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Coinbase Announces Four New ERC-20 Tokens; Prices Surge

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Coinbase Pro announced plans to list four new ERC-20 tokens on Friday, triggering a flurry of buys which saw all four soar to double digit growth.

As per the announcement, inbound transfers have already begun for Decentraland (MANA), districtOx (DNT), Loom Network (LOOM) and Civic (CVC).

Coinbase Focuses on ERC-20

Coinbase announced its intention to focus on ERC-20 tokens back in Q1 of 2018, and Basic Attention Token (BAT) and Ox (ZRX) were the first to gain listings later in the year. As per today’s announcement:

“Following our recent launches of 0x (ZRX), Basic Attention Token (BAT), and our stablecoin, USDC (USD Coin) — all of which are built on Ethereum’s ERC20 standard — we’re now announcing support for Civic (CVC), district0x (DNT), Loom Network (LOOM), and Decentraland (MANA), on Coinbase Pro.”

The news came out of nowhere on Friday afternoon, depriving traders of the usual speculative build-up which occurs with a coin listing. This marks the continuation of a new trend for the exchange following a similar methodology with the recent Zcash (ZEC) listing.

Despite the lack of build-up, the valuations of all four tokens surged within minutes of the Coinbase tweet ringing out.

Decentraland (MANA)

MANA tokens spiked 20% in value following the announcement, with particularly strong gains being felt against BTC.

From a low of 1470 satoshis, Decentraland peaked at 1770 sats before a significant drop-off back to the 1640 range. All numbers taken from Binance, which housed 75% of the $11 million daily trade volume – up 37.5% from before the announcement.

districtOx (DNT)

The Coinbase boost gave DNT 60% gains against Bitcoin today, as an 1,169% increase to trade volume saw the token price rise from 293 sats up to 470 within one hour.

The price was pulled back to the 393 range before finding some stability around 410. Over 80% of DNT trades came from Binance today – which rose from $260,000 to $3.2 million following the announcement.

Loom Network (LOOM)

Loom Network spiked 31% on the announcement, climbing from 1116 to 1465 satoshis and floated by a +200% increase to trade volumes, which rose from $700,000 to $2.2 million.

As with the previous two, the majority of action came from Binance, which housed 77.5% of the daily trades.

Civic (CVC)

Ranked around 130th place by market cap, Civic climbed 28% in value against BTC today, with CVC tokens climbing from 1418 satoshis up to 1827 sats by the peak of the surge. The subsequent drop-off on the Binance trading floor saw the valuation drop as low as the 1620 range, marking an immediate halving of the day’s gains.

Trade volumes quadrupled during the spike, rising from $500,000 to $2 million, with 47% of the total coming from Binance.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 123 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Cardano Price Analysis: ADA Bulls Set for Another Retest of Big Supply Area

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  • ADA/USDT trading firmly within the green on Wednesday, outperforming its peers.
  • Cardano Shelley upgrade is heavily anticipated across the community.

The ADA/USDT pair was seen holding decent gains in the session on Wednesday, up as much as 5%. The bulls are looking at resuming their decent upside momentum, which was seen through mid-December early January. In terms of that rally seen, the price gained a whopping 90%, moving from around $0.02793 up to a high print at around $0.05368 on 10th January. This was the highest-level ADA/USDT had reached since 19th November.

ADA/USDT daily chart.

The bulls had the wind taken out of their sails after failing to breakdown a known area of supply. This can be seen tracking from $0.04900 up to $0.05400. The price has not been above this level since 19th November 2018, which was a period of heavy selling. Buyers have faltered here on two occasions recently – 24th December 2018 and 10th January. It will not be an easy area to break down; however, upside potential is chunky should it be broken down.

Project Shelley Imminent

The eagerly awaited Shelley update is very much quickly nearing its release from the Cardano foundation. It is set to be launched in the coming few weeks, as can be seen via their roadmap countdown clock.

This update is significant as it will make the Cardano blockchain fully decentralized. The Cardano blockchain is currently within the Byron phase. In terms of the Shelley upgrade, it will additionally mark the release of Cardano 1.5. The foundation provides the following insight from the detailed roadmap, “As we progress through Shelley, work will be done that contributes to stability, interoperability and governance. Throughout the arc of development, Cardano’s protocols will increase in complexity, interdependence and use more exotic cryptographic primitives”.

Technical Review – ADA/USDT

ADA/USDT 4-hour chart.

A near-term upside challenge is seen tracking from $0.043500-$0.045000, via the 4-hour chart view. Over the past six sessions now, the bulls have failed to break this area down. Further north of this, a heavier zone of supply can be observed from $0.04900 up to $0.05400, as detailed earlier.

If the bulls fail to move north of the mentioned areas, then key daily support levels should be noted for potential comfort. Eyes would be on the following levels: $0.03900 (13-14 January low), $0.03550 and then finally $0.027600 (7-16th December 2018 low area).

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 107 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Crypto Update: Sideways Drift Continues but Sellers Still in Control

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While the bounce on Monday gave some hope to crypto bulls that last week’s plunge was just a correction in an ongoing broader counter-trend move, so far, we haven’t seen meaningful follow-through. That means that the bearish short- and long-term trends are still dominant in the segment and sellers are clearly in control of every major top coin.

