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Cryptocurrency Update: Coins Settle Down after Storm as Selling Pressure Weakens

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The major coins bounced back from yesterday’s decline and although the rise in Bitcoin and Ethereum is muted, some of the most valuable cryptocurrencies are showing positive divergence. The selling pressure that dominated the recent month during the correction has weakened recently, and the small cap crash of the weekend might have marked the last leg lower in the move.

The strong rally in Ethereum Classic is the move of the day so far, but all of the majors show signs of healing, although most if the coins remain in short-term downtrends. Volatility is encouragingly low, and as the long-term picture gets more constructive, a sustainable rally is more and more likely. Let’s see how the majors stand after the bounce.

Bitcoin

BTC/USD, Daily Chart Analysis

Bitcoin recovered quickly after the decline of the weekend as it remained relatively strong throughout the sell-off. While the short-term downtrend remains intact in the currency, a move above $2500 would trigger a new long-term buy signal.

Ethereum

ETH/USD, 4-Hour Chart Analysis

As we pointed out yesterday in early trading “Ethereum got smashed below $200 in what might have been the last panic move of the long-term correction that started almost a month ago”.  ETH is still in a declining trend but the current bounce is expected to carry the token stuck to the $235 or the $250 level and a long-term bottom also might be in given the long-term picture.

Litecoin

LTC/USD, 4-Hour Chart Analysis

Litecoin is still acting bullish, trading in a bullish consolidation pattern below its recent all-time high. The coin remains below the short-term declining trendline and the $50 level, and while the long-term picture is less constructive than the other majors after the recent break-out, another leg higher towards the range projection target at near the $58-$60 range is still likely before a significant consolidation period.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is still trading below the short-term support/resistance level near $190, in a similar pattern as Litecoin, with the all-time high at $220 not far away from the current levels.  A move above the current high towards the long-term Fibonacci target just above the $250 level is still likely, but more sideways action is possible as BTC and ETH are still below their declining trendlines.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple is back in its long-term consolidation range after the spike below the lower boundary of the zone during the weekend correction. The coin faces strong resistance near the $0.2150 level and as XRP is still well below the declining long-term trendline, short-term traders should still wait with new positions.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

ETC surged higher today, breaking out from its declining short-term trend, and catching up to the other outperforming majors, underlining the positive divergences in the sector. The coin is now on a new buy signal above the $16 level, and a move towards the prior high at $23 is now likely in the coming period.

Featured image from 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 465 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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Cryptocurrencies

6 Upcoming Events That Could Trigger a Price Pump for These Cryptocurrencies

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The kind of fundamental developments that sent a coin to the moon in 2017 had already started to lose their potency by the time 2018 came around. As the year wore on, we started to see partnership announcements and technical developments go unnoticed, when once the mere rumour of them was enough to positively impact the price of a coin.

And while 2019 will probably see an extension of this trend, I can’t help but think of the number of times I’ve seen a coin pump 50% in a week, only to go and check the project’s Twitter page and see that they’ve just implemented a new tech update.

By that time I’m too late, and whatever anticipation was being speculated on has turned into news, and is now being sold.

So in the spirit of experimentation, here’s a few upcoming technical updates due in the coming weeks.

Aeternity (AE) – First Mainnet Hardfork

Aeternity has three hardforks scheduled over the next year as it completes its migration from Ethereum. The date for this hardfork is only a few days away, but I include it on the basis of Aeternity’s previous volatility, exemplified in this chart from the last seventy days. Volume has been climbing all through February, from $10 million to $50 million.

Hardfork Date: February 20th

IOST (IOST) – Mainnet Launch

Just over a week away from mainnet, the IOST token price has shown signs of life with 4% growth in the past seven days. A summary of what the IOST mainnet promises to bring can be found here in a tweet from co-founder Jimmy Zhong.

Mainnet Launch Date: February 25th

 

Ethereum (ETH) – Constantinople Hardfork

The previously delayed Constantinople hardfork is scheduled for the end of the month. Block rewards will be reduced from 3 to 2 ETH, and the difficulty bomb will be delayed for another year, among other tweaks.

At time of writing ETH is up 8% for the week, with Constantinople ten days away.

Hardfork Date: February 27th

CyberMiles (CMT) – 15 Million Users’ Data Uploaded to Blockchain

A huge migration is set to take place at the end of February as the 5Miles mobile app uploads all of its customers accounts onto the CMT blockchain. Once launched, 5Miles clients will be able to transact independently across the chain. 5Miles is a ‘mobile marketplace’ where users buy and sell various items and services.

Launch Date: February 28th

Theta Token (THETA) – Mainnet Launch

Theta Token is another project set to leave Ethereum for its own mainnet. A look at THETA’s weekly chart shows a token at just about break even, but zooming out to the monthly view reveals that something has been building with THETA for a while.

Mainnet Launch Date: March 15th

QuarkChain (QKC) – Mainnet 1.0

QuarkChain was one of the darlings of the ICO period, and big things were expected from this highly rated project. Big things might still be on the horizon, and we may find out more about QuarkChain when the mainnet lands at the end of March.

Read more on what’s in store for QKC fans in 2019. The coin price has been falling all quarter, and all month. But that trend reversed for the first time this week as the coin regained 6% of its value. Volume jumped from $1 million to $6.8 million in the last few days.

