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SuperiorCoin Analysis

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Are we dealing with arrogant developers, or a good project? That’s what we’ll have to investigate with SuperiorCoin. There are a lot of coins out there, and for one to claim superiority is obviously a boost to be looked at with careful speculation – what exactly are you trying to say, now?

The reserve currency of choice for ideas, services and collaboration.

Any currency could claim this, depending on the situation. What makes this coin special?

Superior Coin is a secure, private, untraceable currency. Unlike many crypto currencies that are derivatives of Bitcoin, Superior Coin is based on the CryptoNote protocol and possesses significant algorithmic differences relating to blockchain obfuscation. Superior Coins main emission curve will have issued about 1.5 billion coins to be mined in over 30+ years. Superior Coin protects privacy in three ways for all transactions on the network: 1 ring signatures hide the sending address, 2 RingCT hides the amount of the transaction, and 3 stealth addresses hide the receiving address of the transaction.

So it’s based on the CryptoNote protocol, which is best demonstrated by Monero and Bytecoin. This is not a bad thing – both of these are valid coin efforts, and Monero in particular holds a high value. Nevertheless, simply having stealth addresses and all this does nothing to prove why you’re “reserve currency of choice for ideas” et cetera. There’s no justification for that claim at all going on here – it’s just a projection of your own ego, it would seem, because already we see that this coin is not superior to, at least to Monero or Bytecoin, or any other Cryptonote coin for that matter, and whether or not one believes those are competitive with Bitcoin is a personal opinion.

In any case, we’re running into a question:

Superior How?

What is the fundamental offering here? Another CryptoNote coin with a cocky name. That’s not much of an offering. There has to be something worthwhile going on here. Or are the designers simply trying to score a buck in all the new buzz surrounding cryptocurrencies? One can hardly blame them, and it happens every day, but nonetheless, it has to be considered a possibility when there are no real, differentiating offerings here.

Value Proposition

It would seem the value proposition of SuperiorCoin will be similar to other CryptoNote coins. Monero has values as high as $50 and often higher, whereas Bytecoin holds a small value in Satoshi, making it a coin that you can hold a lot of and gain that way. If SuperiorCoin is added to the MinerGate platform, where most CryptoNote coins, as well as Ethereum, are mined, then you can see it gaining a slightly wider adoption – probably being added to the Changelly platform after that. All of these moves would be definite upgrades in the chances of this coin’s success.

The Verdict

Given everything that is known, it doesn’t look great, but it doesn’t look terrible either.

Risk

The risk involved with a new coin like this is that the founders simply continue to dump on everyone, depressing the price. Such a risk is real and worth a full 2.5 points.

Growth Potential

The growth of a new cryptocurrency is unknown. If the above-outlined steps are taken, and there is liquidity as well as a good jury of miners, then we can safely add 4 points for growth potential.

CryptoNote coins are gaining adoption because newcomers to the market don’t understand how to get into complicated mining schemes, but they can figure out how to press a button that says “start mining.” As such, people are looking to MinerGate as a solution for mining, and they are mostly exposed to CryptoNote coins through this interface. If SuperiorCoin were added, its adoption would follow a similar track to the rest of the Bytecoin forks. We add 2 points for this.

This gives us an outcome rating of 3.5 of 10. 

Superiorcoin Investment Details

To invest in SuperiorCoin, you can either mine it following a guide or you can buy it through the website. Mining it will probably actually yield coins, even with a CPU, so it’s worth looking into. If it’s added to MinerGate, its mining difficulty will probably increase, but so too will ultimately the value of the coins.

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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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5 stars on average, based on 2 rated postsP. H. Madore has covered the cryptocurrency beat over the course of hundreds of articles for Hacked's sister site, CryptoCoinsNews, as well as some of her competitors. He is a major contributing developer to the Woodcoin project, and has made technical contributions on a number of other cryptocurrency projects. In spare time, he recently began a more personalized, weekly newsletter at http://ico.phm.link




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Analysis

US Opens New Front in Trade War as Oil Plunges

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Financial markets are relatively calm today, with most of the major stock benchmarks being virtually unchanged after the weekend. The energy segment is experiencing the most activity as the volatile correction in crude oil prices continues. Besides that, the Euro’s relative strength is notable, but summer trading conditions remain dominant across the board, with low volumes and choppy intraday price action in most of the asset classes.

Shanghai Composite, 4-Hour Chart Analysis

There seems to be no stopping in the global escalation of trade tensions, as amid the Helsinki meeting between Trump and Putin, the US launched an official probe concerning the retaliatory tariffs of its largest trade partners. The move could deepen the standoff not just between the US and China, but the EU and its other allies as well, and global growth is already weakening, so with further trade troubles growth could grind to a halt.

S&P 500 Futures, 4-Hour Chart Analysis

While global stocks are still well off their highs, and Chinese equities remain in bear market territory, the main US indices are holding on to their recent gains, with the Nasdaq being the by far the strongest benchmark globally. The slightly weaker S&P 500 is also trading at a 4-month high despite trade war fears, and as the first earnings reports of the second quarter were slightly better than expected, with Bank of America beating today before the bell, bulls are still in control on Wall Street.

As for economic news, the much awaited US Retail Sales report delivered a small positive surprise, and last month’s figures were also revised higher. The report helped risk assets during the US session, even as the disappointing Chinese Industrial Production number weighed on investors sentiment earlier on.

Dollar Index, 4-Hour Chart Analysis

Despite the bullish numbers, the Dollar lost a bit of ground against its major peers, although forex markets were less active today than recently and the most traded pairs traded in relatively tight ranges after Friday’s hectic session.

Oil Back Below $70 per Barrel as Commodities Remain Weak

WTI Crude Oil, 4-Hour Chart Analysis

Crude oil prices are sharply lower yet again, with the WTI contract leading the way lower as tight short-term supply conditions got better in Canada, and the general weakness in the global commodity segment infected the market oil. The IMF’s report on weakening global growth, and the chatter about the release of some of the global strategic oil reserves also weighed on oil, and the WTI contract is now at $68 per barrel after trading as high as $75 just one week ago.

Copper, 4-Hour Chart Analysis

Elsewhere in the commodity space, it has been a quiet Monday session, with gold drifting slightly lower after a weak rally in early trading, as selling pressure is still apparent among precious metals. Copper, which also has been suffering in recent weeks as Chinese assets got slammed lower, is still consolidating above the strong long-term support zone that we pointed out last week.

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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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4.6 stars on average, based on 292 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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Analysis

Crypto Update: Qtum’s Price Contraction Hints at a Massive Bull Run

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Qtum/Bitcoin (QTUM/BTC) is one of the biggest losers in cryptocurrency investing. It shred more than 76% of its value in seven months when it dropped to 0.001192 on July 12. With such a sharp slide, there’s no denying that the market is deep in bear territory. Nevertheless, long-term investors can find hope in the market’s habit of rallying after a deflating bear run.

In this article, we show how Qtum/Bitcoin uses price contractions and oversold conditions to stage massive rallies.

Falling Wedge in the Last Quarter of 2017

QTUM/BTC was bearish in September, October and November of 2017. The pair traded in a wide range between September to late October 2017 while generating lower highs and lower lows. However, the range got more and more tight until December 14. In three and a half months, the pair created a falling wedge.

2017 Fourth Quarter Daily chart of QTUM/BTC

The pair was able to break out of the pattern on December 15 after it recovered from extreme oversold readings. The selling relief combined with price contraction conspired to ignite a rally that rewarded bottom pickers with over 300% profits in less than a month.

Falling Wedge in the First Quarter of 2018

Gravity also works in financial markets. Often, the case is the greater the rise, the harder the fall.

As QTUM/BTC pulled back from its meteoric rise, the pair created another falling wedge structure on the daily chart. The market plummeted until the trading range was so tightly squeezed that there was no more room to go but up. Again, the market flashed extreme oversold readings before breaking out of the pattern.

2018 First Quarter Daily chart of QTUM/BTC

Falling Wedges in the Third Quarter of 2018

History repeats itself; that’s one of the main principles of technical analysis. So far, QTUM/BTC adheres to that tenet. It appears to be creating a third falling wedge as it respects key support of 0.0012. While doing so, it has recently given off extreme oversold signals.

2018 Third Quarter Daily chart of QTUM/BTC

But wait! There’s more!

A broader and more in-depth look at the daily chart of QTUM/BTC reveals that all three falling wedges mentioned above appear to be parts of a massive falling wedge. What’s astonishing is that the narrowest point of this gigantic falling wedge is at key support of 0.0012.

Daily chart of QTUM/BTC

Based on previous price movements, it is not difficult to imagine that this extreme price contraction can be the catalyst of a massive bull run.

Bottom Line

QTUM/BTC is in deep bear territory. However, history tells us that the pair might be out of the woods real soon. The formation of three falling wedge patterns reveal that the market has a habit of rallying after extreme price contraction. More importantly, the emergence of the large falling wedge on the daily chart suggests that QTUM/BTC may be on the cusp of a massive bull run.

 

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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3.7 stars on average, based on 192 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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Analysis

Crypto Update: Bulls Hold Their Ground as Coins Settle Down

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Trading volumes and volatility declined substantially in the cryptocurrency segment this weekend, as the major coins are trying to hold the key support levels that are just below the current prices. For now, Bitcoin, Ethereum, and Ripple all managed to avoid a break below the June lows and the technical damage is limited among the smaller coins as well, despite the still dangerous setups on the long-term charts.

That said, the general character of the market is still bearish, with high correlations between the majors, and robust resistance levels capping the rally attempts in most cases. With all of those in mind, and given the still active short-term sell signals in our trend model, traders should still not enter new positions here, as a test of the lows is likely in the coming week.

The market is still missing a leadership that could turn the short-term trend around, and the relatively weak coins that have been leading the way lower in the recent period are still not showing signs of strength, despite the occasional short squeeze rallies.

BTC/USD, 4-Hour Chart Analysis

BTC tried to get back above the $6275 support/resistance level several times since falling below it on Thursday but the attempts all failed so far. The coin is still in a clear downtrend, although the previous lows haven’t been tested yet.

From a long-term perspective, a durable break below $5850 would signal a structural bear market, so the coming period will be crucial for the whole segment. Primary support is at $6000, while resistance is ahead at $6500, $6750, $7000, and $7350.

Still No Real Momentum Among Altcoins

ETH/USD, 4-Hour Chart Analysis

The basic setup among the largest altcoins is unchanged similarly to BTC, with Ethereum trading between the $400-$420 support zone and the $450 resistance level since the Monday plunge. The coin is holding up above the June low, and it’s still relatively strong from a longer-term standpoint compared to Bitcoin.

On the contrary, ETH is looking weak short-term, and that also points to the continuation of the declining segment-wide trend. ETH is facing further resistance near $500, while support below $400 is found at $380 and $360.

XRP/USDT, 4-Hour Chart Analysis

Ripple barely managed to avoid a break below the June lows, and the third largest coin remains very weak from a technical standpoint, and strong selling pressure is apparent in its market. The coin should stay above the $0.42 level to avoid major technical damage, and he coming days could be crucial for bulls, with strong resistance ahead around $0.45 and $0.51.

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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4.6 stars on average, based on 292 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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