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Crypto Markets Face Headwinds as Rally Stalls Again; Cardano Named Most Developed Cryptocurrency of 2018

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Crypto markets resumed their defensive posture on Thursday, cutting short a sudden rally that began less than 48 hours ago. The consolidation saw a slight uptick in the value of Tether’s USDT, which narrowly overtook Litecoin in the market-cap rankings.

Markets Search for Direction

The cryptocurrency market capitalization is down $5 billion from the most recent high and was last spotted at $130.2 billion.

Most of the top-ten cryptocurrencies were down compared with 24 hours ago, with bitcoin running up against familiar resistance in the mid-$3,900 range. The largest cryptocurrency by volume and market cap was down 1.5% at $3,833.73. Read: Bitcoin Price Runs Into Resistance on Ten-Year Anniversary of Genesis Block.

Ethereum pulled back from its recent run of good fortune, as prices fell 2.5% to $147.82. Ether this week, Ethereum surpassed XRP as the second-largest cryptocurrency by market cap. XP was down 3.4% on Thursday to trade at $0.3601. The so-called banker’s cryptocurrency faces stiff resistance at $0.4000.

Bitcoin cash declined 2.8% to $161.46, EOS fell 5.4% to $2.68 and Stellar XLM was last down 2.8% at $0.1141.

Litecoin’s price also declined 3.5% to $31.72, pushing its market cap slightly below Tether (USDT), which rose 0.3% to $1.02. Tether maintains a one-to-one ratio between USDT tokens and U.S. dollars.

Beyond the top-ten, Cardano was down 3% to $0.042. Tron edged up 0.1% to $0.0201 amid news that BitTorrent was launching its own cryptocurrency on the network.

Trading volumes experienced a sharp drop off on Thursday to $15.2 billion. Daily turnover peaked at $17 billion at the height of the rally on Wednesday.

Cardano’s Development Year

An active log of the world’s most developed cryptocurrencies puts Cardano at the top of the list for 2018. According to coincodecap.com, the Cardano project had 45,758 commits over the last 12 months, the highest of any cryptocurrency. Augur (REP), the second-most developed project, had 21,644 commits.

The numbers drop off significantly from there, with major assets like Ethereum, Tron and EOS receiving far fewer commits in their code repositories. Bitcoin cracks the list at no. 52 with 3,269 commits.

According to moneycontrol.com, a commit is simply a record of all the changes and updates that have been made to a particular project. It could be a file or a set of files that creates a unique ID that allows users to keep track of changes.

Cardano rose to fame as a decentralized platform for financial applications and fund transfers. The system is being developed in layers, which allows for more flexibility and ease of maintenance in the event of an upgrade. Cardano is also aiming to become a major player in the world of decentralized applications.

The Cardano Foundation is working to drive adoption of the ADA protocol and shape legislation for the network. A contractor by the name of Input Output HK (IOHK) is designing the Cardano network while Emurgo is tasked with building out the ecosystem through commercial partnerships.

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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4.7 stars on average, based on 769 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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Stellar Price Analysis: XLM Bulls are Back as Coinsquare Acquires StellarX

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  • XLM/USD is trading up around 4% on Friday, with the bulls looking to break out of a narrowing daily range.
  • Canadian cryptocurrency exchange has acquired StellarX, a decentralised platform.

XLM: Recent Price Behaviour

Stellar’s XLM has seen a pick-up in bullish momentum in the session on Friday, having jumped around 4% at the time of writing. The price has managed to stabilize somewhat after producing all-time lows down at $0.07318000. XLM/USD had remained within an extremely stubborn trend to the south, following the bears smashing out of a pennant structure. The price had been confined since from early December 2018 up to 20th January, when the breach occurred. As a result, a fresh wave of selling pressure hit XLM, forcing the mentioned new bottom.

