Connect with us

Blockchain

Top-5 Cryptos This Week: BCH, BSV, ETC, EOS, ATOM

Avatar

Published

on

Top-5 Cryptos This Week: BCH, BSV, ETC, EOS, ATOM

Swiss finance minister and outgoing president Ueli Maurer believes that one of the most ambitious crypto projects of 2019, Facebook’s Libra stablecoin, will not be accepted by regulators in its current form. Though Libra has not seen the light of the day, it has forced a number of central banks to take cryptocurrencies seriously.

China could be one of the first developed nations to launch a central bank digital currency. Though cryptocurrency trading is banned in China, the regulators are worried about its comeback. The Chinese government wants to ensure that the digital form of yuan, when launched, does not face competition from cryptocurrencies. Hence, the Chinese securities regulators have urged authorities to stifle any resurgence of cryptocurrencies.

Crypto market data weekly view. Source: Coin360

Crypto market data weekly view. Source: Coin360

The United States stock markets usually rally in the last five trading days of the calendar year and the first two days of the new year. The rally during this period is popularly called as Santa rally. This year, both gold and the U.S. stock markets have been strong in the past few weeks while the crypto markets have failed to pick up steam. Peter Schiff was quick to point this out. However, he conveniently omitted that Bitcoin has hugely outperformed both the US stock markets and gold in 2019.

As the year comes to an end, do we find any promise in the top performers of the past seven days? Can they extend their rally in the new year? Let’s find out.

BCH/USD

Bitcoin Cash (BCH) has rallied close to 13% in the past seven days and has turned out to be the best performer among major cryptocurrencies. Do we spot a trend reversal and a buying opportunity? Let’s study the chart.

BCH USD weekly chart. Source: Tradingview

BCH USD weekly chart. Source: Tradingview

The BCH/USD pair has been trading inside the $227.01 to $192.52 range for the past few weeks. Though bears broke below $192.52 in the past two weeks, they could not sustain the lower levels, which shows that bulls are using the dips to buy.

The current attempt to bounce might face minor resistance at $227.01. However, if the bulls can scale the price above it, a move to $306.78 will be on the cards. The traders can buy on a close (UTC time) above $227.01 with a stop below $190.

The 20-week EMA at $240 and 50-week SMA at $266 might offer some resistance but we expect them to be crossed. Our bullish view will be invalidated if the pair turns down from $227.01 and plummets below $192.52.

BSV/USD

Bitcoin SV (BSV) has been the second-best performer in the past seven days with a rally of about 12%. There does not seem to be any specific news that has triggered the up move. So, will this relief rally fizzle out or does it signal the start of a new uptrend? Let’s find out.

BSV USD weekly chart. Source: Tradingview

BSV USD weekly chart. Source: Tradingview

The BSV/USD pair is attempting to bounce off the critical support at $78.506, which is a positive sign. It shows that bulls are using the dips to buy. The relief rally might face resistance at the downtrend line and above it at the moving averages, located just below $113.96.

If the bulls scale the price above the moving averages, a rally to $155.38 is possible. Conversely, if the price turns down from $113.96, the pair might remain range-bound for a few more weeks.

The traders can initiate long positions on a close (UTC time) above the downtrend line with a stop below $77. The target objective is $155.38 but if the bulls struggle to push the price above $113.96, the positions can be closed.

ETC/USD

Ethereum Classic (ETC) was the third-best performer among major cryptocurrencies with a rally of over 10% in the past seven days. The community seems to be getting excited about the upcoming Agharta hard fork that intends to make ETC fully compatible with Ethereum (ETH). Will the altcoin bottom out on this news and start a new uptrend? Let’s analyze its chart.

ETC USD weekly chart. Source: Tradingview

ETC USD weekly chart. Source: Tradingview

The ETC/USD pair has held the critical support at $3.40 for the past five weeks, which is a positive sign. It indicates accumulation by the bulls at lower levels. Currently, the bulls are attempting a rebound off the support.

