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Stellar’s Downward Trend May Have Bottomed as Jed McCaleb Headlines Fin-Tech Conference

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Stellar Lumens was in recovery mode this weekend, with prices rebounding double-digits ahead of a high-profile discussion between blockchain founder Jed McCaleb and Yoni Assia, CEO of social trading giant eToro.

XLM/USD Price Levels

Stellar’s XLM token climbed to a session high of $0.3622 on Sunday. Prices would later consolidate at $0.3519 for a gain of 9.9%. At current values, Stellar is capitalized at $6.5 billion for eighth spot on the active cryptocurrency list.

The cryptocurrency bottomed at $0.3211 on Friday, its lowest in nearly one month. Just two weeks earlier, Stellar peaked above $0.47.

Despite the latest rally attempt, Stellar is trading at less than half of its historic high from early January, when the market was turning over roughly $1.5 billion in daily volumes. On Sunday, 24-hour volumes amounted to $79.5 million, according to CoinMarketCap.

The crypto market as a whole has experienced a dramatic fall in trading volume over the past six weeks. The broad downtrend has allowed bitcoin to reassert itself as the dominant market player, now controlling 41% of the market.

Binance continues to process the largest share of XLM trades, with bitcoin and Ethereum the main quote currencies. About 16% of daily trades were placed on Upbit using the South Korean won.

The Future of Blockchain

Stellar founder and CEO Jed McCaleb is in Tel Aviv this week for a fin-tech conference focused on blockchain and cryptocurrency. On Monday, McCaleb will deliver a short presentation on the Stellar platform followed by a Q&A discussion alongside Yoni Assia.

While traditionally catering to the forex market, eToro has seen explosive growth in its crypto-trading platform. In one year, cryptocurrency trading volumes on the platform surged 4,500%, with the number of crypto traders growing four times over that span.

There has been some speculation that McCaleb could use the conference as an opportunity to make an announcement concerning the Stellar platform. However, such details have not been confirmed.

Stellar will likely be in the news all week as market participants react to McCaleb’s commentary. Hype surrounding McCaleb could drive XLM prices higher in the short term.

When assessed in terms of potential, Stellar’s current value is considered a bargain. The project has already announced high-profile partnerships with the likes of IBM and has made a strong use case for businesses seeking real-world applications for cryptocurrency. Stellar is also one of the only platforms that could challenge Ethereum’s dominance in the ICO market.

Earlier this year, Mobius Network raised $39 million in an ICO that was hosted on the Stellar platform. Back in November, Smartlands became the first crowdsale to be hosted on the platform.

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 736 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 Market Falls in Installments; Bitcoin and XRP In Lockstep; Small Alts Pump

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The cryptocurrency market continued to fall on Tuesday as $2 billion left the global cap in just fifteen minutes. Major altcoins and recent gainers took the brunt of the hit, while Bitcoin and XRP avoided the worst and continued to trade in lockstep fashion.

A handful of small-cap alts avoided gravity with double-digit pumps, but for how long? After the global market surged 45% in December, the current correction threatens to return the market to the $100 million valuation which was struck as recently as last month.

BTC & XRP Align

The top two coins at the top of the crypto market cap continue to trade together on Tuesday, similar to how BTC and ETH used to for so long.

While BTC and XRP only lost value in the 2-3% range, Ethereum’s losses were more pronounced, sinking 7.6% over the day. Such was the case across many major alts, including Bitcoin Cash (BCH), Bitcoin SV (BSV) and Neo (NEO).

Despite the $2 billion fall across the market in just fifteen minutes, Bitcoin remained within the $3,600 range after falling to $3,620. Earlier in the day BTC traded as high as $3,720, marking a 2.7% reduction.

Overall market sentiment may have cooled today after news that BitMEX was closing U.S user accounts. Many believe the firm was pressured by the SEC directly, although no comment has made as of yet. Some estimates suggest United States users account for around 15% of BitMEX’s entire user base.

XRP meanwhile lost just over 3% on Tuesday – dropping to the $0.32 range. However XRP’s stubbornness to drop in price is matched by its lack of upward momentum. Whereas TRX has gained over 100% since December lows, and ETH currently sits at 50% above this time last month, XRP has gained just 14% in the same time period.

Small Caps Pump

A handful of small to mid cap tokens continued to climb during Tuesday’s dip. Wax (WAX), Stratis (STRAT) and Aeternity (AE) defied gravity double-digit surges between 10% and 20% in strength.

Wax (WAX) was the best performer from the top hundred over twenty-four hours, climbing 22% from the daily low of $0.034038 up to $0.041834. A major drop off shortly afterwards down to the $0.038 range capped a tumultuous day for the gaming token.

Daily trades rose 580% throughout the day, from $275,000 up to $1.7 million, thanks in part to the 55% of trades coming from KRW markets.

Wax is EOS-based and focuses on blockchain gaming collectibles, and frequently scores abnormally high on independent blockchain activity rankings. Read this introductory article to find out more about the Wax project.