Also, while volatility is relatively low, correlations are still elevated, and volume patterns are bearish as well, so our trend model remains on sell signals with regards to the overwhelming majority of coin on all time-frames. Traders and investors are still advised to stay away from entering new positions, as we have no evidence the bear market is over, and at least the test of the lows is likely in the coming months.

That said, a quick recovery above the primary resistance levels would be a positive sign here, but until we see signs of technical strength, the defensive approach is warranted as bearish risks remain very high here.

BTC/USD, 4-Hour Chart Analysis

Bitcoin’s relative stability is still the only positive sign among the top coins, but BTC also lacks bullish momentum and it failed to leave the close vicinity of the key $3600 support level. The $3850 resistance is out of reach, for now, and given the clearly bearish long-term setup, traders and investors shouldn’t enter positions here.

A move above that level would be a positive sign for bulls, with further zones between $4000 and $4050, and near $4450, but we still expect a move towards the support levels near $3250 and $3000 in the coming weeks, even if a broader bottoming process might already be underway.

ETH/USD, 4-Hour Chart Analysis

While Ethereum spiked higher again towards the $130 resistance level today, the move failed again and bulls failed to make technical progress, with the recent low still being in danger. A sustained push above $130 could still signal a failed break-down pattern, but the lack of bullish momentum points to a continuation of the decline.  Key support is found near $120 and between $95 and $100, while further resistance is ahead at $145, $160, and near $180.

Altcoins Unchanged and Bearish After Choppy Day

LTC/USD, 4-Hour Chart Analysis

The volatility compression continued in all of the major altcoins as well, but the broad selling pressure is still apparent in the segment. Litecoin failed to get close to the primary resistance zone near $34.50 despite the early-week rally attempt, and it continues to threaten with a move below the key $30-$30.50 support zone.

A breach of support would likely trigger a move towards the $26 level, with the oversold short-term momentum readings now being cleared in the market of LTC. Further strong resistance is ahead near $38 and $44 and with support found near $23, and traders and investors still shouldn’t enter positions here.

XRP/USDT, 4-Hour Chart Analysis

Ripple has been showing signs of relative weakness again today, after the brief period of stability and the technical picture continues to be negative on all time-frames, and our trend model is also on short- and long-term sell signals. The $0.32 price level is still in focus, and we still expect a move below $0.30, with strong support found near the $0.26 level, with resistance ahead near $0.3550 and $0.3750.

DASH/USD, 4-Hour Chart Analysis

Dash remained among the relatively weaker majors as well, and it still hovering around the $70 price level after bottoming out close to $67.50. A test of the bear market low near $56 seems very likely in the coming weeks, and only a move above the strong resistance zone between $76.50 and $80 would change the short-term outlook for the coin.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.7 stars on average, based on 443 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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Altcoins

STEEM Coin on the Move While Steemit Loses 20 Million Visitors in Six Months

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One of the three currencies which fuel the Steemit blockchain-based social media site, Steem (STEEM) gained 22% in the previous two days. Despite the increased price movement in January, monthly visitors and unique account creations continue to plumb new yearly lows on the Steemit social media website.

STEEM Price

STEEM’s recovery has been slow in coming – the coin gained 43% from December into January, however most of that came in the last forty-eight hours. Compare that to major and mid-cap altcoins such as Tron (TRX), Zilliqa (ZIL) and Augur (REP) which gained over 100% in that time, and you see a major discrepancy.

From Monday through to Wednesday STEEM went on a 22% run which carried the coin price from $0.249836 up to $0.306033. Trades against Korean won on the Upbit exchange accounted for more than 40% of the day’s trades, or around $1.2 million of the $2.7 million daily total.

Steemit Cools Down

After suffering the indignity of laying off a majority of its staff back in November, Steemit continues to hold on despite plummeting numbers.

Remarkably, the Steemit social media site lost almost 20 million monthly visitors in the last six months – a 61% drop off from the 30.8 million visitors in July, to the current 11.9 monthly visitors according to SimilarWeb. New account creations are also down 83% in the last six days alone, however statistics show that new users tend to flood in whenever the coin price pumps – even if just for a brief time.

CCN reported back in May of 2018 that Steemit had surpassed one million accounts created on the blockchain. This was a startling figure at the time, and grabbed a lot of headlines. However, Steemit statistics from the time suggest the number of unique users was actually much less – closer to 150,000 according to this chart from Steemit’s @arcange.

Follow the Money

The same chart shows that January of 2018 remains Steemit’s most successful month. The site gained close to 120,000 new users in the sixty days leading up to January’s all-time high, when the coin price climbed as high as $8.57.

As the coin fell to a twenty-month low in December, unique accounts on the blockchain also fell to eighteen-month lows in the process. A major increase to new account creations was seen on January 9th, as STEEM went on a similar 23% price spike, and 4,108 new users flocked to Steemit in one day.

Stats courtesy of Steemit’s @penguinpablo

By six days later, new registrations had fallen back to 695 per day, as STEEM’s gains from the previous few days were wiped out.

Steemit launched back in early 2016, and has divided opinion since its inception. Check out this recent primer for an up to date summary of Steemit and its features.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 123 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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