Coinsquare Acquire StellarX

Canadian cryptocurrency exchange Coinsquare has acquired the StellarX decentralized exchange. StellarX is a trading platform built by the developers of the Stellar blockchain. The platform was initially launched in July 2018, offering fast transitions, zero costs, and a wide range of asset classes that include crypto, fiat and commodities. XLM is used as the base currency for trading across the decentralized exchange.

The camp at StellarX detailed the announcement via Medium, specifying that they will still be pressing forward with the outlined roadmap noted back in September of last year. StellarX detailed that the reason for the acquisition is to make way for the exchange to maximize its full potential. The platform will be able to leverage the sizeable regulatory experience that Coinsquare has, with their visions to build around the platform. It is worth noting that the Canadian exchange has a network with regulators in Canada, the United States, and Europe. Additionally, Coinsquare also previously managed to secure a relationship with one of Canada’s big five banks, the Bank of Montreal.

Moreover, Coinsquare already has experience with the Stellar network; it previously acquired BlockEQ in the back-end of last year for $12 million. Moving forward, StellarX is going to be led by BlockEQ’s co-founder Megha Bambra, with the sights to continue growing and enhancing the Stellar ecosystem. BlockEQ is a private Stellar wallet which allows users to have total control of their funds via a private key. The wallet is accessible on both mobile and desktop.

Technical Review – XLM/USD

XLM/USD daily chart.

XLM/USD has managed to find its feet after resuming the downside pressure seen throughout 2018 and carried into 2019. This year the price has dropped as much as 45%, due to the crypto market-wide cooling. Should the mentioned bottom area $0.07318000 remain intact, eyes will be on a retest of the breached pennant pattern structure. The bulls must breakdown a small resistance barrier, which is the upper part of the past fifteen trading days range.

Furthermore, the lower part of the pennant is tracking at $0.11150000; a move back here would complete the breakout and retest. Lastly, if this resistance holds firm and rejection occurs, then it could very well make way for another wave of selling pressure.

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 123 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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Altcoins

Binance Coin Price Analysis: BNB Profit-Taking Kicks In as Binance’s Business Continues to Defy Cryto Winter

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  • BNB/BTC produces a double-top pattern formation, leaving the door open to further downside pressure.
  • Binance CFO confirms that the organization is still profitable, despite the ‘crypto winter’.

Binance Coin Price Behavior

The BNB token has been outperforming many of its peers over the past few weeks. Since the week commencing 3rd December, BNB/USDT has rallied a chunky 115%. The price recently pushed to its highest levels seen since June 2018, peaking around $0.0027000. Given the prolonged consecutive run north, it isn’t too surprising to see a cooling.

Observing where the price peaked earlier in the week on 12th February, BNB/USDT produced somewhat of a double-top formation. The high was very much in proximity to the top on 17th June 2018. Playing out to the textbook, the market bears piled in after reaching these heights again, as investors took profits following the strong run north from December 2018. As a result, the price is running at its third consecutive session in the red.

Binance Remains Profitable Despite Crypto Winter

The CFO of Binance Wei Zhou was recently speaking in an interview with CBNC, where he commented on the company’s position within the current market downturn. Zhou said, “To date, even in this bear market, we still run a profitable business”. Binance is known to not publicly disclose its financial performance; however, in the past, it has provided several hints that would suggest the business is financially secure.

Back in the summer of 2018, Binance CEO and Founder Changpeng Zhao (“CZ”) disclosed that the exchange’s revenue for the first half of 2018 was roughly $300 million. He did additionally project at the time that net profit would hit between $500 million to $1 billion by the year’s end.

It has been estimated that Binance achieved $446 million in profit last year. It has also been estimated that the Binance ICO offering back in 2017 saw the company raise $15 million for 100 million Binance Coin (BNB) out of 200 million in total supply. Additionally, as part of maintaining its coin, Binance uses 20% of its net profits to buy back BNB and eventually destroy 100 million BNB tokens, according to the whitepaper.

Technical Review – BNB

BNB/BTC daily chart.