Both the moving averages have flattened out and the RSI is gradually climbing towards the center, which suggests that the selling pressure has reduced. Still, the bounce might face a minor resistance at the moving averages. If the bulls can scale the price above the moving averages, a rally to $7.6 and above it to $10 is possible.

As the risk to reward ratio is attractive, traders can buy 50% of the desired position at the current levels and keep a stop loss below $3.30. Remaining 50% of the position can be added on a close (UTC time) above the 50-week SMA. Our bullish view will be invalidated if the pair turns around from the current levels and plummets below $3.30.

EOS/USD

Block.one, the firm behind the EOS blockchain and token has proposed a change to its current network resource allocation system. Under the new proposed system, the users will have to rent network resources.

The company believes that the transition will “remove the influence of speculative markets over resource pricing. Introducing a rental market with pricing based on overall resource utilization will make resource allocation more predictable and reliable for the community.”

EOS USD weekly chart. Source: Tradingview

EOS USD weekly chart. Source: Tradingview

The EOS/USD pair has been trading between $2.8695 and $2.4001 for the past few weeks. Though the bears plummeted the price below the range, they could not sustain the lower levels. This is a positive sign as it indicates demand at lower levels.

The current bounce can reach $2.8695, above which a move to the downtrend line is possible. In the past few months, the pair has repeatedly turned down from the downtrend line. Hence, we anticipate the bears to defend it aggressively.

A breakout of the downtrend line will signal that the bulls are back in action. Above the downtrend line, a move to $4.8719 is possible. However, if the price again turns down from the downtrend line, the bears will attempt to sink the price below $2.5804. We will turn positive after the price sustains above the downtrend line.

ATOM/USD

This is the fourth time in the past five weeks that Cosmos (ATOM) has been among the top performers. This shows that the bulls continue to back it. Can it build on its strength in the new year?

ATOM USD weekly chart. Source: Tradingview

ATOM USD weekly chart. Source: Tradingview

The ATOM/USD pair completed a cup and handle pattern when it closed above $4.4389 on Dec. 15, which triggered our buy recommendation given in an earlier analysis.

However, the bulls could not build up on the breakout as we had expected and the price again dipped back to $3.5621. We like the way the bulls again bought the dip close to $3.5 levels. This shows that the bulls are accumulating on dips.

The price has again reached close to the overhead resistance at $4.4389. If the bulls can sustain the price above $4.4389, a rally to $6.9677 is likely. Therefore, traders can retain the stop loss on the long position at $3.40. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Published at Sun, 29 Dec 2019 15:47:00 +0000

Continue Reading

Big Data

Know About the Emerging Uses for Blockchain Technology

Avatar

Published

on

The technology which started with cryptocurrencies like Bitcoin has emerged and gained full potential and is spreading immensely in the other industries too.

Yes, you are right “Blockchain Technology” is what we are talking about. Blockchain is the distributed, decentralized, and virtual ledger, which is capable of logging all digital transactions like verifying and recording without the requirement for the financial intermediary. In simple terms, it’s a new way of logging information and/or transmitting funds.

Many firms have adopted blockchain tech to drive the get better transparency across the digital information ecosystem. The popularity of Bitcoin gave rise to this technology application in various other industries. Let’s look at the innovative ways where the firms are using the power of blockchain.

The Blockchain Technology comes in particularly handy and also has great potential to monitor supply chains. By eliminating the paper-based trials, the business could easily point out the inefficiencies within their supply chains more effectively and quickly. They can also locate the items in real-time. Not just this, this technology also enables businesses as well as consumers to view how the products performed in terms of quality. This decreases the fraud and also increases the transparency and authentication among the transactions.

The blockchain tech is best used for transferring funds from one party to another. The role of banks will be eliminated here and there will ongoing 24/7 validation of transactions. This technology offers transactions to be processed at high speed i.e., within seconds the transactions take place and are totally secured too.

