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Trade Recommendation: Stellar

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There is a new trading opportunity for Stellar (STR/USD). The price is at a possible reversal zone formed by the uptrend line, 0.016000 support level and Kijun line of the Ichimoku indicator. We should expect a price reversal with further upward movement. DMI confirms trend market conditions and allows us opening long trades. Pending buy orders should be placed at 0.019000 level with stop orders at 0.014500 level. Profit targets are 0.024500 and 0.030000 resistance levels.  If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

Market: STRUSD
Buy: 0.019000
Stop: 0.014500
Profit Targets: 0.024500 and 0.030000

The trading signal is based on Poloniex chart.

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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3.3 stars on average, based on 44 rated postsDmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years trading experience. The main covered markets are Forex, Commodity, Cryptocurrency. Provides personal education for those who are interested in profitable trading. Entries in TOP 10 among TradingView authors.




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2 Comments

2 Comments

  1. kvnomad

    October 16, 2017 at 11:59 am

    Nice work Dmitriy!! I bought on your recommendation. XLM is +170% today. Just exited for a nice gain.

  2. thestorm

    October 16, 2017 at 1:01 pm

    thanks mate 🙂

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Cryptocurrencies

DigiByte (DGB) Recovers 15% as Testing Begins on ASIC-Defeating Algorithm

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DigiByte (DGB) showed strong signs of recovery on Friday, as the coin price made up 15% of its value after the recent market dip.

Testing has begun on a self-adjusting algorithm which changes itself every ten days. According to the DigiByte team, and founder Jared Tate, such a move would see the threat of ASIC centralization greatly reduced.

Multi-Algorithm

As it stands, the DigiByte blockchain (which is the longest in the world) is secured by five different hashing algorithms, and subsequently, five different groups of miners. SHA256, Scrypt, Skein, Groestl and Qubit miners currently take 20% each of the block rewards, and the algos are cycled every ninety seconds.

Even with the multi-algo system already in place, testing has begun on a self-adjusting algorithm which would be impossible to predict by ASIC machines. According to the DigiByte twitter feed:

“We are proud to announce we are testing the next generation of #blockchain mining technology. Imagine a mining algorithm that recreates itself every 10 days? No ASIC could ever be created for it. True #Decentralized #ProofOfWork #CyberSecurity.”

DigiByte founder, Jared Tate, whom you may remember from his recent spat with Binance CEO, CZ, further elaborated on the concept of the new algorithm, stating:

“The idea is an algorithm that recreates itself every 10 days. FGPA’s will be the ideal hardware to mine with. Every 10 days miners will get to “reprogram” and rediscover the most efficient settings to mine the #DigiByte #blockchain with.”

A History of Innovation

Along with the aforementioned multi-algo mining, DigiByte can point to several unique features and achievements which one might not expect of a coin ranked around the 30s by market cap.

The blockchain is the longest in the world, thanks largely to its fifteen-second block times. DigiByte also claim their blockchain is the fastest, and with 560 transactions per second confirmed that might be true.

Likewise, the blockchain is secured by over 70,000 node operators, while the Bitcoin and Ethereum chains are only backed up by around 9,000 and 15,000 respectively.

DGB/USD On the Move

From the 11-month low of $0.015186, the DGB coin price recovered to the tune of 15%, hitting the $0.017591 mark by Friday morning. After levelling off, the price remained at the $0.017 range for the rest of Friday afternoon, and was still there moving into the evening.

While the broader market waves probably dictated DGB’s fate during the recent dip, the return to the $0.015 range may prove to be technically significant. That was the price range which triggered DGB’s parabolic growth last December, when it went on a near 10x growth run over the course of the next month.

Over 60% of DGB’s movements were fuelled by BTC trades, however the second most concentrated trade was, surprisingly enough, against the Turkish lira – making up 18% of the $1.6 million total volume.

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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4.4 stars on average, based on 89 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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Cryptocurrencies

Tron (TRX) Recovers 10%; Data Indicators Point to Rapid Expansion

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Tron (TRX) saw a rapid recovery bounce of 10% following the market wide rupture of the previous few days, a figure exceeded only by XRP (XRP) and Stellar (XLM) among the major altcoins.

The recent crash wiped 15% off the value of Bitcoin, and $38 billion left the global market cap in the blink of an eye. While it seems like time stood still for the last few days, the noises coming out of Tron HQ are much the same as they were before the crash.

Tron Data Indicators

Tron founder and CEO, Justin Sun, released a community update on Friday which detailed some recent indicators of Tron’s expansion. Sun tweeted:

“In the past 46 days, #TRON has welcomed another period of rapid development. During this time, our core data indicators as well as the entire #TRON ecosystem experienced significant growth. Here is an update for all #TRONICS.”

The update covers some of Sun’s own personal social media data, such as the number of his Facebook followers now exceeding two million. His Twitter followers exceed half a million – a number remarkable only for the fact that the account was created just last year.

