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Raiden (RDN) – Altcoin of the Week

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Raiden is one of the most exciting altcoins I have researched in a long time. The ICO ended a few days ago and since then it has a little more than doubled in price. My excitement does not come from the price though but from the team and technology behind the coin.

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To understand the value of Raiden you need to know a little about Ethereum. While Bitcoin is a peer-to-peer cash transfer technology, Ethereum is a development platform in which applications can be built on top of. Both Bitcoin and Ethereum are distributed public blockchain networks. There is a coin behind Ethereum called Ether or ETH. The main issue with Bitcoin and Ethereum right now is that they are both slow at processing transactions. Scalability is the number one issue right now and is the main reason Bitcoin is doing major hard forks. The block size for Bitcoin is currently 1MB and the hard fork will increase the block size which will speed up transactions and reduce fees. What does this have to do with Raiden?

The Raiden Network is an off-chain scaling solution for performing ERC20-compliant token transfers on the Ethereum blockchain. It is Ethereum’s version of Bitcoin’s Lightning Network, enabling near-instant, low-fee, scalable, and privacy-preserving payments.

If you want to read the full technical documentation you can start here:
Raiden Network 101
Raiden FAQ’s
Explanation Video

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Scalability is what is currently keeping traditional companies from using Ethereum and Bitcoin. It simply cannot handle the number of transactions per second needed to compete with current solutions that are not on the blockchain.

Financials and Chart Analysis:
At this time it is hard to do a real chart analysis as it has just recently hit exchanges. Right now the market cap is only $79,519,500. RDN reached $1.90 and then corrected to $1.32. A healthy 30% retracement and now has begun its second mini bull run. RDN has a decent amount of daily volume for the exchanges it is currently on. Liquidity and market cap will increase as RDN gets listed on the other major exchanges. I can say though that this altcoin was built by Ethereum core developers, already has working code and has not even been listed on the major exchanges. In my opinion, this will be a billion dollar coin. Raiden (RDN) is currently trading on Binance, EtherDelta, Gate.io and Kucoin. I believe this will soon be listed on major exchanges such as Bittrex and Poloniex which will greatly increase its market cap. My prediction is that RDN will continue to rise until it hits 5x the current value within the next few months.

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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2 Comments

2 Comments

  1. mandeamarian

    November 22, 2017 at 11:43 pm

    Now is time to invest in Raiden (RDN) my friends, this is my recommendation! Don’t miss the chance

  2. douglash

    November 23, 2017 at 2:21 am

    I missed the ICO but was able to get in on the KuCoin exchange. The Raiden Network offers great utility. Im not 100% convinced that RDN is going to track all the gains of the Raiden Network. It isn’t a real 1:1 in my understanding. But I think it will continue to rise for quite a while as it catches more people’s notice and gets on bigger exchanges.

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Trading recommendation: Lisk/Bitcoin

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The best way to trade a range-bound market is to buy at the lower end of the range and sell at the upper end. If the range is large and well established, it offers us a good risk to reward objective. We believe that LSK/BTC fits the bill and offers us an attractive opportunity to buy at the support and sell at the resistance.

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Key points

  1. LSK/BTC has formed a large trading range.
  2. Buy at the lower end of the range.
  3. Sell at the upper end of the range.

Weekly chart

LSK/BTC has been trading in a large range of $0.00046 on the lower end and $0.0016 on the upper end. On three occasions, the cryptocurrency pair has bounced off the supports. Similarly, it has returned from the $0.0016 levels thrice. The range is well defined. Currently, price is trying to rebound after breaking below the lower end of the range last week. We believe that a buy at current levels offers us a low-risk and high-reward trading opportunity.

Daily chart

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On December 07, the cryptocurrency pair broke below the support of $0.00046. However, the very next day, it climbed back into the range, which is a positive indication. This shows that the bulls want to keep the range intact. However, the rally from the lows hit a roadblock at the 20-day EMA.

Currently, LSK/BTC is again pulling back towards the lower end of the range. If the support holds, we believe that the digital currency will again rally to the upper end of the range. Therefore, we suggest buying 50% of the desired allocation close to $0.00050 levels. Remaining 50% of the position should be purchased once the digital currency breaks out of $0.00068. The profit objective is a rally to the upper end of the range at $0.0016. The trade should be closed if the virtual currency breaks down and sustains below the lower end of the range. This is a long-term trade.

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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