This technology has helped retailers highly to revolutionize the retail experience by offering gift cards and other loyalty rewards. By making a token-based system, which rewards consumers, and storing those tokens within a blockchain, will incentivize the customers to return to the specific store for their shopping needs. There are only fewer middlemen are required to process the issuing of cards and sales transactions, this will result in fraud prevention as well as the wastage that is caused by cards and papers. This also a cheaper, efficient, and secured way for the loyalty rewards programs.

The enhanced levels of this technology will also offer unique verification capability and eliminates illegitimate users from getting stolen accounts.

The blockchain tech applications can enhance the track, record, transfer the land or property titles, liens, and more, and supports to ensure that all the documents are accurate and verifiable. Another major benefit is to remove paper completely out of the equation. Instead, of using paper this technology will store the titles in its network, this results in the transparency of any kind of transfers. One can expect that the legal ownership is totally crystal-clear.

Globally, the medical sector has already shifted from using paper, especially for recordkeeping needs. The Blockchain Technology gives the best convenience and extra safety. Not just storing the patient records, the patient will have the key access to these digital records and will be in control of who to give access to that information. This is the best way to safeguard the patient’s privacy.

The cloud computing services need huge computational resources as well as data storage capacity that can be inefficient while launching IoT products. With the help of the blockchain, they can get more decentralized cloud services, better security, enhanced connectivity, and better computational power. The blockchain cloud storage solutions enable wide protection so there will be no data loss, less prone to attacks, which causes damage.

The blockchain offers complete potential when it is combined with other technologies and applied in the real world.

Image Credit: https://www.enterpriseedges.com/wp-content/uploads/2018/12/Blockchain1.jpg

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://datafloq.com/read/the-impact-blockchain-technology-banking-sector/14561

Continue Reading

Blockchain

LEO Technical Analysis: Watch Support Level of $3.14 to Confirm a Bearish Trend

An important level in LEO to look for if a sell-off continues in the market is $3.31. It can take support at this level if it breaks this price then the support level would be $3.14 on the daily chart. It will confirm a bearish trend post this level.

Avatar

Published

on

Table of Contents

Rate this post

UNUS SED LEO (LEO) is a token used all around the iFinex system. It helps users in cutting down the trading fees. The token is bought back monthly to ensure none are left in the market. Transparency is offered to the crypto community and can ensure if it is meeting targets or not. The LEO technical analysis is as follows:

Past Performance 

LEO has been trading between $2.47 and $3.59 in the past seven days. It touched its all-time high on 10th May. It is currently down by 2.93% from its ATH.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/05/leo-technical-analysis-watch-support-level-of-3-14-to-confirm-a-bearish-trend.png

Link: https://zephyrnet.com/wp-content/uploads/2021/05/leo-technical-analysis-watch-support-level-of-3-14-to-confirm-a-bearish-trend.png

Day Ahead And Tomorrow

In the past 24 hours, LEO has traded between the range of $2.91 and $3.59, making a change of 18.36%. This shows how the chart followed the uptrend and hit an all-time high.

READ  Hype Race – Initial Exchange Offering Battle?

The 90-day low of LEO was $1.38 and the rally continued to hit ATH.

MACD line and signal line have also followed the trend. Picked up the pace along with a bull run. Now they seem ready to draw back from the positive zone. The signal line is getting ready for a crossover and once it crossover from below, we might see a pullback.

RSI being a leading indicator shows trend reversals. RSI is currently hovering around the overbought zone and is trying to enter back. Moreover, RSI suggests taking a short position at this level. The RSI movement towards the oversold zone will confirm the bear trend for us, and it might continue for some time.

LEO Technical Analysis

Even Bitcoin is currently facing a sell-off in the market. We might see a sell-off for the rest of the day in altcoins as well. An important level to look for if a sell-off continues in the market is $3.31. It can take support at this level if it breaks this price then the support level would be $3.14 on the daily chart. Hence, it will confirm a bearish trend post this level.

