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Stellar XLM Reaches One-Month High as Volumes Spike

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Stellar XLM rose on Tuesday, following in XRP’s footsteps as demand for cross-border payment platforms continued to grow. Like Ripple, Stellar is benefiting from an abundance of high-profile partnerships and dynamic use cases that extend far beyond core payment functionality.

XLM/USD Update

The value of XLM rose 4.1% to $0.2552, the highest since Oct. 1. A single Lumen was valued as much as $0.2559 earlier in the day, according to CoinMarketCap. XLM also rose against bitcoin, climbing 4% to 0.00003915 BTC.

Stellar’s clean break above $0.2500 has opened the door to an even bigger rally toward $0.3000 and beyond. The digital currency last traded near those levels in late September.

In terms of daily turnover, roughly $78.6 million worth of XLM was traded on virtual currency exchanges Tuesday. That represents an increase of 46% compared with the previous day.

The cryptocurrency market added as much as $6 billion in value overnight, catalyzed by another major cross-border payment service: XRP. The so-called banker’s cryptocurrency is up 13.8% compared with Monday, based on latest available data.

An Abundance of Riches

A protracted bear market hasn’t prevented the Stellar Foundation from making significant progress in democratizing the cross-border payment platform. Jut last week, the XLM-backed Interstellar company announced it had created a new secure payments channel for instant transactions. As Hacked reported in September, Interstellar formed as a new entity following the acquisition of Chain, a promising blockchain startup looking to bridge the gap between distributed ledger technology and traditional finance.

Stellar’s progress has also been marked by a series of high-profile partnerships that have catapulted the platform into the spotlight, leaving little doubt that XLM’s fundamental story continues to improve. Although Stellar’s partnerships with IBM and the Australian government are well documented, it has also forged relationships with Stripe, a payment platform with 100,000 businesses under its belt, and Shift Markets, which provides infrastructure to digital currency exchanges. Already servicing more than 60 cryptocurrency trading platforms, Shift is helping Stellar expand its XLM offerings in emerging markets.

Interestingly, the list of companies launching initial coin offerings (ICOs) on the Stellar protocol has steadily increased despite the slowdown in token offerings. Hacked speculated last year that Stellar could become a major player in the ICO market thanks to its cheap transactions, customizable features and decentralized exchange. At the time, Stellar was ranked 11th by market capitalization. It has since jumped to the sixth spot.

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 673 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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Altcoins

Zcash Price Analysis: ZEC/USD Flood Gates Open After Breakout and Retest from Pennant

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  • ZEC/USD licking its wounds with deep double-digit losses as the market continues to take a beating.
  • Next major areas of support are eyed at currently levels around $89.50 and then $75.

Zcash has been under chunky selling pressure, no thanks to the larger weakness seen across the broader crypto market. The ZEC/USD exchange rate is nursing deep losses, running at two consecutive sessions firmly in the red. At the time of writing, the price has dropped over 25% in the last two sessions. This extended downside comes after a breach and retest from a pennant pattern.

ZEC/USD daily chart

ZEC/USD had moved within the above-mentioned technical set up since 12th September. The formation of this set up took shape following a deep market sell-off from the back-end of July to mid-September. Price behavior was very much consolidation mode, forming this pennant. Playing out to the textbook, a breakout from the set up was seen.

Further on the above, the firm daily breach came on the 14th November. The few daily sessions that followed this were within consolidation mode. Subtle retests underneath the broken pennant were seen. The Monday session saw the extension further south after the brief retest period. The bears smashed through the big psychological $100 mark, leading prices to the downside.

As a result of the above price developments, ZEC/USD selling pressure has forced a move on the current daily candlestick below a vital demand area. While the $105 – 95 range has proven to see buyers sweep in, sellers are proving to be too much to handle. This area previously served as a strong safety net, on 12th September, where decent buying came into play.

Support Levels

ZEC/USD weekly chart

Viewing the weekly chart, the bears are currently testing the lowest levels seen since May 2017 to the downside. This is seen just below the $90 level. Looking further south, the next major downside target is seen at the $75 area. This is a weekly support level, which was last in play back in April 2017, when the price started to pick up bull momentum.

A breach of the above-mentioned areas could be catastrophic. Eyes would then be on ZEC/USD potentially free-falling a further 50%, down within $40. This would be the next major consolidation area that could provide some firmer footing. The price last traded here in March 2017. This would be the very extreme scenario but cannot be ruled out.

