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Long-Term Cryptocurrency Analysis: Bumpy Road Ahead Despite Strong Rally

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The crypto-segment finally left behind an era of severe altcoin weakness, right when Ethereum reached a make-or-break level, the zone from which its winter breakout initiated. Although the second largest was down by more than 75% of its all-time high, the secular bullish trend is still intact, as the downtrend only erased a bit more than 1 month of gains, similarly to most of the majors.

ETH/USD, Daily Chart Analysis

ETH led the market higher this week, as the coin took off from its lows and started to outperform BTC after a long period of relative weakness. The rally was gradual at first, but on Thursday the whole segment exploded higher together with BTC and altcoins continued to show strength amid the surge.

To be clear, the broad declining trend is still intact, and the jury is still out whether or not we will see an advance that challenges the January highs. The coin provided a bullish long-term signal in oversold territory, and long-term investors could still add to their holdings on the short-term pullbacks, with support found at $450, $400, and $360, while key resistance above $500 is ahead near $626 and $725.

BTC/USD, Daily Chart Analysis

Bitcoin surged past the $7650 and $8000 levels in the matter of hours, but the move is still not sufficient for a trend change, despite the long period of relative strength, as the broad declining trendline is still ahead as resistance.

BTC held up above the February low, likely forming a base formation, and long-term investors could still add to their holdings here, although further consolidation is possible. Crucial resistance is ahead between $9000-$9200 and near $10,000 and $11,300, with further support found in the $6150-$6250.

Litecoin

ETH/USD, Daily Chart Analysis

Litecoin has been lagging the broader market this week, despite holding up above the February lows and showing long-term relative strength. The coin still faces several strong resistance levels, and the broad triangle pattern remains dominant. As the currency is oversold, and a base is likely forming between $100 and $125, long-term investors could still add to their holdings on the short-term pullbacks. Resistance is ahead at $140, $150 and in the key $170-$180 zone while crucial support is at $100.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash has been lagging the leaders in recent days as well, still being stuck well below $400 after briefly getting close to the key level. The long-term momentum is showing a slightly bullish picture, although the advance is far from being convincing. That said, given the still oversold setup, long-term investors could still add to their holdings on the pullbacks. Further strong resistance above $400 is ahead at $435, $500, and between $575 and $600, while primary upport is at $300

Ripple

XRP/USD, 4-Hour Chart Analysis

XRP joined Ethereum in outperforming the market, as the third largest coin exploded higher on Thursday, reaching all the way up to the $0.68 level, for a 50% gain off the bottom before entering a consolidation phase. The currency broke out from the declining long-term trend, but with still several strong resistance levels ahead, further volatile sings are expected. Further resistance is ahead at $0.85 and $1, while support is found at $0.57, $0.53, and $0.42.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic is among the laggards of the rally, as the $16 resistance level stopped the advance, with the broadest declining trendline still being ahead. The currency is still oversold from a long-term perspective, and long-term investors could add to their holdings here, but traders should be cautious as a new uptrend is still no established. Primary support is at $14.50 while resistance is ahead at $18, $20 and around $23.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero has likely built a base in the $150-$175 zone, and although it is relatively weak short-term, the long-term picture is bullish, and investors could continue to accumulate the coin. Momentum is in oversold territory, with strong resistance levels ahead at $200, $240, and $280.

NEO

NEO/USDT, 4-Hour Chart Analysis

NEO is among the strongest majors from a short-term perspective, holding on to most if its recent gains, and hovering around the $64 resistance, still within the broad declining trend channel. Momentum is bullish, but strong resistance zones are ahead near $80 and $100, with the $50 level providing primarhy support. Both traders and investors could hold on to their positions and look for entry points on the short-term pullbacks.

IOTA

IOTA/USD, 4-Hour Chart Analysis

IOTA broke out of the declining trend, still showing encouraging strength, even as the $1.50 level stopped the advance. Both the short- and long-term setup switched to bullish thanks to the breakout, and a move above $1.50 would confirm the new short-term uptrend. Further key resistance is ahead at $1.9 and between $2.2 and $2.35, while support is found near $1.2, $1.1, and $1.1.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

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 417 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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Altcoins

Litecoin Price Analysis: LTC/USD E­­­njoys Double-Digit Gains as Lightening Network Seen Imminent

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  • Litecoin has run higher by 20% over the past three sessions.
  • The community of Litecoin is very much excited about the upcoming activation of the Litecoin Lightening Network.

The Litecoin price is currently enjoying a bull run, running at its third consecutive session in the green. LTC/USD having gained a whopping 20% to the upside after producing another bottom area around the $22 territory.

Prior to this push higher being observed, LTC/USD had been moving within a tight range, after bottoming on 7th December. It initially appeared to be subject to another extended move to the downside, given the formed range-block.

Litecoin bulls still need to breakout from this mentioned formation. The low as detailed above is seen down at $22. The upper part of the range can be observed up within the $27 territory. To avoid another bear attack near-term, this must be breached.

Litecoin Lightning Network Imminent

Earlier this week, cryptocurrency exchange, CoinGate, did announce via witter that the Litecoin Lightning Network is now ready for its deployment. CoinGate also put itself up for hosting for the activation to take place on their platform. The exchange tweeted: “Litecoin community, we bear some exciting news! Our Litecoin LightningNetwork is ready to be deployed and will soon be live on CoinGate! Keep up with the news as we’re getting closer!”

The Litecoin founder, Charlie Lee, responded: “Even Litecoin will soon have more than 1000 merchants accepting LN payments! Thanks CoinGatecom!” Lee recently spoke about the Lightning Network, where he detailed how it is a second-layer solution for payments that go through Bitcoin and Litecoin.

