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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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4.7 stars on average, based on 743 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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Crypto Update: Coins Settle Down After Weekend Pump & Dump

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While crypto bulls had something to cheer about early on during the weekend following a rally attempt in the majors, the move once again failed to improve the technical setup in the segment, and the top coins quickly gave back their gains. Now, most of the coins are trading near the bottom of their short-term ranges and technicals continue to point to the continuation of the bear market.

Correlations are still very high, there is no sign of a developing bullish leadership, and with none of the key coins showing bullish momentum, bulls are facing strong headwinds. While trading volumes and volatility remain relatively low thanks to the range-trading environment a move below primary support could trigger larger moves in the majors soon.

The negative long-term trends are still in no danger, and although there is still a slight chance of a failed break-down pattern to develop in the market, odds favor a bearish short-term outcome as well. With that in mind, traders and investors still shouldn’t enter positions here, with our trend model being on sell signals on both time-frames in the case of the majority of the coins.

BTC/USD, 4-Hour Chart Analysis

Although Bitcoin is still relatively stable compared to its most important peers, it gave back all of its weekend gains and fell back below the key $3600 support/resistance level yesterday. Now, BTC is threatening with a break-down below the prior sing low, and given the recent weakness, our trned model is now on a short-term sell signal.

While bulls could still be saved by a move above $3850, the failed rally attempts warn of selling pressure, and a bearish continuation is more likely here. Further strong resistance is ahead between $4000 and $4050, with support zones still found near $3250 and $3000, and traders should still not enter positions.

ETH/USD, 4-Hour Chart Analysis

Ethereum shoed relative weakness during the rally attempt this weekend, and it is now very close to a break below the key swing low, which would likely lead to a move towards the key support zone between $95 and $100. The coin remains on sell single son both time-frames, and with a test of the bear market low near the $80 price level seems likely in the coming weeks.

Strong resistance is ahead just above the current price level and near $130, with further zones at $145, $160, and near $180 while a weak short-term support is found near $112, and the coin’s weakness is a negative sign for the whole segment.

Altcoins Still Weak Despite Rally Attempt

STR/USD, 4-Hour Chart Analysis

While none of the major altcoins broke the key short-term support levels, the overall picture remains bearish and we haven’t seen signs of resilience that would indicate a short-term bottom and the resumption of the counter-trend move.

Stellar, which has been among the bearish leaders towards the end of 2018, is once again showing relative weakness while following the trends in the broader market, should the coin violate the $0.10 level, a quick to new bear market lows would be likely, with the $0.09 level being the only lone of defense for bulls.

XRP/USDT, 4-Hour Chart Analysis

Ripple still seems very fragile from a technical standpoint, and a move below $0.30 looks inevitable in the coming weeks, with a likely test of the bear market low near $0.28. The $32 support/resistance level remains in focus, but given the weak rally attempts and the bearish long-term setup, we don’t expect the coin to get back to the $0.3550 level in the coming period.

Our trend model is still on sell signals on both time-frames, with further strong support found near the $0.26 level, with resistance ahead near $0.3750, and in the key long-term zone between $0.42 and $0.46.

LTC/USD, 4-Hour Chart Analysis

Litecoin is back near the key $30-$30.50 support zone after the volatile weekend, and it also looks ready to dip below that zone, even as the short-term trading range is still intact. The steep long-term downtrend is intact despite the recent counter-trend move, and traders and investors shouldn’t enter positions here, with the short-term setup also being bearish. Strong resistance is ahead near $34.50, $38, and $44 with further support found near $26 and $23.

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 444 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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GBP/USD Price Prediction: Bulls Reclaim 1.2900, Eyes Locked on Another Retest of 1.3000

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  • GBP/USD bulls pick up momentum to the upside, following generally positive tone to Theresa May’s Plan B statement.
  • Next upside targets for the bulls should they firmly breakdown 1.2900 again, will be the psychological 1.3000 mark.

GBP/USD throughout the session on Monday remained very much elevated. This came as market participants were somewhat maintaining an optimistic view. All of which heading into the British Prime Minister Theresa May’s speech to the House of Commons, on her Brexit plan b. Of course, this had to be drafted again, given her humiliating defeat at the vote last week, on the initial EU withdrawal plan.

