fbpx

News

Litecoin led the market again

Litecoin is the best performing crypto currency of the day

The crypto currency market had a mixed picture during the Asian session today. Although the bearish sentiment seems to remain dominant as Bitcoin and most of the major Altcoins are in a red zone.

Capitalization of the crypto market remained at $ 253 billion, almost unchanged from $ 254 billion on Tuesday. The average daily volume of trade fell to $ 58 billion amid growing volatility on the market.

BTC/USD is trying to recover over $ 8,000, although the breakthrough needs to be confirmed. At the time of my writing, BTC/USD is traded around $ 7930 against a backdrop of rising volatility. LTC/USD took advantage of Bitcoin jumps to $ 8100 and set its course while breaking key barriers.

Litecoin (LTC) is still the biggest winner of the day. The fifth largest coin with the current market capitalization of $ 8.5 billion rose by more than 7% in the last 24 hours to trade at a price of $ 139.27.

Litecoin opposes gravity ahead of halving

Fundamentally, the sustainable growth of Litecoin is driven by upcoming halving. This event will reduce the reward of miners, which they will receive in exchange for maintaining network operability.

Project Leader and Creator Charley Lee has published some statistics to show the community that mining will continue to be profitable even after halting.

Meanwhile, the technical picture is positive and will probably remain the same if something drastic does not happen. The RSI indicator moves around $ 72.00 to indicate that the price path of least resistance is upside. This trend is also accentuated by MACD, which sits comfortably above the average line just at +2.5638.

For the upcoming day, a break above $ 141 would support the upward momentum. Keep in mind, however, that if failure to break this resistance, LTC/USD may return some of the morning’s gains. It is quite possible to see a slight downside correction because the pair is already in overbought territory.

Litecoin will need constant support from the broader market to reach levels around $ 145. Barring an expanded crypto rally, the first major resistance is likely to limit the potential upside momentum for the day.

On downside, immediate support is created by merging the SMA 50 and SMA 100 on 4-hour chart in the area of ​​$ 114.85 – 114.00. Once broken, the likelihood of a decrease will increase. And the next goal of the bears will be the $ 110.00 zone.

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

Read More

Ripple continues to trade in the narrow range of 2019

The crypto market has a mixed picture on Thursday morning. Bitcoin remains on a positive territory in the region of $ 5,387, while most of the Altcoins suffered losses for the past 7 days. The total market capitalization dropped to $ 175 billion from 177 billion on Monday. Average daily trading volumes were at $ 41 billion.

The biggest news currently is the new Cosmos Coin (ATOM) in the Top-20 cryptocurrencies. After the listing of Binance, Cosmos (ATOM) experienced a sudden increase in volumes and the price spiked more than 14% overnight. In recent weeks, ATOM has been added to some of the leading exchanges, but listing on the Binance with zero fees has increased the impact of the project and the trading activity. At the time of my writing, Cosmos is ranked 15th in the global cryptocurrency ranking with a market value of $ 834 million.

And the main cryptocurrency, Bitcoin, enjoyed a 22% growth in April and ended a third consecutive month with a rise for the first time since December 2017. This remarkable development has made experts in digital currencies wonder what to expect from the digital asset in the coming months. Look forward to our next, more detailed Bitcoin analysis to find out.

On the other hand, Ripple remains within the annoying trading range of 2019. Despite the positive news, XRP/USD fails to commit to a specific direction that continues to be the topic of the year. According to the latest news, South Africa-based iCE3X has announced the addition of XRP to Ripple as a new trading asset on its trading platform. XRP will be paired with the local currency, the South African rand, and Bitcoin also.

Since 1st of May, Nasdaq began sending real-time XRP data from Brave Coin to its Global Index Data Service. The index is known as the XRP Liquid Index, which is designed to provide a real-time spot on a reference rate that will be for the price of 1 XRP, quoted in US dollars.

Ripple remains under downside pressure

The XRP/USD pair has been having difficulty in 2019 with the breaking of the narrow range between 0.2810 – 0.3787. Earlier in April, there was hope with an upside momentum, but it was quite short-lived as the bears pushed the price back into the sluggish trading conditions.

For the past 24 hours, Ripple’s XRP is traded on a negative territory, losing around 0.23%. Bulls have failed to capitalize on Tuesday’s profits, and the hope of recovery seems to fade.

The technical levels for Ripple are intact

According to the technical analysis, the third largest coin has been trading in its range with bearish bias during the Asian session today. However, the Relative Strength Index (RSI) recovered to about 46 from the levels slightly above 30.00. The MACD indicator is trying to slope up and may soon move into positive territory. This means that there is still a chance for bulls to break through, at least until the technical indicators confirm it.

Ripple will have convincingly to correct above $ 0.3100 in order to come out of the intraday range between $ 0.2850 – $ 0.3100. If the price succeeds to correct above the highs of Wednesday and Tuesday at $ 0.03096 and 0.03122, the next target for the buyers will be $ 0.3200. However, 50- and 100-day SMA moving averages are likely to limit growth above $ 0.3200. A clear break above this level, however, may expand the upside movement to $ 0.3300 and $ 0.3500.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

Read More

The crypto market has moderate gains

Overview of the crypto market on Wednesday:

The bulls on the crypto market have been working overtime to correct after the downside movement on Monday. Bitcoin and all other significant Altcoins made rally yesterday, enjoying big profits. The total capitalization of the crypto market has earned $ 5 billion over the past 24 hours.