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 60 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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Bitcoin

Price Prediction for Bitcoin, Ripple, Ethereum: Crypto Bloody Tuesday Sees Falls that Shake Convictions

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  • The BTC/USD hits a low of $4,212 and eyes $3,500 in the next few days.
  • The XRP/USD panics below $0.41 but recovers $0.45 amid high uncertainty.
  • The ETH/USD marks a trough at $125 and could move below $100.

If Hollywood creates the script of what’s happening on the Crypto Board, they wouldn’t have done any better. When it seemed that the story had a hero called Ripple, untouchable and immutable to his environment, the scene begins where the saving hero on which the civilization of Cryptocurrencies depended falls and exposes its weaknesses.

After a first attempt by the BTC/USD to the $5,000 price level through the American session was rejected, a new attempt hours later has broken forcefully that level and reached $4,600.

We saw the same with ETH/USD, once drilled at the psychological level of $150, it reached $137 in the Asian session.

In the short term, the indicators that we will see in the detailed analysis invite us to think about a possible short-term rebound in the next 24-36 hours. This rebound would initiate the process of rotating the charts in the daily range. However, we are going to see new lows, levels unthinkable two weeks ago.

My personal opinion is that at that point, with practically all hands weak and empty, the strong hands will enter the market with full steam, buying a selection of assets that will probably leave some cryptocurrencies in the mud and lift others’ heads. However, the Crypto board will have changed hands, or whales, forever.

BTC/USD 240-Minutes

The BTC/USD is currently trading at the $4,432 price level, drawing a chart that looks very scary. The drop is extreme and except for a slight recovery after piercing $5,000 yesterday, the comeback didn’t last long, and sellers have come back strongly.

The plummet takes away any level of buying if there is anyone still in the market trying to catch falling knives. With this violence, it is most likely that any rise is merely a closing of short positions than a movement of real accumulation. The price reductions are in their early hours, and there are still a few days left until Black Friday.

Below the current price, the first support for the BTC/USD is at the price level of $3,930 (support for price congestion). The second support awaits at $3,250 (price congestion support) and the third support level at $2,900 (price congestion support). These are levels that represent wild drops in percentage terms and that, if they occur, would raise a whole series of comments about the very survival of this market.

Above the current price, the first resistance to consolidate at the current price level is $4,400 (price congestion resistance). If the BTC/USD manages to hold and close above this level, it will begin to consider it as a support point for the first considerable pull-back of the current bear storm. The second resistance level is $4,918 (price congestion resistance) and it may stop the brief bullish attempt done yesterday. The third resistance level at $5,381, is a confluence of the long-term down channel baseline, a price congestion resistance and a few dollars above the EMA50.

The MACD at 240-Minutes shows a profile of strong bearish inclination and with lines very separated. Momentum continues to be strongly bearish, and it may still take quite some time to see a rebound of some intensity.

The 240-Minute DMI shows how bears have absolute control of the situation. They mark levels above the 50th level of the indicator, a level considered as a healthy trend. On the other hand, the bulls give up and move for minimum standards that, if only for extremes should react to the rise. The ADX responds to downturns by increasing its trend level to levels not seen since December 2018.

XRP/USD 240-Minutes

Ripple is the hope that holds firm the conviction that there is a future in Cryptocurrencies at this time, and seeing it plummet has raised doubts throughout the Crypto ecosystem.

Below the current price, the first support is in the long-term trend line coming mid-September at $0.44. The second support at $0.429 (price congestion support) would take the XRP/USD out of its bullish scenario and into the same bearish chaos scenario as Bitcoin and Ethereum. The third support at $0.413 (price congestion support) would be the last hope for a fall to $0.367 (price congestion support).

Above the current price, the first resistance is at the price level of $0.48 (trend line leading the movement from lows). If the XRP/USD can exceed this level, the second resistance at $0.505 (price congestion resistance). The third resistance level is at $0.584 (price congestion resistance) holds the key to a strongly bullish scenario that would aim to exceed $1 quite easily.

The MACD at 240-Minutes has cut down the zero line, currently losing that important support and forcing to consider bearish movements in the near future. The opening between lines is minimal for now. If the price were to rise it would leave a divergent formation of a strong bullish component. On the contrary, price declines would deepen the bearish side and we could see really strong declines.

The 240-Minute DMI shows us that bears are taking advantage of the ADX line, which would indicate a continuation of the price decline. The bulls decrease their activity but far from the minimum levels. The ADX reacts to the recent declines but in trend levels considered as moderate.

