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Loopring’s ERC20 LRC Token Soars on NEO-Based Token Airdrop

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Loopring may be trading near its 2018 lows, but it’s currently enjoying a double-digit percentage gain in its ERC20-based LRC token. Loopring, which is behind a protocol for decentralized exchanges, is among the top ERC20 gainers in today’s market, having advanced 11% to $0.125 at last check on trading volume of approximately $3.5 million. But LRC remains a far cry from month-ago levels when it was trading at $0.274, not to mention early June levels of $0.544 or its January 2018 high of $2.12.

The Relative Strength Index (RSI) for Loopring hovers at a neutral rating of 42, while the MACD level, which reflects momentum, is bullish. Indeed,  Loopring appears to have momentum on its side, as evidenced by a 10% gain in the last week or so.

Source: CoinMarketCap

Loopring has issued separate tokens for the various networks on which it runs, including LRN, which is its NEO blockchain-based token. The NEO-based token has advanced a more modest 1.2% in the last 24 hours. Incidentally, Loopring is in the midst of an LRN airdrop, which will be directed to holders of the LRC token on Sept. 5 and which is serving as a catalyst for the gains in the ERC20 token.

To be eligible for the airdrop, investors must bind their Ethereum and NEO addresses. The airdrop ratio is “2 LRN per 100 LRC,” with a cap of 5,00 LRN. And investors must have completed a minimum of one trade using the Loopring protocol.

Loopring (LRC) Lows

A token giveaway is a great promotion for generating attention, but it’s going to take more than that to dig this coin out of its lows. Let’s run through some of the recent developments.

  • Sydney, Australia-based XBrick exchange on Twitter touted its support of the LRC/ETH trading pair, where the coin is currently up 5%.
  • There has been a flurry of activity surrounding blockchain projects building on the Loopring protocol, including Upblockchain, which is “launching a noncustodial Ethereum wallet [UpWallet] with built-in [Loopring] native DEX,” according to Upblockchain in a tweet. UpWallet is designed for P2P trading and “is built on top of [the] open-sourced loopr-ios app solution with a native Loopring DEX and a decentralized P2P trading feather via qr code sharing.”

Source: Twitter

  • AltDEX, which oversees cryptocurrency indices that are market-cap weighted, added Loopring’s LRC token to its top-100 index, according to Loopring Protocol creator Daniel Wang.
  • Over the last week, Loopring has bolstered its trading platform with the addition of a trio of altcoins — TUSD, TRUE and MOT.

Loopring is the N0. 88 cryptocurrency based on value and boasts a market cap of $71 million.

 

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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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4.6 stars on average, based on 70 rated postsGerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.




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Bitcoin Cash Price Analysis: BCH/USD Rejected Again by Long-running Descending Trend Line

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  • BCH/USD bulls attempted moving above vital descending trend line capping upside; however , they were dealt another rejection.
  • A recent study suggest Bitcoin Cash is not using anywhere near its full block capacity.

 Bitcoin Cash Bulls Fails to Break Big Resistance

Bitcoin Cash price on Monday is trading in minor negative territory, nursing losses of just some 0.5%, at the time of writing. Over the past three sessions, BCH/USD has traded very closely to a descending trend line. The price continues to face rejection when attempting to break above the aforementioned line; however, the bulls do not have enough momentum. This trend line has been in play since 6th November, right at the start of the pick up in downside, at the back end of 2018.

While BCH/USD was confined below the above-mentioned resistance, it fell a chunky 88%. It had dropped from around $650, down to a low of $73.50 on 15th December. Given the current failure to press ahead and break above, the price once again could be knocked back south.

Bitcoin Cash Block Capacity Failure of Use

There is now 500 days’ worth of data to analyze the capacity of Bitcoin Cash when looking at its block size. A recent study conducted by LongHash suggests that the Bitcoin (BTC) blocks on average have been 30x larger than Bitcoin Cash.

Looking at the figures, in terms of Bitcoin Cash, the block size on average has reported to have been just 171 KB since the fork back in August 2017. In real terms, this represents just 2.1% of the total block capacity for BCH. On just one day there the BCH blocks have been more than half full. Back on 15th January 2018, the blocks were able to average 59% of their total capacity, as covered by the recent study.

The study from LongHash further goes on to say, that some will believe that the BCH blocks not nearing their full capacity is a potential positive sign. However, this can also be seen as a lack of interest in Bitcoin Cash, which is somewhat concerning. Most recently, over the past 30 days, the blocks of BCH have averaged just a small 34 KB, which is just around 3.7% of the roughly 923 KB blocks of Bitcoin over that same period.

Technical Review – BCH/USD

BCH/USD daily chart.

Keeping in mind the earlier described rejections for the price, eyes should now note the coming key areas support. Firstly, just ahead of the big psychological $100 mark, at $105, which is an important daily support. The price had last traded around this level between 6-10th December, as it sought comfort at the time, before resuming its move south. If this fails to hold, then a retest of the December low and 2018 low at $73.50 would likely be on the cards.

