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Stellar Advances in Points to Bigger Bullish Rally

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The STR/USDT pair became bearish in July after it broke crucial support at 0.03025151. The market established a low at 0.00625884 mid September and has been rallying since. It reclaimed 0.03025151 a month later. The pair will likely remain bullish as long as it is above that level.

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Currently, the market is forming a large bullish continuation pattern that has the potential to take the pair into a new all-time high. The key area to breach is major resistance at 0.05060355. Breakout at that level will attract speculators and traders, and give the market enough momentum to reach the target of 0.09000000. As always, keep an eye out for volume. STR/USDT must print volume of above 184,058 USDT on Poloniex to validate the breakout.

So, the strategy is to buy as close to the next support level of 0.03754179. Technical indicators show that the market is not yet ready to make its move which gives you a chance to place your orders. Should the pair become aggressively bullish, buy on breakout after confirmation of volume.

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Summary of Strategy

Buy: as close to 0.03754179 OR confirmed breakout at 0.05060355 with volume of above 184,058 USDT at Poloniex

Support: 0.02950326

Resistance: 0.04534963

Target: 0.09000000

Stop: close below 0.02950326

 

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.

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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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4.2 stars on average, based on 59 rated postsKiril is a financial professional with 4+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.




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10 Comments

10 Comments

  1. drumdibum

    November 24, 2017 at 7:20 pm

    again I dont get the description for volume. Vol. at poloniex is already at 1.35 Million. So do you mean when vol rises 184 000 usd?

    • elminv

      November 27, 2017 at 5:14 am

      Yes same here, confused with the volume numbers, Kiril can you please explain? Cheers!

      • Kiril Nikolaev

        November 27, 2017 at 3:44 pm

        You can find the volume here: https://poloniex.com/exchange#usdt_str

        If you hover over a particular day on the chart, you will see where it says “Vol (USDT): xxxxxx”

        This is the volume I am referring to.

        • elminv

          November 27, 2017 at 11:51 pm

          Thanks for clarifying. I just always checked the overall volume on coin market cap. Cheers!

  2. idm2000

    November 25, 2017 at 8:11 am

    Stella STR – same as Lumen(xlm)?

    • idm2000

      November 25, 2017 at 8:17 am

      yes, got an answer. thanks

  3. emceeanders

    November 29, 2017 at 12:56 am

    My god, bang on with this one. This kind of feels like cheating…

  4. elminv

    November 29, 2017 at 3:27 am

    Yeah hey bang one I would say as well, thanks Kiril! What are your thoughts on it now, is there any juice behind it left? I sold most of it off at over 0.09000000, do you reckon we’ll swing higher one more time?

    • emceeanders

      November 29, 2017 at 5:43 am

      Cashed 75% of mine at 0.088. Left 25% with a stop at 0.082…figured it’d be fun to try and ride it up one more time.

      • emceeanders

        November 29, 2017 at 6:32 am

        Cashed my last 25% at 0.0935

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Altcoins

Litecoin Touches New Five-Week High in Wake of Hard Fork

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litecoin

Litecoin hit fresh five-week highs Tuesday, as the coin continued to generate momentum in the wake of a hard fork that produce Litecoin Cash (LCC). Although holders of the original Litecoin were credited with the new token, project founder Charlie Lee has warned investors that LCC has nothing to do with the original cryptocurrency.

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LTC/USD Price Levels

Litecoin jumped around 9% to a session high of $244.11, putting it on track for its best close since Jan. 15. At press time, the LTC/USD exchange rate was valued at $240 for a gain of 8%. The currency has added more than 53% over the past five days, but is still trailing its year-to-date high by about 25%.

With recent gains, Litecoin has moved back into fifth place on the active list of cryptocurrencies with a market cap of $13.5 billion. The coin was previously overtaken by Cardano, a lesser known altcoin that has seen huge gains this year.

The latest rally has also been accompanied by an upsurge in trade volumes involving LTC. More than $1.1 billion worth of Litecoin trades were placed over the past 24 hours, according to data provider CoinMarketCap.

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Hard Fork Produces Litecoin Cash

Litecoin Cash came into existence on Sunday following a hard fork of the original LTC protocol at block 1,371,111. The official split occurred around 11:00 p.m. GMT. Investors who held the original Litecoin at the time of the hard fork received the new LCC at a ratio of 10:1.

The hard fork introduces bitcoin’s SHA-256 algorithm into the blockchain. The original uses Scrypt to verify transactions.

Earlier this month, Litecoin founder and chief visionary Charlie Lee warned investors that the planned hard fork was not affiliated with his company. In a Feb. 4 tweet, Lee issued the following statement from his @SatoshiLite handle:

“PSA: The Litecoin team and I are not forking Litecoin. Any forks that you hear about is a scam trying to confuse you to think it’s related to Litecoin. Don’t fall for it and definitely don’t enter your private keys or seed into their website or client. Be careful out there!”

A hard fork is generated when the original cryptocurrency splits into two, usually as a result of changes to the original blockchain’s code. Bitcoin went through two hard forks last year that produced bitcoin cash (BCH) and bitcoin gold (BTG).

As for the newly created Litecoin Cash, prices surged more than 400% following the Sunday fork. At the time of writing, LCC was valued at $7.63 for a gain of 150%. The coin peaked at $9.25.