BTC/USD recovered from its last bottom at $ 4,964 to trade around $ 5,195 at the time of my writing. BTC/USD rose 2.37% on a daily basis and this morning continues to move within the current upside price channel. Bitcoin SV, on the other hand, remains the most losing coin, going down by 8% after delistings from Binance, Shapeshift, Kraken, and Blockchain.com.

The crypto market slowly regains some of its previous vitality

On the fundamental front, we also have quite positive news that can only support the bulls of the crypto market. The eToro giant has launched its newest crypto exchange eToroX, which will be regulated in Gibraltar. eToroX will give users access to eight stablecoins (including Swiss francs and US dollar) which have all been created by eToro. Users will be able to buy Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), XRP, Litecoin (LTC) and Dash. There are also 37 pairs of crypto coins-to-fiat currencies available.

OKEx has announced it will expand to European traders by offering 3 new fiat-to-crypto pairs. The Malta-based crypto exchange, which has an international presence, will offer pairs of crypto with the Euro, the Russian ruble and the Turkish lira.

On the other hand, Forbes released a list of “Blockchain’s Billion Dollar Babies”, which means companies implementing blockchain technology and who have a minimum income or valuations of $ 1 billion.

The list includes companies in the spaces of cryptocurrency and blockchain development, in addition to traditional financial companies such as banks and clearing houses, food companies, supply chain management firms and others. Most of the listed companies are local names like Amazon, Walmart, Facebook, ING, Mastercard, Microsoft and Nestle.

In addition, one of the largest travel companies in the world has also made a major step in the world of cryptocurrencies. Corporate Traveler, a subsidiary of Flight Center Travel Group, based in Australia, has already begun accepting crypto payments. BitPay will facilitate payment processing by entering into a strategic partnership with the travel company.

Bitcoin’s technical picture

Bitcoin bulls managed to break the $ 5,200 level after the price dropped to $ 5,014 on Tuesday. BTC/USD managed to reach a high at $ 5,230 this morning. And the price action is currently moving within the formation of bullish pennant pattern, with subject to a breakout higher. On the upside, we have resistance at $ 5,278 (high of April 4), $ 5,300/8 (50% Fibo correction level on the decline from 7,358 to 3,177 on weekly chart) and the psychological $ 5,400 level.

However, it seems that the bears are fighting hard and managed to lower the price to $ 5,189 earlier today. Yesterday, BTC/USD broke and now is moving above the SMA50 on the 4-hour chart, which is currently localized at $ 5,108. A clear breakout under it may resume sales for testing the strong psychological support of $ 5,000. Next supports are as follow: $ 4,825 (38.2% Fibo level of the above-mentioned drop) and $ 4,977 (SMA 100 on 4-hour chart).

 

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

Read More

Will TRON (TRX) keep the delayed rally above $ 0.030?

TRON remains on green territory along with other Altcoins

And this week, the 10 crypto currencies continue to move on green territory, with only Cardano, Binance Coin and Tether traded with a loss for the past 7 days. Overall, investors continue to analyze the crazy rally of the past week.

TRON (TRX) also saw another short-term rally on Monday, reaching a two-month high of $ 0.03153. And although we saw a slight retreat on Tuesday, today TRX is trading again on green.

The 11th largest crypto currency gained nearly 8.3% on a weekly basis and became one of the best performing top-20 crypstos. TRON’s market capitalization reached $ 2.01 billion, while the daily average trading volume amounted to $ 556.4 million.

TRON’s current rally came as co-founder Justin Sun announced the deadline for launching SUN Network. The Level 2 solution promises an scalability for the already relatively fast TRON network.

The launch of the testnet on May 30 will support sidechains designed for greater efficiency for distributed apps. Other changes should improve the running of the smart contracts in the TRON network. The main launch of SUN Network is scheduled for August 10th. In this case, can we expect a longer ascending TRX/USD refund?

Daily technical analysis for Tron

If we look at the TRX/USD daily chart, we can see that Tron has finally completed the 7-month reversed head and shoulder (H&S) figure as the right shoulder breaks for a while, returns under and currently testing again the neckline at $ 0.0304.

What does that mean? The reversed H&S model is characterized by two parabolas (left and right shoulders) that stand on either side of a much larger downside trend (the head). In any case, the three parabolas of sell-offs go back up and rise to the same recovery zone, the neckline.

The neckline is not always horizontal, but usually when the inverted H&S figure is tilted upwards, it can predict the start of bullish trend. Usually a clear break above the right shoulder is followed by a strong upside movement.

At the moment I expect to see further confirmation that TRX is about to develop a bullish trend, with a clear break above 0.0304. So far, the price has closed over $ 0.03 for the first time since August 2018, after jumping from $ 0.0219 (March 26 low). In addition, the RSI indicator also indicates that TRX buyers still hold control, because it’s in the overbought area at 72.3 level.

If this scenario works, the next bullish target will be 0.3245, where is 23.6% Fibonacci correction of the fall from 0.1010 (high in April 2018) to 0.0122 (low of November 2018). Convincing breakout above it should cause further upside pressure for testing the psychological level of 0.40. But, actually, the goal of the inverted head and shoulders figure is around $ 0.50 – 0.56. In this zone is also a 50% Fibo retracement of the above mentioned decline, which in fact makes it a strong resistance.

It is possible before that, however, we see some consolidation or even temporary retreat from the neckline, before the TRX price reaches its bullish trend. On the downside, the first strong support is in the area of ​​0.2304 (the bottom of March 31).

The temporary downside pressure can be seen as an buying opportunity by those investors who have enough risk tolerance to expose themselves to the volatility of the crypto market. Always remember that you only have to invest the money you can afford to lose.

 

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

Read More
Top