READ  High-frequency Trading Company Jump Trading Invests in Token Platform Chiliz

#LEO #UNUS SED LEO

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/leo-technical-analysis-watch-support-level-of-3-14-to-confirm-a-bearish-trend

Continue Reading

Blockchain

LEO Technical Analysis: Watch Support Level of $3.14 to Confirm a Bearish Trend

An important level in LEO to look for if a sell-off continues in the market is $3.31. It can take support at this level if it breaks this price then the support level would be $3.14 on the daily chart. It will confirm a bearish trend post this level.

Avatar

Published

on

Table of Contents

Rate this post

UNUS SED LEO (LEO) is a token used all around the iFinex system. It helps users in cutting down the trading fees. The token is bought back monthly to ensure none are left in the market. Transparency is offered to the crypto community and can ensure if it is meeting targets or not. The LEO technical analysis is as follows:

Past Performance 

LEO has been trading between $2.47 and $3.59 in the past seven days. It touched its all-time high on 10th May. It is currently down by 2.93% from its ATH.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/05/leo-technical-analysis-watch-support-level-of-3-14-to-confirm-a-bearish-trend.png

Link: https://zephyrnet.com/wp-content/uploads/2021/05/leo-technical-analysis-watch-support-level-of-3-14-to-confirm-a-bearish-trend.png

Day Ahead And Tomorrow

In the past 24 hours, LEO has traded between the range of $2.91 and $3.59, making a change of 18.36%. This shows how the chart followed the uptrend and hit an all-time high.

READ  Justin Sun Announces Three New DeFi Products

The 90-day low of LEO was $1.38 and the rally continued to hit ATH.

MACD line and signal line have also followed the trend. Picked up the pace along with a bull run. Now they seem ready to draw back from the positive zone. The signal line is getting ready for a crossover and once it crossover from below, we might see a pullback.

RSI being a leading indicator shows trend reversals. RSI is currently hovering around the overbought zone and is trying to enter back. Moreover, RSI suggests taking a short position at this level. The RSI movement towards the oversold zone will confirm the bear trend for us, and it might continue for some time.

LEO Technical Analysis

Even Bitcoin is currently facing a sell-off in the market. We might see a sell-off for the rest of the day in altcoins as well. An important level to look for if a sell-off continues in the market is $3.31. It can take support at this level if it breaks this price then the support level would be $3.14 on the daily chart. Hence, it will confirm a bearish trend post this level.

READ  LEO Bullish with Intermittent Price Pullbacks – Technical Analysis

#LEO #UNUS SED LEO

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/leo-technical-analysis-watch-support-level-of-3-14-to-confirm-a-bearish-trend

Continue Reading

Blockchain

Bitcoin May Continue to Face Headwind after Plunging to $53,500

Avatar

Published

on

Bitcoin, the world’s largest cryptocurrency, plummeted to as low as $53,500 at 8:00 UTC on May 11. Currently, its price has relatively rebounded. At the time of writing, Bitcoin bulls are not strong enough to defend the $55,000 support level and BTC is trading at $54,727.

According to Coinmarketcap, Bitcoin (BTC) decreased by 6.48% during the sell-off within 24 hours. At the same time, other mainstream currencies also suffered losses. After breaking through the $4,000 mark and hitting an all-time high of $4,209, Ethereum quickly fell back below $4,000, touching $3,665 momentarily.

Ethereum is currently down by as much as 8%, operating around the price of $3,800. Dogecoin dropped 16.87% in 24 hours and is trading at $0.4525.

The three major indexes of the US stock market as a whole suffered major losses yesterday. The soaring commodity prices have triggered concerns about global inflationary pressures in the market. Nasdaq Composite index fell by 2.55%, led by a plunge in Tesla, down by 6.44%.

The U.S. S&P 500 lost 1.04% Monday, while the Dow Jones Industrial Average performed relatively better, down only 0.10% to close the day.

Source:BTC/USD 4-hour via TradingView

Bitcoin’s price has fallen below the Exponential Moving Average ribbon. However, the current bull market will not end as the majority of altcoins hit new highs, indicating that investor sentiment is still positive towards the cryptocurrency market.

