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Lisk Loses Some of Its Luster, but Outlook Still Bright

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Lisk cryptocurrency has quietly put together a stellar month, with prices enjoying bitcoin-level growth en route to new highs. The little-known coin maxed out above $10.50 earlier this month before paring back gains in the final week. Just a few months ago, it was trading pennies on the dollar.

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LSK Price Levels

The value of List was down nearly 6% on Thursday to $7.49 U.S., according to CoinMarketCap. The cryptocurrency turned over more than $37 million in the last 24 hours, which is equivalent to roughly 3,567 bitcoin.

Much of the buying activity has occurred via Bittrex, a U.S.-based exchange that processed nearly one-third of total LSK transactions. Poloniex was responsible for more than 18% of trade volume.

At present values, Lisk has a total market cap of $864 million, which is enough for 18th spot on the global cryptocurrency list. The application system reached a high of $10.58 earlier this month, bringing its total market cap above $1.2 billion. Currently, only 15 cryptocurrencies are valued at $1 billion or more.

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Lisk’s value relative to bitcoin has declined sharply in recent weeks as the original blockchain currency surged past $11,000 for the first time. LSK/BTC peaked at 0.001202 on Nov. 15 before hitting those levels again a few days later. Prices have since plunged to 0.000710 for a decline of more than 40%.

The LSK token has also run into volatility against Ethereum, with prices bouncing from all-time lows. LTC/ETH was last down 2.1% at 0.19828. Last week, the pair bottomed out near 0.163126.

Lisk Profile

As a blockchain application platform, Lisk was established in early 2016 by Max Kordek and Oliver Beddows. The platform is attempting to make blockchain technology more accessible with its SDK written JavaScript and focus on end-user experience.

Although Lisk has largely flown under the radar, it seems to be gaining momentum across the globe. That South Korea is not the center of the altcoin’s massive success suggests that Lisk’s latest upswing is generating global appeal. Today, the cryptocurrency can be purchased from most major exchanges.

Unlike other mainstream cryptocurrencies, Lisk markets itself as the first “modular cryptocurrency utilizing sidechains.” This protocol essentially allows anyone to use its design blocks to create their own decentralized application. This makes the platform ideal for app developers. In fact, Lisk’s motto is to become the “de-facto” standard for blockchain apps.

Lisk raised more than 14,000 bitcoin in its public crowdsale long before initial coin offerings (ICOs) were a major thing. Since Lisk issued its crowdsale, the ICO market has exploded into a multi-billion-dollar industry.

Crypto enthusiasts will also be interested to learn that two of Ethereum’s former brass joined the project in the summer of 2016. Lisk managed to pluck former Ethereum CEO Charles Hoskinson and ex-adviser Steven Nerayoff.  With a market cap of more than $44 billion, ether has done just fine since the departure of Hoskinson and Nerayoff.

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 money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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Trade Recommendation: XMR/BTC Pair Throwback

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The XMR/BTC market (Monero) has been in downtrend on the hourly chart after posting a high of 0.0225 on December 6 and failing to hold critical support at 0.02. It went to as low as 0.0145 on December 8 before respecting RSI at 32 where it established support. The market used the new support level to rally and generate one higher low after the other. It recently attempted to reclaim support at 0.02 but was repelled by bears. Currently, the market is trading around 0.019 levels where it appears to have created another higher low.

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Technical analysis shows a large reversal pattern in the hourly chart that can take the XMR/BTC pair to 0.025. Even though the market failed to breach resistance at 0.02, investors should not see it as a failed breakout. What we’re seeing is a throwback which is a temporary retreat in price. Throwbacks are common in breakout plays and are often seen as a bullish signal. The next time the market attempts to breach 0.02 resistance, it has a much better chance of breaking it with conviction.

The strategy is to buy breakout at 0.02 with immediate stop at 0.0189.

Hourly XMR/BTC Chart on Poloniex

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As of this writing, XMR/BTC is trading at 0.018714 on Poloniex.

Summary of Strategy

Buy: breakout at 0.02

Target: 0.025

Stop: move below 0.0189 after buying breakout at 0.02.

Disclaimer: The writer 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 money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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Trade Recommendation: FCT/BTC Bullish Reversal

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The market reach its all-time high back in June this year when FTC/BTC (Factom) reached 0.01463162. Unfortunately, the pair wasn’t able to sustain its momentum. It created a lower high several days later at 0.01066744 which signalled investors to take profits or cut their losses. As a result, the market tumbled and lost 93.17% in value from its all-time high. Such a tremendous loss would have created an atmosphere of despair in the market. Usually, that’s when the savviest traders come in.

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Technical analysis reveals that the worst is behind the pair. FCT/BTC touched support at 0.001 on the daily chart twice and respected it on both occasions. This is a good indication that the market has found a reliable support level. In addition, hourly chart shows that a large reversal pattern is underway. The pair may have retreated when it nearly touched 0.002, but it generated a new higher low in the process at 0.00156566. The throwback is a bullish signal that enables the pair to gather momentum to break resistance at 0.002.

The strategy is buy on breakout at 0.002. Breach that level and the market reclaims 0.003. Sell that level because it is a strong resistance.

Hourly FCT/BTC Chart on Poloniex

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As of this writing, FCT/BTC is trading at 0.001738 on Poloniex.

Summary of Strategy

Buy: breakout at 0.002

Target: 0.003

Stop: move below 0.0018 after buying breakout at 0.002.  

 

Disclaimer: The writer 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 money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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Trade Recommendation: ETC/BTC Pair Bottoming Out

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The ETC/BTC market has been in a downtrend after it generated a high of 0.00931529 in June and failed to hold support at 0.006 on Poloniex. Bears repelled any meaningful rally and sent the market to as low as 0.00129881. Fortunately for the bulls, it appears that the pair may have found its bottom.

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Technical analysis shows signs of selling exhaustion. First, ETC/BTC went into extreme oversold territory when the price reached 0.00129881. Second, and more importantly, the market revisited that level recently after it corrected from its move above 0.003. When the pair tested support, 0.00129881 was held even though the volume was twice its daily average on Poloniex. These indicators suggest that the pair has bottomed out.

The strategy is to buy between 0.00129881 and 0.002. Take note: the market is still in a downtrend, but there’s an opportunity to generate profits by trading the range. Sell when the market touches 0.0032.

Daily ETC/BTC Chart on Poloniex

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As of this writing, the market price of ETC/BTC is 0.00179752.

Summary of Strategy

Buy: between 0.00129881 and 0.002

Support: 0.00129881

Target: 0.0032

Stop: Move below 0.00129881

 

Disclaimer: The writer 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 money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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