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 123 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 Looks Set to Give Up $0.02000 Territory Again

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  • TRX/USD under heavy selling pressure late on Tuesday, dropping over 7%.
  • Bears are gunning for another retest of vital support, seen above a breached pennant patterns structure.

TRX/USD has been under heavy selling pressure on Tuesday, nursing chunky losses at the time of writing of 7%. Bears remain well in the driver’s seat in the latter stages of the day, with momentum picking up pace to the downside. The bulls lost much wind behind their sails on 10th January, this coming after enjoying a strong period in a run to the north. TRX/USD from 4th January – 10th January had gained a massive 75%, breaking out of a bullish pennant pattern structure. It also managed to briefly extend above a known area of supply, which exacerbated the upside pressure.

TRX/USD daily chart.

The above-described move saw the price print its highest level seen since 31st July 2018. Shortly after this high print, a big wave of selling kicked in. As a result, a very bearish daily candlestick was produced on 10th January. Daily sessions since this have closed in the red, apart from 14th January. TRX/USD managed to receive strong support on top of the breached pennant, providing some brief relief after the reversal was well underway. Despite the current trend south, news flow around the Tron foundation continues to be plentiful and upbeat.

OKCoin Supports TRX

As reported by the CCN team, OKCoin announced it has listed TRX on its trading platform. This coming via the exchange’s Medium blog today. OKCoin detailed that “starting today, authorized OKCoin customers can deposit TRX, and starting on January 17th they’ll be able to trade TRX against USD, BTC, and ETH.” Of note, the OKCoin platform was founded by the same people behind OKEx; however, OKCoin primarily focuses on traditional swaps and allows for bank deposits. In addition, OKCoin accommodates U.S clients, whereas OKEx do not.

Justin Sun Welcomes New Partner ABCC Exchange

ABCC Exchange, a cryptocurrency exchange platform, announced it is partnering with the Tron Foundation. The company tweeted, “ABCC is the 1st exchange that will list TRX 10 tokens. We are one of the top exchanges with great security and user interface. Stay tuned!” On the back of this, Tron founder Justin Sun replied, “ABCC is truly an awesome platform that has witnessed great development. We are glad to partner with ABCC as it’s the first exchange listing TRX10 tokens”.

Technical Review – TRX/USD

Given the current downside momentum, eyes are on another retest the breached pennant pattern structure. Where the two trend lines cross, support will be sought here, which could see the $0.02000 territory come under threat. Should the bears manage to force a breach, then a prior action demand zone will be called into play, within the $0.01700 price region.

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 106 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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EOS Price Analysis: EOS/USD Back in Unsettled Territory, as Price Runs into Sellers Again

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  • The EOS/USD bulls are unable to sustain any upside momentum following a breach of critical support.
  • Near-term supply is eyed in the early $2.5000 region. A break above would likely open the door for another retest of the big $3.0000.

The EOS price was seen creeping lower again in the early part of trading on Tuesday. This comes after a big jump to the upside seen in the second part of the session on Monday. EOS/USD had gained a chunky double-digits, around 12%, at the close of the daily. Buyers came in after the low print on Sunday 13th at around $2.25. This was within a market demand zone, tracking from $2.25-$2.35, having supported the price on occasions in December and January.

Recap: Big Breach of Critical Support

EOS/USD daily chart.

As a reminder, EOS/USD throughout its most recent bull run, which was seen from 6th December right up to 9th January, was well-supported. An ascending trend line could be observed, providing necessary comfort to the bulls. However, all runs must come to an eventual end, and the bears smashed through this support on 10th January. Given the break through this vital area, it exacerbated the move to the downside. The price had dropped a heavy 22%, taking a big blow after a strong run.

Barriers Blocking Bulls

The bulls have been cut short for now, not being able to have sustained that momentum from the session on Monday. Trading has been extremely choppy since 19th December, via the daily chart view, highlighting a real lack of consistency in either direction. A consecutive streak longer than two days from either bear or bull camp hasn’t happened since the run higher in mid-December. This demonstrates just how mundane and non-committed market participant are for now.

In addition to the last statement above, further technical levels and areas continue to plague direction. To elaborate, there are more areas that the price must deal with now in comparison to the smooth bull run higher seen in 2017. Separately, if looking at 2018, the bears generally had an easy ride south. This is thanks to the cryptocurrency instruments being so young still in age.

Key Near-term Levels

For the bulls to see greater upside, a break of near-term supply within the early $2.5000 region will need to push prices forward. This should open the door to a fast move to see a retest of the breached ascending trend line. In proximity to this is the psychological $3.0000 mark, which has proven to be a huge barrier for the bulls. To the downside, the mentioned demand area of $2.35-$2.25 is critical, and a failure to hold will be very punishing. Lastly, EOS/USD would be subject to a move sub-$2.0000, where support can be eyed. As a further worth case, then $1.5500 to be retested, the December low.

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 106 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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