Moving into the blockchain data, Tron made news recently for exceeding 1.3 million daily transactions – a number 119% that of the EOS blockchain. Accounts created on the Tron blockchain also crossed 600,000, which is 20% more than EOS despite the TRX chain being ‘younger’.

Since the mainnet upgrade (v.1.3) to activate the Tron Virtual Machine went live on October 8th, there have been 269 smart contracts created, and over 1.2 million ‘triggers’ of those contracts (undoubtedly partly fuelled by gambling apps).

Meanwhile, the Tron DEX which launched at the end of October has already seen 100 million TRX change hands. The DEX has seen an average of 1,650 daily users, as well as 26,000 daily transactions.

TRX Listed on FCoin

As per Justin Sun’s tweet on November 16th:

“#TRON will be listed on @FCoinOfficial, you can deposit and withdraw #TRX on November 19, 20:00 (SGT) and trade TRX/BTC, TRX/ETH, TRX/USDT on November 21, 20:00 (SGT).”

Deposits and withdrawals will begin on November 19th, and trading will begin in earnest on November 21st. TRX will find itself with two crypto pairings, as well as a stablecoin pair – TRX/BTC, TRX/ETH and TRX/USDT.

However, a quick glance at the FCoin exchange numbers reveals a platform which caters to nothing but transaction mining. Whether this will make itself felt on TRX’s market numbers (specifically volume), remains to be seen. One wonders what the benefits of having the coin listed on the exchange really are.

Since the bottom of Tuesday-Wednesday’s dip, TRX climbed from $0.017546 up to $0.019412 – a jump of 10%. Since the peak the surge levelled off, sending the coin back to the $0.191 range.

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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4.4 stars on average, based on 89 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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Analysis

Crypto Update: Coins Consolidate After Key Breakdown

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The cryptocurrency segment is still under the influence of this week’s key technical breakdown that carried several majors below crucial support levels. Bitcoin’s moves have been dominating the market in recent days, and as the most valuable coin formed a short-term bottom, the top coins entered a choppy consolidation phase, retracing some of their steep losses.

Ripple and Stellar continue to outperform the broader market from a technical perspective, and some other coins, like Ethereum and Monero are also holding up above their previous bear market lows, but the overall picture is still overwhelmingly bearish in the market. The total value of the coins is slightly above the $180 billion mark, but further losses are likely in the coming weeks, with all of the majors being well below the breakdown levels, confirming the move.                

BTC/USDT, 4-Hour Chart Analysis

Bitcoin found support near the $5350 price level even though it spiked as low as $5200 during the rout, while the bounce carried the coin up to $5650. The breakdown is clearly intact in BTC and our trend model remains on sell signals an all time-frames, with a test of the $5000-$5100 zone still being likely in the coming period.

Bitcoin faces strong resistance in the long-term zone near $5850, with further key levels at $6000, $6275, and traders and investors shouldn’t open new positions here, with the long-term downtrend clearly being intact.

XRP/USDT, 4-Hour Chart Analysis

Ripple overtook Ethereum in terms of market capitalization again, thanks to its relative strength this week, and the coin is still clearly holding up above the long-term support zone between $0.42 and $0.46.

That said, our trend model is still on a short-term sell signal, and given the bearish segment-wide trends traders shouldn’t enter new positions here, even as the coin will likely be among the leaders of the future rally attempts. Further support levels are found near $0.375 and $0.355, while resistance is still ahead at $0.51, $0.54, and $0.57.

Ethereum Holding Its Ground above Bear Market Low

ETH/USD, 4-Hour Chart Analysis

While Ethereum failed to recapture the $180 resistance level during the bounce, it also avoided a sustained move below the previous bear market low near $170, despite the spikes towards the $160 support. Ethereum short-term stability is a slightly positive sign, but without further signs of strength, the coin remains in a clearly bearish technical setup. With that in mind, traders and investors should still stay away from the coin, as odds still favor the continuation of the broader downtrend.

LTC/USD, 4-Hour Chart Analysis

Litecoin continues to trade below the $44 support/resistance level after the clear break to new bar market lows, and it remains one of the weakest major from a technical perspective. A move towards the next major support zone near $38 is likely in the coming weeks, even if a bounce up to the $47 level is in the cards. Litecoin is on sell signals on both time-frames in our trend model as well, with further strong resistance levels ahead at $51 and $56.

EOS/USD, 4-Hour Chart Analysis

EOS is hovering around the key support zone near $4.50 since a spike towards the bear market low near $4.30 during the steep selloff. The weak bounce didn’t change the technical setup, and the coin is still likely to fall below the previous low, as the declining long-term trend is clearly intact. Our trend model is on sell short-, and long-term trend signals, with strong resistance levels ahead at $5 and $5.35.

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 396 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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