Theresa May Plan B

In terms of her details this time round, she will be going back to Brussels, to seek some amendments to her initial agreement. This needs to be done in order to get a plan through another vote in the commons. Looking at some of the GBP bullish takeaways from this statement; she guaranteed rights for EU citizens at several angles, scraping the application fee EU nationals registering in Britain, discussing the backstop with the DUP this week.

To conclude, PM May appears keen in her language to ensure of a soft-Brexit, rather than one that is hard. All of which supported GBP in its push to session highs, at the time, briefly moving back above 1.2900. The price had given up this area on 18th January, when the bears were reversing the run observed on 17th, where GBP/USD touched to big psychological 1.3000 mark again.

Technical Review – GBP/USD

GBP/USD 60-minute chart. Near-term resistance eyed at 1.2900, with bulls locked in on a retest of 1.3000.

GBP/USD at the time of writing continues to trade around the 1.2900 territory. This price did see a brief period cooling, on touted profit-taking post the statement. Near-term resistance can be seen within this price region, but if convincingly broken down again, then there is decent upside potential. Aside from the supply observed here, there isn’t much in the way of the 1.3000 price region.

Given the renewed optimism around Brexit now, this has assisted in maintaining momentum to the upside for GBP. In terms of support to the downside, a strong area of demand should be noted at 1.2850-25 price region. As can be seen via the 60-minute chart view, this has supported the price since 15th January.

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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Justin Sun Sets Out to Prove Tron Is the Real Deal

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Tron’s TRX token rose sharply on Monday, going against the grain of a wider market slump that re-emerged 24 hours earlier. The rally comes at a time when founder Justin Sun is setting out to bolster his project’s image and silence the chorus of vocal critics who have come out against Tron.

Sun Sharpens Tron’s Image

Tron’s controversial leader announced earlier this month that he has hired a former attorney at the U.S. Securities and Exchange Commission (SEC). David Labhart, a former SEC attorney, will serve as Tron’s head of compliance.

In further highlighting Tron’s willingness to play ball with regulators, Sun recently told VentureBeat that his company is looking to work closely with federal agencies in the United States, China, South Korea and Japan. These jurisdictions are where Sun hopes Tron will expand to in the future.

Sun is often criticized for overhyping his project with little substance. He has also been called out for exaggerating business relationships and presenting a muddied view of how Tron plans to disrupt the Internet. Along the way, he probably plagiarized whitepapers and sold billions of TRX tokens.

That being said, his words have had more substance as of late. Last summer, Sun acquired BitTorrent, the world’s leading peer-to-peer file sharing system. The interplay between the two projects is easy enough to understand, as the latter will allow Tron to create a globally decentralized content platform.

But not everyone is convinced that BitTorrent or its newly created BTT token will serve the desired purpose. Former BitTorrent executive Simon Morris launched a scathing criticism at Sun earlier this month when he said there was “no way” Tron’s network would be able to handle BitTorrent’s transactional capacity. Crypto pioneer Jed McCaleb, who co-founded Ripple, Stellar Lumens and the now defunct Mt. Gox, recently called projects like Tron “just garbage.

While Sun probably faces an uphill battle convincing his critics that Tron is the real deal, his project is one of the most talked about in the blockchain space. His 756,000 Twitter followers demonstrate the extent to which Tron has resonated with the market; its current ranking among top crypto projects showcases its popularity among traders.

TRX Price Update

Tron was one of the crypto market’s top performers on Monday, rising 6.6% to $0.0253, according to CoinMarketCap. The ninth largest cryptocurrency by market cap saw a large influx of trading volume ahead of a highly-anticipated BitTorrent airdrop. More on this story: Tron Volume On Rise as TRX Price Jumps 7% Amid Dip; BitTorrent Airdrop Nears.

Prior to the latest rally, Tron had shown little in terms of committed market direction. The massive bull run that re-emerged in mid-December ran out of gas roughly 11 days ago, which led to a sharp reversal followed by consolidation. TRX spiked 180% during the aforementioned rally.

The TRX price faces strong support at $0.0200. A drop below this level seems unlikely at this point. However, breaks to the upside have been just as elusive. For the past week, TRX/USD has been hovering right around $0.0250.

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 743 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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