of the study suggest that such a performance shows exponential software-like growth for digital currencies.

The study states that  venture and trading funds are “the most numerous and hold the most assets under management.”

Another study by Autonomous Research published last month stated that funding in ICOs has seen its hardest slump in 16 months, stating that in August startups raised $326 million, which is the smallest amount since May 2017.

In August, ICORating published a study showing that the ICO market more than doubled in a year. ICOs in Q1–2 2018 had already raised over $11 billion in investments, a figure which it purports is ten times larger than the sum of investments from ICOs in Q1–2 2017.

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