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Monero Price Quickest to Rebound Following Market Crash

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Monero (XMR) has shown the quickest rebound out of the top twenty coins in the last few hours as the market starts to climb again. The bloodletting of the last few days has sent numerous coins to their pre-December levels, and recovery is slow in coming.

That hasn’t stopped Monero recording 10.7% gains in the last four hours. From a price of $109.41 earlier in the day, XMR shot to $121.15 before settling around $121.01.

The price of $109.41 is almost an eight month low for Monero and marks a price not seen since early November of last year. Monero is not the only coin to sink to 2017 levels, with the value of BTC also reaching an eight month low when it hit $5,835 – a price last seen in October.

At 5pm today (UTC), XMR embarked on a sudden and rapid upwards spurt to the tune of 7.5% within the space of 50 minutes. Since that point the growth rate has slowed, but the upwards trend continues at the time of writing.

Even at $109 per unit earlier, XMR was still in a much healthier position than this time last year. This kind of perspective may fail to soothe the hearts of hodlers who got in around mid-January, but it’s interesting to note that despite all the blood spilt over the last couple of months, many coins are still astronomically better-off compared to 2017.

Monero is one of them. In fact, XMR’s average price throughout 2017 was around $50. That’s from a starting price of around $12 in January, rising in spurts towards $400 in December.

Volume Discrepancies

If you compare Monero’s 24 hour volume to that of Game.com (GTC) yesterday, you notice a drastic difference. While GTC’s volume jumped from $2 million to $72 million in 24 hours, that has not been the case for Monero.

In fact, Monero’s volume has remained fairly steady for the past week, hovering in the range between $33 million and $39 million. Without casting undue aspersions, one could look at the difference between GTC and XMR and speculate that one is an example of organic growth while the other is an example of artificial growth; or outright manipulation.

Edge Wallet and Maximum Nacho

Monero was added to the list of compatible currencies on the Edge Wallet earlier today, no doubt fuelling its sudden rise. The Edge Wallet is a multi-asset wallet that has risen to popularity over the course of the year. It contains an integrated asset exchange, and has recently listed XMR, QTUM and XRP.

The Edge Wallet Twitter feed recently put out:

“We have the great pleasure to inform you, in your Edge wallet, you will now find $XMR. @monero has been on our list for a while and we are happy to provide it for the community.”

Meanwhile, Monero also just launched their new update – Monerujo 1.5.9 “Maximum Nacho.”

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 146 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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Tron Price Analysis: TRX/USD Bulls Hunting for a Potential Charge Back Above Broken Critical Trend Line

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  • Tron bulls continue to push the price north maintaining a firmer path of recovery.
  • TRX/USD has gained a significant 10% over the past four sessions, moving to its highest level in five days.

TRX/USD: Recent Price Behavior

The TRX/USD bulls have been enjoying some upside relief over the past few sessions now, picking up much pace in the session on Monday. The price managed to move to its highest level  in over seven sessions. Over the past four days, Tron has gained just shy of 10% as the price looks set for recovery following a breach last week of critical support.

An ascending trend line initially supported TRX/USD to the upside, providing exceptional comfort in its move north. The running support had been in play since the back-end of December 2018; however, after a decent run, the bears managed to force a breach. Sellers were able to regain control after the move below, to then see four consecutive days of selling, dropping around 10% in total.

Between 14-15th February, TRX/USD managed to find its feet after what could have very much been a free-fall to the deep south. Daily support came into play around $0.023550, which has provided needed comfort on several occasions already this side of the year. The recovery has been in play since this decent bounce occurred.

Tron Crypto Card

TRON recently detailed more information about its upcoming crypto card. The date of pre-order for the GRID X BitTorrent crypto card is going to be live on 18th February 18 2019 at 8 PM UTC. The GRID crypto card will be a prepaid card that can be topped with TRX in three amounts of 15,000, 50,000 and 100,000. Holders of the cards will be rewarded with BitTorrent (BTT) tokens as part of monthly BTT airdrops.

GRID will be one of two crypto cards built via the Tron network. The first, TronCard, was introduced as a tangible TRX wallet. Both TRX and TRC10 tokens can be stored on the TronCard similarly to a virtual wallet. These mentioned tokens are tokenized assets which would be leveraged via decentralized applications (dApps) via the Tron Network. A QR code feature can also be scanned by users for access to the public key. A physical card will then be able to integrate with the virtual wallet.

Technical Review – TRX/USD

TRX/USD daily chart.

The major challenge for the bulls as detailed above is seen underneath the breached ascending trend line; this is tracking at around $0.027500. Should the bulls manage to break back above this prior acting support, then expect a strong wave of buying pressure to come into play. Further to the north, eyes will be on the $0.03000 area. TRX/USD has not comfortably traded above this price region since August 2018. Once broken down, there isn’t too much in the way of a return back up to $0.04000 territory.

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 124 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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Cue the Crypto Recovery: Coins Surge $9 Billion Overnight as Ethereum, EOS Break Out

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Cryptocurrencies broke out of their narrow trading range on Monday and were on track to finally snap a four-month losing streak as bitcoin and its altcoin peers surged to their highest levels since early January.

Crypto Coins Surge

The top 40 cryptocurrencies by market capitalization reported gains through the early part of the session on Monday. Among the majors, Ethereum surged 14.8% to $144.65, its highest since Jan. 9. As we reported over the weekend, ether is benefiting from renewed optimism tied to its upcoming Constantinople hard fork.