ETH/USD 240-Minutes

The ETH/USD is currently trading at the $132 price level after leaving the minimum fall in support of the $125 price level indicated a few days ago. I don’t consider that the drop is going to stay here, but it is possible that from this level there will be a small rebound in the next 24-36 hours.

Below the current price, the first support in the already commented level is at $125 (support for price congestion). The second support at $94 (price congestion support), would break the mythical barrier of $100 and would cause the headlines of the best horror movies. However, this could only be the headline since terror would be in the third level of support at $80 (price congestion support). In the edited FXStreet Chart you can see more levels.

Above the current price, the first resistance is at $155 (price congestion resistance). The second resistance is at $170 (price congestion resistance). Finally, as a third resistance, the EMA50 at $178 meets the fourth resistance at $180 (price congestion resistance).

The MACD at 240-Minutes shows a very downwardly inclined profile with very open lines. This structure protects the continuity of the descents at least for today.

The 240-Minute DMI shows us a situation similar to that seen in the BTC/USD. The bears go to maximum levels while the bulls retire and show us no intention to enter the game. For its part, the ADX reaches levels not seen since December 2018 and support the continuity of direction and strength of the movement.

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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Analysis

Crypto Update: Damaging Crash Continues, Bounce Likely Ahead

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The cryptocurrency segment continues to trade under heavy selling pressure, and yesterday’s lows weren’t able to hold up the top coins, and the market entered another waterfall decline today. Bitcoin and Ethereum both fell below their next major support zones today in early trading amid a spike in trading volume, and given the deeply oversold momentum readings in their markets, together with the panicky sentiment, a stronger counter-trend move seems likely in the coming days.

That said, the long-term picture is overwhelmingly bearish, with the exception of the still very strong Ripple and Stellar, and traders should only consider very short-term trades with active risk management against the dominant trend. Until at least a confirmed short-term trend change, new lows remain likely in the coming weeks, but given the extent of the plunge, a violent short-covering rally is in the cards.

BTC/USD, 4-Hour Chart Analysis

Bitcoin fell as low as $4250 today, overshooting below the $4450-$4500 support zone in the process, possibly forming a short-term panic bottom after the sharp two-day selloff. Now, holding short positions is risky, from a short-term perspective, and a rally up to the $5000-$5100 zone is possible in the coming days.

Despite that, traders and investors shouldn’t enter new positions here, with the exception of ultra-short-term traders, as volatility is expected to remain very high, and odds favor further new lows in the coming weeks. Further short-term resistance is ahead at $4700, $5350, and $5600 while primary support is found between$4000 and $4050.

ETH/USD, 4-Hour Chart Analysis

Ethereum also spiked below the next major support level near $130 in Asian trading amid the selling panic, and now the third largest coin is hovering near that level, trying to form a swing low similarly to Bitcoin. Given the current sentiment, a bounce towards the $150 is likely, and a choppy consolidation phase could follow the strong momentum move and the initial bounce.

The bearish long- and short-term trends are intact, and despite a likely bounce traders and investors should still stay away from the coin, with the next support zone found near $118 and with further resistance ahead at $160.

Ripple Turns Volatile Amid Crash, but Support Zone Still Holds

XRP/USDT, 4-Hour Chart Analysis

Ripple has been dragged lower by the latest round of the segment-wide crash, and the now clearly second largest coin briefly spiked below the key $0.42-$0.46 long-term support zone. The fact that XRP managed to stay above the lower boundary of the zone is a plus for bulls here, but the short-term picture remains bearish, and it is far from being safe to enter new positions here.

That said, long-term investors should hold on to their positions, with further support levels found near $0.375 and $0.355, and with resistance ahead at $0.51, $0.54, and $0.57.

LTC/USD, 4-Hour Chart Analysis

Litecoin not just hit the $34.50 level as we expected, but it spiked down to $30 amid the rout and now, the coin is deeply oversold from a short-term perspective. A counter-trend move is now likely in the coming days, but again, only very short-term trades should be considered in the coin with strict risk management in the extremely volatile environment. Further resistance is ahead at $38 and $44, while support is found near $28 and $23.50.

EOS/USD, 4-Hour Chart Analysis

EOS entered a freefall in Asian trading, plunging as low as the support zone near the $3.50 level which has been a crucial level for the coin in the past. The coin is now deeply oversold from a short-term perspective, similarly to the majority of the top coins, and a larger bounce is in the cards in the coming days, with resistance levels ahead near $4 and $4.55.

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 399 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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