The data shows that Bitcoin whales have accumulated a large number of positions between $54,000 and $58,000.

Bitcoin whale refers to any wallet holding 10,000 BTC or more of Bitcoin.

Source: Whalemap

According to data from the on-chain data provider Whalemap, the lowest concentration of Bitcoin whales is around $52,000, with a total of 45K BTC. Existing whale behaviour indicates that $52,000 may be the current floor price of Bitcoin.

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/analysis/bitcoin-may-continue-face-headwind-plunging-53-500

Continue Reading
Private Equity21 mins ago

TPG sells Brazilian electricity transmission platform to OTPP after three year hold

Start Ups45 mins ago

Antwerp-based traveltech startup Live the World lands €300K in pre-seed funding

Big Data55 mins ago

Know About the Emerging Uses for Blockchain Technology

AR/VR1 hour ago

Immersive LBE Virtual Reality experience ‘War Remains’ comes to National WWI Museum and Memorial this month

Blockchain1 hour ago

LEO Technical Analysis: Watch Support Level of $3.14 to Confirm a Bearish Trend

Blockchain1 hour ago

LEO Technical Analysis: Watch Support Level of $3.14 to Confirm a Bearish Trend

Start Ups1 hour ago

Zencargo, a London-based digital freight forwarder, raises €35 million

Business Insider1 hour ago

Dymax Introduces 9906-AA Low-Shrinkage Cationic Epoxy for the Asia Active Alignment Market

Business Insider1 hour ago

TuSimple Reports Receiving 6,775 Orders For Its Self-Driving Electric Truck

Business Insider1 hour ago

Bella Aurora launches its first treatment for white patches on the skin

Semiconductor1 hour ago

Understanding Optical Inspection For CIS

CNBC1 hour ago

What’s on TV this week: ‘Mass Effect,’ ‘Love, Death & Robots’ and ‘Castlevania’

Semiconductor1 hour ago

In-Chip Sensing And PVT Monitoring: Not Just An Insurance Policy

Semiconductor1 hour ago

Chip Monitoring And Test Collaborate

Semiconductor1 hour ago

Testing AiP Modules In High-Volume Production

Semiconductor1 hour ago

Testing Analog Circuits Becoming More Difficult

Automotive1 hour ago

Chasing Test Escapes In IC Manufacturing

Semiconductor1 hour ago

Cryostats Enable Astrophysics Research

Semiconductor1 hour ago

Acoustic Metrology for Fine Pitch Microbumps in 3DIC

Semiconductor2 hours ago

FPGA Prototyping: Supersizing Scale And Performance

Business Insider2 hours ago

Society for Information Display Unveils 2021 Display Industry Award Winners

Business Insider2 hours ago

Clean Air Metals Provides a Corporate Update Including Payment of $1.5 million to Panoramic Resources and Commencement of Environmental Baseline Data Collection

Business Insider2 hours ago

Clean Air Metals Provides a Corporate Update Including Payment of $1.5 million to Panoramic Resources and Commencement of Environmental Baseline Data Collection

Business Insider2 hours ago

Clean Air Metals Provides a Corporate Update Including Payment of $1.5 million to Panoramic Resources and Commencement of Environmental Baseline Data Collection

Business Insider2 hours ago

Clean Air Metals Provides a Corporate Update Including Payment of $1.5 million to Panoramic Resources and Commencement of Environmental Baseline Data Collection

Business Insider2 hours ago

Clarity Gold Acquires Strategic Surface Rights Over the Destiny Project in the Abitibi Region

Business Insider2 hours ago

Clarity Gold Acquires Strategic Surface Rights Over the Destiny Project in the Abitibi Region

Semiconductor2 hours ago

A Novel Memory Test System With An Electromagnet For STT-MRAM Testing

Blockchain2 hours ago

Bitcoin May Continue to Face Headwind after Plunging to $53,500

Blockchain2 hours ago

Chainlink (Link) Price to Hit the 3 Digit Mark by End of the Year

Trending