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 111 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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Cardano Price Analysis: ADA Must Hold This Key Support or Be Forced to Give Up $0.04 & $0.03

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  • ADA/USDT price action has formed a head and shoulders pattern, subject to a possible neckline break.
  • Chunky supply is heavily capping upside for ADA/BTC, tracking from 0.00001400-0.00001200.

ADA/USDT in the very latter stages of trading on Sunday was seen nursing chunky losses of over 5%. The price has continued to trade within a choppy nature, a failure to see commitment from either bear or bull camp for ten sessions now. Market participants have been treading extremely cautiously since the steep fall on 10th January. ADA/USDT had plummeted a whopping 22% within the mentioned session. It was the biggest drop in a single session observed since 16th January 2018, where the price tanked around 44%.

Head and Shoulders Formation

ADA/USDT daily chart.

Looking via the daily chart view, price action has been constructing a head and shoulders pattern formation. The left shoulder and head are seen with the right shoulder close to completion. Currently the price on the latest candlestick heading south is edging closer to the neckline, which will determine whether the textbook pattern will materialize. In terms of the vital support (neckline), this is tracking at $0.047000. Should the bears sustain the downside momentum observed in this session, then a breakout could be seen in the next day or two.

Key Support Areas

A breach of the above-detailed neckline will likely open another wave of hard selling pressure. On this potential note, key areas of comfort should be known at $0.039000 (daily support), $0.035500 (27-28th December 2018 low area). Going by the distance between the head and neckline of the pattern, a drop down to the December 2018 lows may be seen. As a result, this would see a retest of the low area from 7th-15th December, $0.027600. Strong buyers came into play here in mid-December to send ADA/USDT back into a decent upside trend.

ADA/BTC Technical Review

ADA/BTC daily chart.

Upside is capped as the price trades within a very stubborn area of supply. There is a chunky amount of resistance that tracks from 0.00001400 down to 0.00001200. The price has not traded comfortably above this region since the start of September 2018. Furthermore, given the continued rejection and lack of upside momentum, ADA/BTC could be seen back down to the demand area below, 0.00001000. Further south, eyes would be on December low area, 0.00000800.

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 111 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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Return to $100 Billion Awaits as Crypto Market Loses $5B in One Hour

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The cryptocurrency market lost $5 billion worth of value in fifty-five minutes on Sunday, as Bitcoin once again dipped into the high $3,500 range.

The entire stack of cryptocurrencies appears to be on dangerous footing, and despite miraculous growth recorded by various altcoins in recent weeks, one gets the feeling that a return to a market valuation of $100 billion is just a dip or two away.

That’s the valuation the market struck on December 15th, 2018 – a near eighteen-month low at the time. In a search for omens beyond those provided by technical analysis, the current daily trade volume in the $18 billion range is twice the $9 billion recorded during that December low, meaning the current volatile period could be extended a while longer.

Bitcoin Price Sinks

At 11:29 UTC Sunday, the value of BTC sunk from $3,730 down to $3,590 – a 3.75% drop off, and all within fifty-five minutes.

By 12:24 UTC, the rest of the market had followed suit, and small and mid-cap altcoins such as Wanchain (WAN), Ardor (ARDR) and Aion (AION) all lost over 10%. Major altcoins fared only slightly better, and by the end of the drop the global market had sunk from $124 billion down to $119 billion – a 4% drop overall.

Closer to the top ten, several major alts lost between 7% and 10%, including EOS (EOS), IOTA (MIOTA) and NEO (NEO).

EOS Price

EOS sunk 7.14% from the daily high of $2.52 down to $2.34 during the fifty-five minute plunge. Technical analysis from two days ago suggested EOS was on shaky footing, and its losses on Sunday were twice that of Bitcoin, and even more again than XRP.

The highest concentration of trades came from a little-known exchange called Dobi Exchange, where EOS/BTC trades made up almost half of the platform’s daily turnover.

IOTA Price

From MIOTA’s daily high of $0.325250, the coin price fell 7.6% down to $0.300415. That wipes out most of MIOTA’s gains for the week, and returns the coin to the $0.30 range – one which has been in and out of play since late November of last year.

USDT and BTC trades dominated among MIOTA’s pairs, with ETH and KRW only offering single digit percentages of IOTA’s $7 million daily trade volume. IOTA had recorded 17% growth during the previous week, with $0.28 remaining the weekly base.

NEO Price

After falling out of the top ten, and almost the top twenty during 2018’s market plunge, NEO recorded 77% growth leading into January – more than Ethereum or XRP managed during the same time period.

On Sunday however, NEO saw a reduction of 10% as the coin price fell from $8.37 down to $7.53. NEO trade volumes rose 49% over the weekend, topping $161 million thanks to increased action on the DragonX, BitForex and Bit-Z exchanges.

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 125 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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