Mainnet Launch Date: March 31st

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 145 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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Altcoins

Zcash Price Analysis: ZEC/USD Bears Back in the Driver’s Seat Despite Coinbase Incentive Program Support

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  • ZEC/USD is back within the control of the sellers, as the price has dropped around 9% within the past five sessions.
  • Coinbase announces that Zcash (ZEC) is supported on their learning incentive program. Users can earn $3 worth of ZEC by merely watching educational videos on the privacy coin.

ZEC/USD: Recent Price Action

The Zcash price has been cooling over the past few sessions after the bulls failed to sustain decent upside momentum seen earlier in the month. ZEC/USD has fallen over 9% in the previous five sessions, after hitting $56.75 on 13th February. The mentioned print was the highest seen since 14th January, with the buyers since losing ground.

ZEC/USD was moving within a descending wedge pattern formation; this was observed from 24th December up to the breakout on 8th February. As part of this mentioned push north, the price went on to gain a whopping 15%, rallying for five consecutive sessions. It was the longest run higher that observed since mid-December 2018.

Zcash Added to Coinbase Incentive-Driven Learning Program

U.S cryptocurrency exchange Coinbase announced Zcash has been added to its incentive program. Users will be able to learn about the privacy-based coin while having the benefit to earn from this program. The reward will be $3 worth of ZEC for watching the educational videos about the cryptocurrency.

Coinbase tweeted from its official account, “Earn $3 worth of Zcash with a new Coinbase Earn opportunity today. Check out the Earn ZEC page to view educational videos about Zcash and earn some along the way!” Users can sign up and start the program to receive their cryptocurrency rewards upon completing the educational series.

The program launched at the back-end of 2018, initially just featuring 0x. Earlier this month, Coinbase added Basic Attention Token (BAT) to the program. Zcash now being the latest is a massive step towards greater global awareness for ZEC by being supported on one of the world’s largest cryptocurrency exchanges.

Technical Review – ZEC/USD

ZEC/USD daily chart.

As detailed earlier, the price is heading south, which will likely see the above-detailed descending wedge pattern retested. Support is currently tracking around $47.00, which is where the upper trend line of the descending wedge sits. The mentioned support area coincides with a demand zone, seen from $50.00 down to $46.50. ZEC/USD last traded down at these lows in December 2018, a period when the general market bottomed, after heavy bouts of selling.

Should this support fail to provide necessary comfort, then a strong wave of pressure to the downside may likely be seen. The price may be forced to trade within the complete abyss, an area that has not been observed before. Unknown territory trading is something that is occurring across the industry within this current bear market.

Given the breach of the wedge pattern, there isn’t too much in the way of resistance until the $60 region. A supply zone tracks from $62 up to $65; the price saw several rejections here in January of this year and in December 2018. Further to the north, another likely target would be where the price peaked at the end of 2018, $73.95.

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 124 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

Ethereum Price Analysis: Volume Spike Pushes ETH/USD to Monthly Highs

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Ethereum’s price rallied to one-month highs on Sunday, overcoming a soft landing for the broader cryptocurrency market and reaffirming the view that ETH has already bounced from a major bottom. A look at the fundamental picture, specifically ETH block transactions, suggests Ethereum isn’t out the woods yet with respect to the bear market.

ETH/USD: Toward Monthly Highs

Ether peaked at $139.50 on Sunday, according to Bitfinex. It was last seen trading at $130.78, having gained 4.9%. That marks the highest level since mid-January. As a result of the gain, ether moved into overbought territory based on the hourly Relative Strength Index (RSI).

Outside highly-anticipated Constantinople upgrade, which is scheduled later this month, there was no immediate catalyst for Ethereum’s breakout on Sunday. This suggests that technical trading was dictating market flows. ETH remains well supported above $120; the breakout north of $125 suggests further gains are likely.

Over the past 24 hours, Ethereum’s trade volumes have surged 25% to $3.5 billion, according to CoinMarketCap. Ether is presently on course for its highest 24-hour turnover since Feb. 9.

At current values, the Ethereum network has a total market capitalization of $13.4 billion, placing it second among active blockchains and $1.2 billion higher than the next biggest project, XRP.

Bottom is Well Protected

Since plunging to the mid-$80 range in December, Ethereum has undergone a doubling in price followed by a downward correction that threatened to expose the $100 support. Since the beginning of February, ETH has rallied more than 20% to current levels.

As Hacked recently reported, a tremendous pump was needed to keep Ethereum from further capitulation in December. Between Dec. 10 and Dec. 24, institutions and cryptocurrency whales picked up 11 million units of ETH to prevent further losses. In other words, they absorbed more than $1.5 billion worth of selling pressure at the time.

Between Nov. 19 and Dec. 24, these large players probably accumulated somewhere around 24 million ETH. This should serve as a strong backstop to any further attempt to push prices lower.

Block Transactions Plunge

Although Constantinople is expected to solve many of the technical challenges facing Ethereum, the number of transactions on the network has been in free fall since early 2018. According to data from Etherscan.io, block transactions have plummeted more than 90% over the past 13 months.

As the following chart illustrates, the highest number of transactions ever recorded occurred on Jan. 4, 2018 to the tune of 1,349,890 units. That figure fell to 381,151 units on Feb. 10, 2019.

This figure appears to be positively correlated with the sharp drop in Ethereum’s exchange volume over the same period. Combined with the fierce competition from Tron and EOS in the market for decentralized applications, its apparent that Ethereum could face further pressure in the short term. While this is unlikely to produce new lows, it certainly means that the bear market is here to stay.

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 771 rated postsChief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi




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