The EOS price climbed 14.2% to $3.21. That was the highest since November.

Bitcoin cash also registered double-digit gains, climbing 10.7% to $134.61.

Bitcoin, the largest cryptocurrency by market cap, rose 5.8% to $3,836.51. Read more: Bitcoin Surges to Five-Week High; Crypto Bulls Reignite?

XRP reached $0.3159, having gained 5.2%. Litecoin extended its multi-week rally, climbing 7.8% to $46.48.

Tron, Stellar and Binance Coin all rose by at least 4.1%, according to CoinMarketCap.

Beyond the top-ten, Marker surged 10.2% to $573.80. In doing os, it toppled NEO and Ethereum Classic in the crypto-market index.

The combined value of all cryptocurrencies improved to $129.7 billion, having gained $9 billion since Sunday. Trade volumes jumped more than 40% to $28.6 billion.

Volumes and Fundamentals

Crypto markets as a whole are riding a four-month losing streak, but for bitcoin the skid stretches back all the way to six months. That’s the longest string of consecutive losses in its ten-year history.

Consecutive months of rising trade volumes are finally beginning to translate into higher prices. The number of bitcoins in circulation has been rising steadily since the summer, a trend that is positively correlated with increased volatility. Since October, coin circulation and trading volumes have been increasing more rapidly as long-dormant accounts became active once again.

Related: Bitcoin Likely Headed Lower as Whales Activate Long-Dormant Accounts.

Initially, it was feared that many of these suddenly active accounts would become net sellers. This was certainly the case in November when concerns about the bitcoin cash hard fork triggered a relentless technical selloff in the broader market. But over the past few months, higher trade volumes have not resulted in the same selling pressure as before. In fact, a sharp decline in volatility was also observed during the same period. This low-volatility, high-volume regime is unique for cryptocurrencies.

Fundamentals surrounding cryptocurrencies have also improved since the new year. For bitcoin, this means higher transactions and lower fees. On the adoption front, pension funds and other retirement planners are actively investing into crypto funds. Within traditional finance, JPMorgan Chase & Co has become a firm believer in stablecoins after the bank announced it will launch a new cryptocurrency to ease the time and cost burdens on its $6 trillion payments market.

Check out our latest Week in Review: Jamie Dimon Gets Crypto Fever as JPMorgan Develops Stablecoin; Bitcoin Fundamental Improve.

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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4.7 stars on average, based on 771 rated postsChief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi




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Zcash Price Analysis: ZEC/USD Bears Back in the Driver’s Seat Despite Coinbase Incentive Program Support

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  • ZEC/USD is back within the control of the sellers, as the price has dropped around 9% within the past five sessions.
  • Coinbase announces that Zcash (ZEC) is supported on their learning incentive program. Users can earn $3 worth of ZEC by merely watching educational videos on the privacy coin.

ZEC/USD: Recent Price Action

The Zcash price has been cooling over the past few sessions after the bulls failed to sustain decent upside momentum seen earlier in the month. ZEC/USD has fallen over 9% in the previous five sessions, after hitting $56.75 on 13th February. The mentioned print was the highest seen since 14th January, with the buyers since losing ground.

ZEC/USD was moving within a descending wedge pattern formation; this was observed from 24th December up to the breakout on 8th February. As part of this mentioned push north, the price went on to gain a whopping 15%, rallying for five consecutive sessions. It was the longest run higher that observed since mid-December 2018.

Zcash Added to Coinbase Incentive-Driven Learning Program

U.S cryptocurrency exchange Coinbase announced Zcash has been added to its incentive program. Users will be able to learn about the privacy-based coin while having the benefit to earn from this program. The reward will be $3 worth of ZEC for watching the educational videos about the cryptocurrency.

Coinbase tweeted from its official account, “Earn $3 worth of Zcash with a new Coinbase Earn opportunity today. Check out the Earn ZEC page to view educational videos about Zcash and earn some along the way!” Users can sign up and start the program to receive their cryptocurrency rewards upon completing the educational series.

The program launched at the back-end of 2018, initially just featuring 0x. Earlier this month, Coinbase added Basic Attention Token (BAT) to the program. Zcash now being the latest is a massive step towards greater global awareness for ZEC by being supported on one of the world’s largest cryptocurrency exchanges.

Technical Review – ZEC/USD

ZEC/USD daily chart.

As detailed earlier, the price is heading south, which will likely see the above-detailed descending wedge pattern retested. Support is currently tracking around $47.00, which is where the upper trend line of the descending wedge sits. The mentioned support area coincides with a demand zone, seen from $50.00 down to $46.50. ZEC/USD last traded down at these lows in December 2018, a period when the general market bottomed, after heavy bouts of selling.

Should this support fail to provide necessary comfort, then a strong wave of pressure to the downside may likely be seen. The price may be forced to trade within the complete abyss, an area that has not been observed before. Unknown territory trading is something that is occurring across the industry within this current bear market.

Given the breach of the wedge pattern, there isn’t too much in the way of resistance until the $60 region. A supply zone tracks from $62 up to $65; the price saw several rejections here in January of this year and in December 2018. Further to the north, another likely target would be where the price peaked at the end of 2018, $73.95.

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 124 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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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.

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