Connect with us

Altcoins

IOTA Resists the Decline, Maintaining 170% Gain Since Last Month

Published

on

The German Distributed Ledger Technology (DLT) non-profit organization IOTA Foundation keeps rising even after the market lost momentum at the start of the week.

While most cryptocurrencies and/or other blockchain-powered platforms and token systems are on the verge of a downtrend – with their respective token prices ranging between -0.4% and -3%, MIOTA, IOTA’s native currency, manages to hold against the tide and in-fact shows growth of +11% during the last 24 hours alone.

The IOT-focused token, tailored for the machine-to-machine economy, was bartering around $0.94 just a month ago. Today, you won’t be able to find it below $2.27, as listed on Cobinhood, according to CoinMarketCap.com.

IOTA showcased overall growth of up to 170% during the past month, climbing back to the 9th position in terms of market cap, from its previous status at No. 12.

Foundation’s Recent Moves

Below are some of the IOTA project’s biggest moves of late.

  • IOTA recently joined the Mobility Open Blockchain Initiative (MOBI), among firms like IBM, BMW, GM, Ford, and Renault to mention a few.
  • IOTA and Porsche team up in a common effort to study and develop the future of mobility, under the supervision of Startup Autobahn, a Berlin-based startup incubator backed by Daimler, Arena2016, Plug and Play, University Of Stuttgart, Hewlett Packard Enterprise, DXC. technology, ZF, BASF, Porsche, Deutsche Post DHL Group, Murata, Hella, and Benteler.
  • IOTA Foundation recently announced the release of their long-anticipated project Q, which is presented as “Qubic” as from the date of the announcement. While there is not enough information regarding what exactly Qubic might be or do, some keywords and concepts previously revealed by the company’s founding members strongly suggest that Q is the most revolutionary project IOTA has presented so far. Some of the first intel regarding Qubic indicate the introduction of Oracles in the Tangle, and a voting system for the community.

Dominik Schiener (Co-founder) stated previously this year that “IOTA will be either a trillion-dollar project or nothing”.

Whether MIOTA reaches a price of $300* per unit or not, the IoT organization has definitely attracted some highlights lately with global industrial titans investing both economically and strategically into the Foundation. Recently, BOSCH and Volkswagen joined the Foundation’s boards of advisers and management, respectively.

The company had to struggle with publicity issues regarding their network’s credibility after both MIT’s Digital Currency Initiative (DCI), and University of London’s Center for Blockchain Technologies (CBT) expressed their concerns about IOTA’s own DLT network, Tangle’s functionality and security.

Despite the long battle between the involved parties, neither DCI nor CBT could provide accurate and solid information indicating possible flaws in Tangle’s functionality and security, setting IOTA back toward growth.

IoT, as a concept, is not a sci-fi scenario as many believe, but an actual disruptive technology being employed across various industries. This potentially makes IOTA not just another cryptocurrency but a visionary project.

*$350 USD is the approx. price per token when the Foundation’s market cap reaches $1 trillion dollars.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
2 votes, average: 4.50 out of 52 votes, average: 4.50 out of 52 votes, average: 4.50 out of 52 votes, average: 4.50 out of 52 votes, average: 4.50 out of 5 (2 votes, average: 4.50 out of 5)
You need to be a registered member to rate this.
Loading...

3.5 stars on average, based on 13 rated posts




Feedback or Requests?

Altcoins

Stellar Price Analysis: XLM/USD Spared from Huge Punishing Downside; Stellar added to BitOasis Listings

Published

on

 

  • Stellar’s XLM has been listed on Dubai-based exchange, BitOasis, with zero transaction fees until 27th
  • XLM/USD price action caught by the lower support of a vital pennant pattern.

XLM/USD has been victim of excessive swings over the past going on two weeks now. This is in line with the general downside pressure that has hit the entire market. XLM/USD has lost some 35% since 12th November. The latest daily candlestick, at the time of writing, has been saved by a known serving area of demand.

During this period of heavy volatility, market volumes have spiked hugely. They were seen at their highest levels since the back-end of September when the price had a fast-short-term bull run to then see this as short-lived. It would go on and see these gains swiftly given back after running into some strong touted resistance.

Stellar Listed on BitOasis

BitOasis, a Dubai based cryptocurrency exchange, has added Stellar’s XLM token to its platform. They have detailed that XLM can now be purchase using AED, with no transaction fees, until 27th November.

It worth noting, back in July, Stellar obtained its Sharia certification, making it permissible to facilitate transactions within Islamic countries. XLM is available to trade for UAE, Saudi Arabia, Bahrain, Oman and also Kuwait citizens.

XLM/USD Fall

XLM/USD daily chart

The price has been moving within a pennant pattern structure, similarly to several of its peers. XLM/USD has been contained within since mid-July. It was moving within a consolidation and narrowing nature. Market bulls were then able to push for a breakout north, which came with a daily close on 4th November.

Upon this move out of the pennant structure, a small bull run was observed. XLM/USD had rallied some 20%, before buyers became exhausted. As a result, resistance was seen within the early $0.2800 region. This price area was also in proximity to the 61.8% Fibonacci, which had also seen a similar rejection between 23-24 September.