Technical Review – LTC/USD

LTC/USD daily chart

As touched on earlier, the key for greater upside is to see a break out from the mentioned range-block. The bulls must storm through the $27 territory. However, not long after there is another barrier in the way. LTC/USD, between the 25th November and the 5th December, was in a prior range-block. The bottom for this was seen around $27 up to $29, which was a very short-term demand area. A push above this zone should pave way for a fast return back towards $50.

LTC/BTC Daily Chart Review

LTC/BTC daily chart

In the latest run to the upside for Litecoin, it has moved to its highest levels seen since 1st December. There is a key near-term barrier being eyed around current levels. A descending trend line running from the start of August is observed. The bulls must force a daily close above this resistance to see a further wave of buying pressure.

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 86 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

XRP/USD Price Analysis: Israel’s Largest Financial Services Company GMT Partnering with Ripple

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  • Ripple has another large financial firm leveraging its technology, as the list keeps on growing.
  • XRP/USD will search for buyers within $0.3000-$0.2500 range initially, ahead of possible $0.2000 return.
  • XRP/BTC looks surprisingly encouraging, subject to a potential breakout to the upside.

XRP in line with the rest of its peers across the cryptocurrency market remains firmly on the back foot. XRP/USD is running at its third consecutive session of losses. At the time of writing, the pair has dropped 7% over this mentioned period. A renewed wave of selling pressure hit the market after the price was allowed some time to consolidate. The market was very much within range-bound mode, before the bears struck again. As a result, XRP has firmly given up the $0.3000 mark.

Israel’s GMT to Utilize Ripple Technology

The largest financial services organization in Israel, GMT, has announced a partnership with Ripple. They will be utilizing Ripple’s technology for their cross-boarder payments.

GMT said via their latest blog update: “GMT is joining companies like MoneyGram, AmericanExpress, CIBC, Earthport, AKBANK and many more, who are already authorized to use Ripple’s platform. This partnership is establishing GMT’s place in the forefront of the Israeli Fintech industry, also allowing us to work side by side with some of the leading companies in the world.”

GMT are the largest and leading financial services organization in Israel. They have an outreach of  250 branches spanning across the country. GMT specialize in local and international remittance services, among many other financial offerings.

In terms of which technology of Ripple’s they will exactly be leveraging, it does not appear to have been stated for now. Whether GMT will be using either xCurrent or xRapid is still subject to debate. Hacked will be sure to provide further details upon those being announced.

Technical Review – XRP/USD

XRP/USD 4-hour chart

Price behavior seems to be quite readable of late. XRP/USD is going through periods of hard selling, which is then followed by some range-bound trading. Once again, bears breakout from this consolidation mode to ignite more downside pressure. Between the 7th and 14th December, XRP/USD had formed a range-block. The sellers came piling in on the 14th December, and as a result the recent range was broken with $0.3000 giving way.

XRP/USD weekly chart

XRP/USD is now moving within a critical area. This is seen running from $0.3000 to $0.2500.  A very well-known area for big buyers coming in, as proven on occasions this year. Any failure of this initial range holding could see a free-fall down to $0.2000.

XRP/BTC daily chart

Finally, looking the daily chart of XRP/BTC, it remains somewhat encouraging. XRP is holding its ground again BTC, in comparison to many of its peers. The price is ranging for now, looking possible to see a chunky breakout to the upside. It remains trading around levels seen during the explosive run in December 2017.

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 86 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

Stellar Price Analysis: XLM/USD Bears Break Big $0.10 Level

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  • Fear and panic spreads as XLM takes out another big psychological level, $0.10.
  • Support of XLM continues to take place, as AlphaPoint and CoinField announce support.

Stellar’s native token XLM has been a real victim of this heavy market selling pressure. The downward trend is very much stubborn and showing lack of a shift in sentiment anytime soon. Market hopes have been dashed on numerous occasions, when the price has looked like bottoming. Each small bounce and sign of possible recovery from the bulls continues to be sold with force by the bears.

Like several of XLM’s peers, fundamental developments remain strong. There is still much in terms of positive developments surrounding the Stellar foundation. However, with the pressing lower and breaking of these key psychological levels, it only sparks more panic and fear with market participants.

XLM Support Spreads

XLM continues to be added by exchanges globally. There is certainly no shortage with the supporting developments for Stellar Lumens. This week, AlphaPoint, a white label cryptocurrency exchange platform, announced their collaboration with the Stellar foundation. They will now be supporting Lumens for their clients, covering; deposits, withdrawals, custody, and trading.

Elsewhere, CoinField, a Canadian cryptocurrency exchange, detailed via Twitter that they are launching Stellar Lumens on their platform, as an XRP based pair. They noted that the XLM/XRP pair will be available with other fiat pairings, including; USD, CAD, EUR, GBP, JPY, and AED.

Technical Review – XLM/USD

XLM/USD 4-hour chart

The bears most recently pressed for a devastating technical development as the $0.10 mark was broken to the downside, which was previously anticipated via the last article posted on Hacked. Sideways trading had initially been observed, for seven sessions, as XLM/USD formed a range-block. This technically was vulnerable to an extensive breakout south.

A bottom area was eyed at the low of 7th December at $0.1010. This was breached after sellers were penetrating the supporting area during the session of 14th December. As a result, this forced the low of the 7th December to be exposed. In addition, it caused a drop below the psychological $0.10 level.

XLM/BTC Vital Demand Zone

XLM/BTC daily chart

XLM/BTC at the time of writing is trading within a vital demand zone. This can be seen tracking from 0.00003000 to 0.00002800. Previously, the area has proven to see chunky buyers come into play in driven the price back north. As already seen this year, on two occasions, in July and also September, both going on to see around 45% bull rallies.

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 86 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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