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Litecoin Price Quickest to Rebound Following 7% Boost

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Litecoin (LTC) is the quickest to recover from yesterday’s dip, and has recorded the highest daily growth out of the coins in the top-10.

LTC opened the day at $75.44 before climbing 7% over 24 hours to $80.80. In the last hour that price has returned to $79.66, but that still marks a near 5% net growth for the day.

That’s still some way off the weekly high of $88.42 recorded on the 5th of July, and conveys a bad week for LTC, but the movements over the past day have started to buck the trend. There’s reason to be cheerful too. Unlike the sudden spike of July 7-8th, when the market spiked aprubtly and violently, we are now starting to see more stable, natural movements. The entire market began to even out yesterday, and today it has begun its slow climb towards lost ground.

Market Movements

The majority of LTC’s daily trading volume has been concentrated in one place, namely the OKEx exchange, which has housed over 26% of Litecoin’s movements over the last day. The most popular trade is against Bitcoin, with LTC/BTC trades making up $46 million of Litecoin’s daily total of $312 million.

LTC/USDT trades make up $31 million of the total volume on OKEx, while USDT is also responsible for the next highest volume of trades against LTC on BitForex, with $29 million worth.

LTC’s daily growth is the best in the top-40 at the time of writing, unbeaten until reaching Waltonchain (WTC) ranked at 44th, which has recorded 11% growth for the day.

Strategic Partnership with TokenPay

TokenPay is a crypto payment platform that, among other things, caters for fiat-to-crypto payments and vice-versa.

TokenPay recently acquired a 9.9% stake in the German WEG Bank, as described in the official announcement, and then transferred that equity over to the Litecoin Foundation. Litecoin and TokenPay had been working together on blockchain products for some time, focussing on integrating traditional finance with cryptocurrency capabilities. The ultimate aim for TokenPay is to purchase the whole of the bank, and use it as a possible springboard to bring crypto into the local bank system.

Litecoin founder, Charlie Lee greeted the news with enthusiasm, saying:

“This partnership is a huge win-win for both Litecoin and TokenPay. I’m looking forward to integrating Litecoin with the WEG Bank AG and all the various services it has to offer, to make it simple for anyone to buy and use Litecoin.”

Matthias van Hoff, founder and CEO of WEG Bank AG, emphasized the inevitable adoption of crypto payments in the future, saying:

“The partnership with innovative institutions such as TokenPay and Litecoin might at first come unexpectedly for a very conservative institution like us. But we have thoroughly and diligently examined the prospects of a common future, and we became convinced that the future of banking will make adoption of such modern payment methods inevitable.”

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 88 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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Bitcoin Cash Price Analysis: BCH/USD May Have to Return to $400, Before Big Bull Buying

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  • BCH/USD price action did form a potential double top formation, subject to a move back towards the neckline.
  • The RSI indicates price is oversold via the 4-hour chart view, after bouncing in early hours of Monday.

The Bitcoin Cash price remains firmly on the back foot. As a result, of a top area being produced within a heavy touted supply zone. This can be seen within the $650 price region, which as a result has caused BCH/USD bulls to falter in their tracks north. Back in the very early part of September and most recently on 7th November has seen the sellers pile in at this area.

BCH/USD daily chart

Given the current price behavior it would suggest technically, the bears are looking to force a retreat, Eyes would be towards the neckline of the set up. This would see BCH/USD returning to $410, as demonstrated during the selling pressure back in early September. A likely area to attract buyers back in, a failure however to see this area of support hold, could be very punishing indeed.

Possible Neckline Breach

BCH/USD Neckline

Should a breakout to the downside from the $410 area support occur, heavy selling pressure may be seen. Eyes would then be on for a potential steep fall, down towards $285, the next major level of support. BCH/USD last traded down here on 13th October 2017, after seeing a chunky breach through the above-mentioned neckline.

4-hour Chart View

BCH/USD 4-hour chart

Looking via the 4-hour chart view, BCH/USD price action is moving within a descending channel formation. This is very much subject to a potential breakout to the upside; however, as described above, the price may need to retreat towards $410. Near-term resistance can be immediately seen at $530, which is the upper part of the channel.

The resistance above trend line of the detailed technical set up should this continue to hold; it raises the case to the top formation play out. A breakout to the upside now could send BCH/USD flying back for a retest of the $650 region supply. To the downside, support should be noted around the psychological $500 level.

As detailed above with the descending channel, this could also be perceived as a text book bull flag pattern. Such a move coming into play after a decent run higher, to then cool, ahead of another burst to the north. Looking via the RSI, it did hit a bottom, running into oversold territory. This occured in early hours of today – Monday 12th November.

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 49 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

BCH Price Resumes Downward Consolidation as BitPay Backs Bitcoin ABC in Upcoming Hard Fork

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After an explosive rally, bitcoin cash has entered a period of consolidation ahead of a highly anticipated hard fork in just four days. On Saturday, crypto payment processor BitPay announced it will back the primary upgrade of Bitcoin Cash, joining a growing list of entities that are sticking with the so-called “Satoshi Vision” chain.