XLM/USD was then forced back down to retest the broken technical pattern structure. This failed to provide support to the falling force. The bears able to smash through, back down towards the original lower supporting trend line. This is seen tracking just sub-$0.2000 level. Further support was enforced by a demand zone, sitting just below.

Upside Targets

Thanks to the above-mentioned support coming to the rescue, it has provided some firmer ground for the bulls to build upon. The first challenge will be the 23.6% Fibonacci, in proximity to the upper trend line of the pennant. Both are tracking around the $0.2200 price area. The bulls have much to breakdown again.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
1 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 5 (1 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 60 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.




Feedback or Requests?

Continue Reading

Altcoins

XRP Price Analysis: Deadly Daily Close Below Vital Support

Published

on

 

  • XRP/USD was moving within a pennant pattern for 10 weeks, but the bears have forced a daily closure below.
  • Eyes are on a retest of the mentioned structure; a failure to breach back above could be punishing.

XRP/USD has closed in the red firmly over the past two consecutive sessions. However, generally in comparison to its peers, it has held ground well. This being the case within the large bear market currently being observed for cryptocurrencies. The downside pressure seems to have finally taken its toll on XRP bulls. XRP/USD saw a daily candle closure below a key supporting trend line.

XRP/USD daily chart

Broken Pennant Pattern

Price action had been moving within a pennant pattern structure, since the 21st September. This came after the excessive upside movements that were seen. XRP/USD at the time had aggressively spiked up towards $0.8000, before quickly retracing back south. As a result of these big moves, the price went into consolidation mode, forming a pennant.

The bulls attempted a breakout to the upside form the pattern on 30th September and then again on 6th November. Rejection was served to those attempts. Market bears, on the other hand, worked their line of support on several occasions in October and November. No doubt that this consistent testing of this area caused an eventual break to the downside, as has been seen.

On the daily closure of 20th November, the price finished the session below the lower supporting trend line of the pennant. This leaves the odds stacked heavily in the bears favor. Eyes will now be on a potential retest of the structure above. Such a move, as playing to the textbook, could invite again some heavy selling pressure from the bears.

Support Levels

Looking to the downside, just underneath the mentioned technical pattern, there is a strong touted demand zone. Between the months of October and November, this area has proven to be of assistance. The last legs of this would be around the psychological $0.4000 mark down to $0.3850. A breakout to the downside from this could be extremely punishing.

The next major area of support, after the above-mentioned region, is seen deep south. There isn’t much in the way of support, until down at the $0.3000-0.2500 range. XRP/USD was last seen trading here on 18th September. An area that was clearly very attractive for buyers, seeing a large push to the upside from this territory.

Resistance Levels

In terms of upside resistance, as mentioned earlier, this should now be noted underneath the breached pennant pattern. A retest would likely to the $0.4800 come into force. Should odds be defied and the bulls earn a break above, the upper trend line of the pennant would likely be tested, tracking around $0.5300.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 60 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.




Feedback or Requests?

Continue Reading

Altcoins

Zcash Price Analysis: ZEC/USD Flood Gates Open After Breakout and Retest from Pennant

Published

on

  • ZEC/USD licking its wounds with deep double-digit losses as the market continues to take a beating.
  • Next major areas of support are eyed at currently levels around $89.50 and then $75.

Zcash has been under chunky selling pressure, no thanks to the larger weakness seen across the broader crypto market. The ZEC/USD exchange rate is nursing deep losses, running at two consecutive sessions firmly in the red. At the time of writing, the price has dropped over 25% in the last two sessions. This extended downside comes after a breach and retest from a pennant pattern.

ZEC/USD daily chart

ZEC/USD had moved within the above-mentioned technical set up since 12th September. The formation of this set up took shape following a deep market sell-off from the back-end of July to mid-September. Price behavior was very much consolidation mode, forming this pennant. Playing out to the textbook, a breakout from the set up was seen.

Further on the above, the firm daily breach came on the 14th November. The few daily sessions that followed this were within consolidation mode. Subtle retests underneath the broken pennant were seen. The Monday session saw the extension further south after the brief retest period. The bears smashed through the big psychological $100 mark, leading prices to the downside.

As a result of the above price developments, ZEC/USD selling pressure has forced a move on the current daily candlestick below a vital demand area. While the $105 – 95 range has proven to see buyers sweep in, sellers are proving to be too much to handle. This area previously served as a strong safety net, on 12th September, where decent buying came into play.

Support Levels

ZEC/USD weekly chart

Viewing the weekly chart, the bears are currently testing the lowest levels seen since May 2017 to the downside. This is seen just below the $90 level. Looking further south, the next major downside target is seen at the $75 area. This is a weekly support level, which was last in play back in April 2017, when the price started to pick up bull momentum.

A breach of the above-mentioned areas could be catastrophic. Eyes would then be on ZEC/USD potentially free-falling a further 50%, down within $40. This would be the next major consolidation area that could provide some firmer footing. The price last traded here in March 2017. This would be the very extreme scenario but cannot be ruled out.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 60 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.




Feedback or Requests?

Continue Reading

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending