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This Week’s Crypto Winners

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The past week worked out to generally be a down market for most cryptocurrencies, but we saw several experience massive increases over the last 7 days.

Nasdacoin

Nasdacoin increased a whopping 158.75% to reach a price of $2.47 as of the date of publishing. Ranking as #93 in terms of market capitalization, much of this change seems to be attributed to the team announcing that Nasdacoin would be listed on several new exchanges.

CREX24, BTC-Alpha, and MERCATOX all announced plans to list NSD on November 12th, and the result was a quick run-up in the price of the coin. From looking at the whitepaper, there doesn’t seem to be anything special about the coin, and it is easy to conclude that the recent increases are mostly the result of an improvement in accessibility, rather than a notable change in fundamentals.

Animation Vision Cash

Animation Vision Cash (AVH) is a content trading platform that underwent a significant spike on November 19th for an as yet unconfirmed reason. The platform differentiates itself among others by being an adult content trading platform. Content providers prefer this market mechanism a lot more, and the goal of the platform is to create a dialogue between producers and consumers. The recent 71% jump in price is likely the result of recent announcements.

On.Live

ONL, the coin of On.Live, went through a 70% spike in price to approximately $0.12. This is a true altcoin, with a market capitalization of approximately $2.4 million. The company is devoted to the idea of revolutionizing how video broadcast and remote consultations are executed. The ONL token is what would power the entire economy of the platform, however no new significant news has been released that explains this jump in price.

Factom

Factom has experienced a 51% run-up in price over the last 7 days, reaching a price of $6.49 at the time of publishing. Factom currently has a market capitalization ranking at 74 ($57.8 million), and this could continue to grow with the good news that has been published. On the 14th, it was announced that Equator would be incorporating Factom’s blockchain-as-a-service technology into their mortgage software. Generally, huge partnerships like this are seen as major successes, and help the public perception, as well as the economic case.

Birake

Birake had their BIR token appreciate 45% in the last week. Currently trading around a price of $0.12, Birake has a tiny market capitalization of $2.4 million. As a white label cryptocurrency exchange, they have a fairly unique offering, and it is natural that they have the occasional spike in price.

As you can see, there is a wide variety in the coins that were the biggest winners of the week. Some were in the top 100, and others weren’t even in the top 500. While this doesn’t negate the bear trend of the broader cryptocurrency market, it shows that there are still winners in our midst.

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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Altcoins

Tron Price Analysis: TRX/USD Bulls Hunting for a Potential Charge Back Above Broken Critical Trend Line

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  • Tron bulls continue to push the price north maintaining a firmer path of recovery.
  • TRX/USD has gained a significant 10% over the past four sessions, moving to its highest level in five days.

TRX/USD: Recent Price Behavior

The TRX/USD bulls have been enjoying some upside relief over the past few sessions now, picking up much pace in the session on Monday. The price managed to move to its highest level  in over seven sessions. Over the past four days, Tron has gained just shy of 10% as the price looks set for recovery following a breach last week of critical support.

An ascending trend line initially supported TRX/USD to the upside, providing exceptional comfort in its move north. The running support had been in play since the back-end of December 2018; however, after a decent run, the bears managed to force a breach. Sellers were able to regain control after the move below, to then see four consecutive days of selling, dropping around 10% in total.

Between 14-15th February, TRX/USD managed to find its feet after what could have very much been a free-fall to the deep south. Daily support came into play around $0.023550, which has provided needed comfort on several occasions already this side of the year. The recovery has been in play since this decent bounce occurred.

Tron Crypto Card

TRON recently detailed more information about its upcoming crypto card. The date of pre-order for the GRID X BitTorrent crypto card is going to be live on 18th February 18 2019 at 8 PM UTC. The GRID crypto card will be a prepaid card that can be topped with TRX in three amounts of 15,000, 50,000 and 100,000. Holders of the cards will be rewarded with BitTorrent (BTT) tokens as part of monthly BTT airdrops.

GRID will be one of two crypto cards built via the Tron network. The first, TronCard, was introduced as a tangible TRX wallet. Both TRX and TRC10 tokens can be stored on the TronCard similarly to a virtual wallet. These mentioned tokens are tokenized assets which would be leveraged via decentralized applications (dApps) via the Tron Network. A QR code feature can also be scanned by users for access to the public key. A physical card will then be able to integrate with the virtual wallet.

Technical Review – TRX/USD

TRX/USD daily chart.

The major challenge for the bulls as detailed above is seen underneath the breached ascending trend line; this is tracking at around $0.027500. Should the bulls manage to break back above this prior acting support, then expect a strong wave of buying pressure to come into play. Further to the north, eyes will be on the $0.03000 area. TRX/USD has not comfortably traded above this price region since August 2018. Once broken down, there isn’t too much in the way of a return back up to $0.04000 territory.

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 124 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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Analysis

Crypto Update: Ethereum Leads Second Phase of Rally

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The major cryptocurrencies are all significantly higher today amid the US market holiday, with most of the top digital currencies also hitting their highest levels in a month. Today’s leaders also took out the highs set during the Litecoin-led spike 10 days ago, and the new swing highs mean that the counter-trend move continues. The negative long-term forces a

Our trend model is still on short-term buy signals in most cases, with the relatively weak Ripple still being the most important exception, but for now, the bearish long-term picture is unchanged, and traders should still use strict risk management strategies, as, despite the rally, bear market rules still apply. That said, investors could hold on to their smaller speculative positions, since the short-term break-out patterns in the segment remain intact, despite the still dominant negative long-term forces.

ETH/USD, 4-Hour Chart Analysis

Ethereum built upon its recent short-term relative strength, surging past the $120 and $130 resistance levels, outperforming its closest peers and leading the way higher for the whole segment. With the new swing high, a new short-term uptrend is established, and our trend model remains on a short-term buy signal, but the long-term trend remains bearish.

The long-term outlook is still negative for ETH, but the coin could test the $160 resistance level, which marked the top of the previous counter-trend move in the coming days. The coin is currently trading near the $145 resistance level, and although it’s slightly overbought from a short-term perspective, the next resistance level could be reached in the coming days.

BTC/USD, 4-Hour Chart Analysis

While Bitcoin has been slightly lagging behind Ethereum during the current rally, it not just recaptured the $3600 support/resistance level, but also managed to rally up to the next key zone near $3850. BTC remains on a short-term buy signal in our trend model despite its relative weakness, but from a long-term perspective, it’s still in a clearly bearish setup.

With that in mind, investors should still expect a move towards the $3250 and $3000 support levels following the current counter-trend move, but traders could still hold smaller, speculative positions in the coin. Further strong resistance is ahead between $4000 and $4050, while below $3600, support is found just above $3450.

XRP/USDT, 4-Hour Chart Analysis

Ripple continues to be relatively weak compared to the broader market, and although it topped the $0.32 level amid today’s broad rally, it’s still only neutral in our trend model even from a short-term perspective. Also, the long-term setup is still hostile for bulls, and the test of the $0.28 and $0.26 levels still seems likely in the coming weeks, with strong resistance levels also ahead neat $0.3550, and $$0.3750.

Litecoin Hits Marginal New High as EOS Soars

LTC/USD, 4-Hour Chart Analysis

LTC haven’t been able to retain its leadership during today’s move, and although it scored a new marginal swing high, ending the short-term correction, the momentum of the current upswing is not convincing. Should LTC form a failed break-out pattern, our trend model will switch to neutral, but for now, the currency remains on a buy signal.

From a long-term perspective, Litecoin is still clearly in a bearish trend, so traders and investors should only consider short-term positions, but for now the break-out remains intact. The next level of resistance is ahead near $51, while is now found near $44, $38, and $34.50.

EOS/USD, 4-Hour Chart Analysis

EOS was also among the relatively stronger coins during the recent week, and after a failed move, today it surged to a significant new swing high, hitting the $3.50 resistance in the process. Our trend model remained on a short-term buy signal, during the recent consolidation, and although traders could take some chips off the table near the $3.50 level, the short-term trend is now bullish.

That said, the bearish long-term forces are still dominant in the market of EOS, and although the coin might test the $4.50-$5 zone, odds still the retest of the bear market low near $1.55 in the coming months. That said, traders could still to their short-term positions, following strict risk management rules, with support now found near $3, $2,80, and $2.55.

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 466 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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Altcoins

Crypto Update: 5 Altcoins to Watch This Week

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All of the five altcoins included on last week’s list moved within our expectations. Ark (ARK/BTC) led the way as it retested the range support before hitting both of our targets in one week. It is followed by Dash (DASH/BTC), rallying strong after recovering a key support area as predicted. In addition, Litecoin pulled back as expected but it managed to show bullish signals towards the end of the week. Talking about retesting supports, Monero (XMR/BTC) retested a support as well while showing signs of stability.

The only non-mover on last week’s list was Ripple (XRP/BTC). The market continues to trade at our range support while printing a double bottom pattern.

This week, we put our attention on altcoins that are showing strong bullish signs. With Bitcoin (XBT/USD) stuck in a range, this week might be the chance for many coins to fly. Here are the five altcoins to watch this week.

Ethereum (ETH/BTC)

Ethereum bulls have recently been flexing their muscles. They continue to defy expectations as they push Ethereum close to our range high of 0.0418 with significant volume. With yesterday’s strong rally, the market is now trading above its 200-day moving average.

Daily chart of ETH/BTC

However, Ethereum is now trading in overbought territory. Thus, a brief pullback is needed to allow technical indicators to cool down. So instead of letting the fear of missing out influence your trading decisions, wait for the correction before entering the market. A good target is our current range midpoint of 0.0339.

Once the retracement is complete, we believe Ethereum will continue its ascent to our initial target of 0.0418.

EOS (EOS/BTC)

EOS is looking pretty bullish. After it nearly touched our range midpoint of 0.00828 on February 12, 2019, the market showed signs of short-term bullish exhaustion. More often than not, failure to take out the range midpoint leads to a retrace down to the range low. EOS wants to part of this trend.


Daily chart of EOS/BTC

However, the market refuses to revisit the range low of 0.000073 as it flashes bullish signals. First, we can see the 200-day MA acting as support. Second, there’s a golden cross between the 50-day MA and the 100-day MA. With these signs, we won’t be surprised to see EOS flip 0.0000828 resistance into support this week. Should that happen, the next target is 0.0000926.

Mainframe (MFT/BTC)

After failing to take out our range high of 0.000001 on February 11, Mainframe unravelled as it posted five red candles in seven days. Nevertheless, the market is starting to look attractive to bottom-pickers.

Daily chart of MFT/BTC

On February 16, Mainframe went below our range midpoint of 0.00000085. It then retested this level as a resistance on February 17. Should the market recover this support soon, we could expect Mainframe to rally to our range high of 0.000001. Otherwise, we can expect it to retrace all the way down to our range low of 0.0000007.

Komodo (KMD/BTC)

Komodo is a market that wants to range higher. Bulls are working hard today, February 18, to finally take out our current range high of 0.0000239. However, bears have no intentions of making it easy as they continue to dump positions. As a result, the daily candles in the last two days have wicks above their bodies.


Daily chart of KMD/BTC

Looks like Komodo is flipping 0.0000239 resistance into support. The market already rallied to our target of 0.0000279 today. However, Komodo may still go back down to 0.00001968 should 0.0000239 not hold as a support.

VeChain (VET/BTC)

VeChain has been range trading between 0.00000102 and 0.00000127 for about three months. Recent price action tells us that it might be ready to break out of its range.

Daily chart of VET/BTC

Just like EOS, Vechain also refused to revisit its range low of 0.00000102. The high volume rally on February 16 tells us that the market is intent on flipping resistance of 0.00000115 into support. If it does, we expect VeChain to climb to our range high of 0.00000127.

Bottom Line

With Bitcoin stuck in sideways trading, altcoins have some room to grow. We believe that Ethereum and EOS will lead the charge this week. Mainframe, Komodo, and VeChain will likely follow their lead. Looks like we have an exciting week of trading ahead of us.

 

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.

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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3.9 stars on average, based on 328 rated postsKiril is a CFA Charterholder and financial professional with 5+ 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 funds, as he does his own crypto research and is a Product Manager at Mitre Media. 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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