BCH/USD Update

After a positive start to the weekend, bitcoin cash reversed course on Sunday, falling 5.1% to $530. With the decline, the digital currency is down nearly $120 from last week’s swing high.

Trade volumes have declined sharply since Wednesday, when daily turnover reached $1.2 billion on virtual exchanges. As of Sunday, BCH trade volumes had fallen to $678 million, according to CoinMarketCap. BitForex, OKEx and DigiFinex are the largest markets for BCH trades, based on daily turnover.

The 4-hour chart shows a large drop in momentum for the BCH/USD trade, with the relative strength index (RSI) approaching oversold territory. The MACD is equally bearish.

BCH also traded firmly lower against bitcoin. At last check, bitcoin cash was worth 0.08286396 BTC, down 4% compared with Saturday.

At current values, bitcoin cash has a total market capitalization of $9.2 billion, placing it fourth among active cryptocurrencies. At the height of the most recent value, bitcoin cash’ market capitalization rose above $11 billion.

BitPay Will Not Implement Bitcoin SV

BitPay, one of the world’s leading crypto processing companies, announced Saturday it will support the Bitcoin ABC implementation of the upcoming bitcoin cash hard fork. In doing so, the payment processor said it has no plans to implement Bitcoin SV, the hard fork protocol promoted by Craig Steven Wright, CoinGeek and Calvin Ayre, a well-known casino mogul.

“BitPay has not made any plans to migrate from the Bitcoin ABC implementation of Bitcoin Cash to a different implementation,” the company said in a blog post. “BitPay will closely monitor network conditions and the chains resulting from a chain split. We will send you another notification when we determine that payment risks have passed.”

The payment processor has recommended that users avoid sending transactions leading up to the hard fork, which is scheduled to take place Nov. 15.

As Hacked recently reported, the Bitcoin SV implementation promoted by Wright and others is being rejected by the BCH community. Bitmain founder Jihan Wu has also confirmed that BCH developers are “working together” to remove Wright from the community.

In addition to BitPay, market heavyweights Coinbase and Binance have also announced support for Bitcoin ABC. Individual miners are likely to follow suit should outright support for one version of the hard fork continue to build.

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 661 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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Coinbase Anticipation Keeps Stellar (XLM) and Cardano (ADA) Afloat Amid Market Dip

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On a quiet Sunday for the cryptocurrency market the only two major altcoins to record clear growth also happen to be two of the coins up for consideration by Coinbase. Both Cardano (ADA) and Stellar (XLM) recorded between 3-5% gains moving into the afternoon.

The other coin up for a possible Coinbase listing, Zcash (ZEC), was down close to 5% over the same period, as the community speculates that a privacy-coin would be the least likely to be next, owing to technical complexities.

Stellar Price Update

Stellar seems to be the popular favourite to be next on Coinbase, judging by social media chatter. And if we take market performance as a sign of intent, then it appears as though traders are singing from the same hymn sheet.

Stellar (XLM) climbed 5.4% in value over the previous twenty-four hour period, climbing from a coin price of $0.256443 up to $0.270373. The ascent was fairly steady across the day, with trade volumes rising 60% in the process.

Anyone looking for short-medium term gains already knows about the Coinbase announcement from back in July, when five cryptocurrencies were singled out for Coinbase’s attention. Following the listings of Ox (ZRX) and Basic Attention Token (BAT), it appeared to be a toss-up regarding which coin would be next.

While this may look like a clear investment signal, especially given the effect Coinbase had on Ox and BAT, it’s probably wise to keep a clear head. Social media searches for ‘coinbase’ are throwing up a lot of Stellar chatter, but such chatter isn’t always authentic.

Technical signals, and the buzz created around a $125 million airdrop compound the growing sense of anticipation around Stellar, although some see the airdrop as a cynical marketing attempt to float a coin that won’t move by itself.

Cardano Price Update

Cardano’s gains were less pronounced on Sunday, climbing 3.5% before levelling off later in the afternoon. The value of ADA jumped from $0.074438 up to $0.077107, then pulled back to the $0.75 range.

Trade volumes remained relatively low for ADA, rising from $13-18 million, with Binance’s ADA/BTC pair accounting for over 20% of the action alone.

The Coinbase Saga

As of November 11th, Stellar is up 10% for the week, while Cardano is up around 1.5% for the same period. Zcash actually appears more likely as an outside bet when looking at its weekly gains of 10% – marking it out as one of the best weekly performers in the market cap top one-hundred.

Anyone looking to ride the Coinbase wave on one of these three coins should take Basic Attention Token’s recent fall as an example, after it lost over a quarter of its value after finally making it onto the exchange.

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 88 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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