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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 3 rated postsMultiple journalists and analysts are behind the name Edward Talliot.




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Ethereum Price Analysis: Flood Gates are Open as Price Plummets Lower from Rising Wedge Pattern

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  • Ethereum (ETH) is at threat of firmly giving up the $200 level, on the back of a crypto market wide sell-off.
  • ETH/USD breaks aggressively from rising wedge pattern, running towards third consecutive week of losses. 

Ethereum Price Pressure

The Ethereum (ETH) price came crashing out from a rising wedge pattern on Thursday. As a result, it dropped over 10%, briefly breaching the big psychological $200 mark. This still appears to be at threat, a daily close below could be very punishing. Current bearish momentum may keep ETH/USD on course to retest September 12 low, $167. ETH/USD looking to require a retreat back towards the mentioned low, where a demand zone awaits.

Ethereum Related News Flow

A large volume drop in users for all Ethereum decentralized applications (Dapps) has been observed, according to data statistics from DappRadar. Looking at the period from the month of May to October 2018, the drop with volume of users, fell from a peak of 32,000 down to 14,000. Worth of note, in July it fell to a minuscule 4,000 users. In terms of the average, the number of users for all network applications, was seen at around 10,000 per day, over the last two months.

Ethereum Losing out to EOS

Further looking into the data, it is reported that the total daily active users was seen at 65,000. This number was across two platforms, Ethereum and EOS. Most noteworthy, around a chunky 51,000 were on EOS. Furthermore, 45,000 of daily active users were on Dapps which were associated with gambling.

Technical Review – Daily Chart

ETH/USD daily chart

ETH/USD is currently running at three consecutive sessions of losses. The price was within consolidation mode, trading sideways, after the falling market. Since the bounce on 12th September, a lack of movement has really been observed. Market participants have not demonstrated willingness to commit. During this same time period, ETH/USD price action formed a small rising wedge pattern formation. Playing to the textbook, ETH/USD made an extended breakout south. Price pressures came during Asian market hours. It appeared to be the case that stops were triggered to the downside, with seemingly Bitcoin leading the way, causing a domino effect. Bears will likely target a retest of the 12th September low at $167, a breach may invite a fresh wave of selling pressure. Finally, in terms of resistance, this could now likely be observed underneath the broken wedge pattern, around $230.

Technical Review – Weekly Chart

ETHUSD weekly chart

Moving on from the above daily analysis, a weekly view is quite interesting in highlighting the potential downside risks that may loom. At present, ETH/USD is currently running towards its third straight week of losses. This is the biggest loss streak seen since the sell-off from the week commencing 30th July to the week of 20th August. Consequently, if selling momentum maintains its course to break the 12th September low, eyes will then look to the week commencing 10th July low at $135.96.

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 32 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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Tron (TRX) Volume Hits 4-Month High; Cardano (ADA) Leads Majors

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Tron (TRX) showed a strong reaction to today’s Odyssey 3.1 mainnet upgrade, and recorded the highest trade volumes since June of this year.

While TRX briefly spiked 11% this morning before a heavy retracement, the best performer from the major altcoins for Monday has been Cardano (ADA). The ADA coin’s 6.2% net growth over twenty-four hours is the best among the top ten, and comes hot on the heels of the launch of the Rust Software Development Kit (SDK).

Rust is a web-ready programming language, pioneered in part by the team at Mozilla, which has been made compatible with the Cardano blockchain. The move to release the Rust SDK as open-source comes as IOHK hope to attract more app developers to the ADA blockchain.

TRX Volume Hit 4-Month Highs

Monday’s TRX trade volume reached as high as $400 million before a sharp fallback to the $330 million range. The increased trade action marks the first time TRX has been exchanged so readily since June, and comes after a month in which TRX had grown in value by over 50%.

Given the sharp decline in trade volumes, it could be that the rumour was traded before the news landed. The upgrade went ahead at 8pm Singapore time – or Monday afternoon in the West, and the surge of recent weeks has proved less strong today.

Tron founder Justin Sun called today’s mainnet upgrade the start of a new era, stating on Monday morning:

“Based on community consensus, TRON will be upgrading to Odyssey 3.1 at 8pm SGT. The TRON Committee function & TVM will go live, marking the start of the Smart Contract Era. TRON will be 200x faster vs. ETH, 100x cheaper vs. EOS. dApp developers & users, this one is for you!”

Cardano Climbs on SDK Release

According to the Cardano team members behind the SDK release, the Rust programming language can be described as:

“… a lightweight, portable and ‘blazingly fast’ language. It compiles to the web, iOS and Android, platforms that are popular with many third-party developers.”

While Tron’s surge tailed off as Monday went on, ADA’s growth came steadily throughout the day, racking up a volume increase of 107% as trades climbed from $28 million to $58 million.

The official release package for the Software Development Kit includes a repository of tools and scripts ready to be utilized by app developers – the fruits of which will be compatible with the Cardano blockchain. As per the release package:

“The Cardano Rust project has created a toolbox of Cardano’s cryptographic primitives for third-party developers written in the Rust programming language. It is IOHK’s first open-source project, providing a library of wallet and node functions – and a wallet for Ada.”

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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4.4 stars on average, based on 81 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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SALT Hits 55% Growth as Litecoin is Added to Crypto-Backed Loans Platform

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SALT (SALT) traded up 55% on Friday morning as around $21 million entered the token’s daily volume, up from last night’s low of $1.4 million.

That amounts to a 1478% influx of trade action into the 109th ranked cryptocurrency by market cap, and comes amid news that Litecoin holders can now secure cash loans on the SALT platform, using LTC as collateral.

SALT/USD Sweetens Up

Trade volumes have been tepid for SALT ever since the broader market recovery in mid-September. Today’s $22 million volume hasn’t been seen January, with SALT trades hovering around the mid six-figures just a few days back.

A massive increase in SALT/BTC trades across Binance, Upbit and Bittrex resulted in the token pumping to the tune of 55% overnight and into Friday morning. That saw the token price rise from $0.529997 up to this morning’s peak of $0.822999.

Pump may be the optimal word here, as the majority of SALT’s growth came in a short, sharp burst in the space of twenty minutes – between 01:04 and 01:24 UTC this morning. Growth continued up until 08:00 when the retracement began to take hold.

As the afternoon wore on SALT reverted to the $0.68 range – still a hefty 28% increase since last night.

Litecoin Loanees on SALT

The SALT team took their official medium blog last night to announce the addition of LTC-backed cash loans on their lending platform.

Up until last night SALT customers could secure loans using Bitcoin and Ethereum, and the addition of Litecoin may add a new wealth of individual and institutional loanees. As the blog post stated:

“SALT has expanded its platform to include Litecoin — clients can now secure cash loans backed by Litecoin, Bitcoin, and Ethereum. While the company can now offer more competitive loan solutions to borrowers at the consumer level, SALT distinguishes itself as the premiere liquidity provider for large crypto investors including individuals, mining operations, exchanges and other institutions in the blockchain ecosystem.”

The blog post also detailed new ‘competitive’ interest rates, and an uncapping of the maximum loan amount. The post offers a quick summation of interest rates as:

“…rates as low as 5.99% for loans below $75,000 or as low as 11.99% for loans up to $25MM. For loans greater than $25MM, tailored options are available. Loan amounts and interest rates vary by jurisdiction.”

SALT made headlines earlier in the year when their CEO unexpectedly left the platform, sparking fears of an impending exit scam. However, the platform has been pushing through the red tape to make itself available to customers in what is now a majority of U.S states, and those fears appear to have been allayed for now.

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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4.4 stars on average, based on 81 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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