Given the recent price developments, there are a couple of bearish confluences to back the bias south. A bull run occurred in such a short space of time, resulting in the price entering overbought territory. Elsewhere, as earlier detailed, the BNB/BTC is playing to the textbook after the double-top formation. The downside pressure could soon drastically pick up the pace, with eyes looking down towards the possible neckline of the technical pattern.

In terms of support, the range of $0.0014000-$0.0012000, which is the potential neckline of comfort, is part of the double-top textbook pattern. A failure of this area holding could see a fall down to 0.0008410, the low of March 2018.

BNB/USDT daily chart.

Looking at BNB/USDT, the bulls ran into massive supply heading into the big psychological $10.00 mark. The price has not comfortably traded above this level since October 2018. This time last week, BNB/USDT managed to break out to the upside from an ascending wedge pattern. There is room for a potential retest of this level, completing the breakout and retest. Support will be sought just on top of the breached pattern, tracking around $7.4000.

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 123 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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Analysis

Crypto Update: Coins Drift Sideways but Leadership Weakens

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The major cryptocurrencies have been mostly trading in relatively narrow ranges in the past 24 hours, and although we saw a broad sell-off today in early trading, a major bearish move has been avoided, for now. While the coins are still holding on to most of their gains from last Friday’s Litecoin-led surge, the relatively stronger currencies failed to maintain their momentum.

EOS/USD, 4-Hour Chart Analysis

The weakening leadership reinforces our view that we are experiencing yet another bear market rally, especially as the top 3 coins still failed to show meaningful strength. The likes of Dash, EOS, Ethereum, and Litecoin are all well below their recent swing highs, while the previously weaker coins, such as BTC and Ripple haven’t made technical progress either. With the long-term picture in mind, traders should remain cautious even with the stronger coins here, despite the short-term buy signals in our trend model.

BTC/USD, 4-Hour Chart Analysis

Bitcoin has been trading in a narrow range below the key long-term support/resistance level at $3600, as trading activity remained low throughout the day in the most valuable coin. The low level of liquidity will likely lead to more sudden spikes in the coin, and the lack of bullish follow-through is a clearly negative sign.

That said, from a technical perspective the short-term setup is still leaning positive, but traders should only enter small, speculative positions in light of the bearish long-term setup. The coin still faces strong resistance near $3850 and between $4000 and $4050, while support is found just above $3450, near $3250, and in the key long-term zone near the $3000 price level.

LTC/USD, 4-Hour Chart Analysis

Litecoin continues to trade in a short-term correction pattern, and although the recently leading coin lost its relative strength, it continues to hold up well above the line-in-the-sand $38 level. LTC is trying to form a swing low to consolidate its lofty gains, and despite the hostile long-term market-wide trends, it remains on a short-term buy signal in our trend model.

Above the initial resistance at $44, further levels are ahead near the recent swing high near $46 and at $51, while support below $38 is found near $34.50 and between $30 and $30.50, and traders could hold on to their long positions here.

Ethereum and Ripple Little Changed Following Session

XRP/USDT, 4-Hour Chart Analysis

While Ripple avoided a break below the $0.30 support/resistance level, it remains stuck in a short-term downtrend and well below the crucial $0.32 resistance level that it tested during Friday’s spike. XRP continues to be very weak compared to its peers, and that points to a likely test of the $0.28 and $0.26 levels in the coming weeks. Above the short-term trendline and the primary resistance zone, strong levels are also ahead near $0.3550, and $0.3750.

ETH/USD, 4-Hour Chart Analysis

Ethereum failed to maintain the relative strength that it showed in the aftermath of Friday’s spike, and that is a negative sign for the whole segment. ETH continues to hover around the $120 support/resistance level, and although it remains well above the primary support level near $112, the long-term picture remains negative.

With that in mind, traders should remain cautious with new positions here, even as our trend model is on a short-term buy signal. Above $120 another strong resistance level is ahead near $120, while further support is found in the $95-$100 zone. The prior bear market low near $80 is also likely to be tested in the coming weeks, barring a broad reversal in the segment.

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 464 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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