Though largely influenced by the LCC fork, Litecoin’s recent bullish streak has also benefited from the planned launch of LitePay, a new payment processor that will help e-commerce businesses accept cryptocurrency payments. LitePay is scheduled to go live Feb. 26.

Litecoin’s popularity is also growing on the dark web and among those who are more concerned with privacy. A recent study published by Recorded Future found Litecoin to be the second-most popular cryptocurrency among criminals, behind bitcoin.

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.

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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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4.5 stars on average, based on 153 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Altcoins

Bitcoin Leads Cryptocurrency Market Back Above $500 Billion

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The cryptocurrency market’s broad recovery continued on Saturday, as bitcoin inched closer to $11,000 and nearly all major altcoins reported gains.

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$500 Billion Market

Cryptocurrencies achieved a combined market cap of $508 billion on Saturday, their highest since Jan. 30. The market is up 22% over the past seven days and a staggering 84% from the Feb. 6 bottom of $276 billion.

Gains were reported across most major assets on Saturday. Bitcoin led the major market rally, climbing more than 7% to a high of $10,874.24. At last check, the currency was trading at $10,813 for a total market cap of $183.4 billion.

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The recent rally attempt has given bitcoin strong momentum, with RSI and MACD indicators showing the continuation of bullish upside. The coin is currently trading at more than two-week highs, having recovered 81% from its early February low. Its share of the total market is just over 36%, up from around 34% last week.

Several other major cryptocurrencies, including Ethereum, Ripple and bitcoin, were also higher on Saturday. All are part of the top-five coins by market cap.

Privacy coin Monero was among the biggest gainers percentage-wise, rising 12%. Cryptocurrency Lisk also rose by a similar amount.

Momentum Builds

Momentum has been gradually returning to the market as “fear of missing out” replaced “fear, uncertainty and doubt” as the major paradigm. South Korea also sent positive vibes throughout the market after government officials downplayed fears of an all-out ban on domestic exchanges. As Hacked reported earlier this week, Minister Hong Nam-ki says his government will focus on making digital currency exchanges more transparent.

According to a report that appeared in BusinessKorea on Monday, Seoul is exploring the possibility of a licensing system for domestic exchanges. The report indicated it would be similar to the BitLicense system currently employed in the U.S. state of New York. Under this regime, digital currency exchanges must seek regulatory approval before entering the market.

Speculators have spent most of their time on the sidelines since the market tanked earlier this month. The latest rally could draw more investors back into the fold as “FOMO” mentality takes root. The turnaround in the market has been broad-based, with only ten of the top-100 coins reporting declines on Saturday.

The market’s rebound also came as bargain hunters scooped up coins at rock-bottom prices last week. One trader reportedly purchased $400 million worth of bitcoin between Feb. 9 and Feb. 12. The identity of the so-called “bitcoin whale” remains anonymous.

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.

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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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4.5 stars on average, based on 153 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Altcoins

Bitcoin Cash Jumps 12%, Hitting $1,500 for the First Time in February

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Bitcoin vs. bitcoin cash

Bitcoin cash (BCH) generated strong momentum on Friday, as the world’s fourth-largest cryptocurrency added 12% en route to its highest level in over two weeks.

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BCH Price Levels

The BCH currency reached a session high $1,546, bringing its total market cap to $26 billion. At the time of writing, the coin was valued at $1,510, putting it on track for its highest settlement since Jan. 30.

Bitcoin cash experienced a similar uptrend on Thursday, with prices breaking above $1,400 to form a new bullish trend line. Following a pair of brief dips on Friday, BCH has broken sharply higher and is now said to be challenging a key psychological resistance.

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Relative strength has fallen back to the mid-60s after triggering overbought signals earlier in the session. The uptrend in the coin is being accompanied by growing appetite for cryptocurrencies as a whole, with the total market adding around $50 billion over the past two days.

More than $800 million worth of BCH has traded hands over the last 24 hours, according to data provider CoinMarketCap. The OKEx cryptocurrency exchange processed about $195 million of that total, which is equivalent to roughly a 25% of the daily volume.

South Korea’s Upbit and Bithumb turned over a combined $168 million, latest data show.

Bitcoin cash is the sixth most traded cryptocurrency at around 3.3%. Its main rival bitcoin has seen its volume rise to 37% of the total market.

Crypto Market Uptrend

The cryptocurrency market is being pulled higher by positive developments out of South Korea after regulators in the Asian country reaffirmed their commitment to let digital currency exchanges operate freely. A strong technical reversal also appears to be underway, although analysts continue to warn of a choppy uptrend in the days and weeks to come.

Coins such as Litecoin and Ripple XRP are also rallying on business optimism, with both companies announcing measures to boost mainstream adoption of cryptocurrencies as money. In the case of Litecoin, a new payment infrastructure called LitePay is expected to launch later this month, making it easier for retailers to accept crypto payments. Meanwhile, Ripple and Western Union recently confirmed their new partnership around xRapid.

As for bitcoin cash, the digital currency has routinely outpaced the market’s broad consolidation attempt over the past week-and-a-half. The difference between earlier rallies and the one we’re seeing today is improved risk appetite, which is helping more digital currencies tip the scale in favor of the bulls.

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 153 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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