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Cardano (ADA) EOS (EOS) Price Analysis – Both Bear Close Attention

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Cardano
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For traders and investors looking for advantageous and opportunistic timing in the cryptocurrency complex right now, the game is a very simple one: pay close attention, and it may pay off in the long term in a big way.

The justification for this view is exemplified well by both Cardano (ADA) and EOS. While these charts may look quite different at first glance, there are some similarities under the surface that we will explore. To make a long story short, the potential for a final purge and rebound that provides an extraordinary and low-risk opportunity in coins like these are growing by the day, and both of these coins bear close attention at present.

Cardano (ADA)

Price Analysis:

  • High: $0.134117
  • Low: $0.124657
  • Major Resistance Level: $0.14
  • Hourly MACD: Steady Downside Momentum

Chart courtesy of tradingview.com

Cardano (ADA) has begun to flash some very interesting signals, in technical terms, that traders should begin to appreciate at this point.

The pattern in Cardano (ADA) is something of a bearish trend tempered by the potential for seller exhaustion at current levels.

As the process of a bearish trend plays out, one may think of this as something like the process of exhausting a supply of fuel. In this case, the fuel for a bear market is “potential sellers”. As should be intuitively clear, a technician’s job in a potentially late-stage bear market trend is to monitor the market for signs that possibly signify that the market is running out of that fuel.

In this case, Cardano (ADA) has been testing important support established originally in mid-March around the $0.12 level, which is being either reaffirmed or retested in recent action with a break slightly back underneath that level toward the end of last month.

The lows at that time were accompanied by what verged on new possible all-time lows in the print for the 14-day RSI in Cardano (ADA).

At this point, the number one signal to suggest the possibility of an exhaustion of sellers, and the further possibility of a low-risk, high-probability longside entry set up, would be a divergence in the RSI indicator on a slightly lower low in coming action in July.

In other words, if you see Cardano (ADA) move down perhaps to test the dime level in US dollar terms, and as it does so, we see an RSI score that is above the levels printed in late June, and then we see a following move to rebound back above the levels seen over the last month – perhaps to test the $.15 level – that may work spectacularly well as a signal about an important inflection in the trend that has been defining this market.

EOS (EOS)

Price Analysis:

  • High: $7.4110
  • Low: $6.7500
  • Major Resistance Level: $9.00
  • Hourly MACD: Steady Downside Momentum

Chart courtesy of tradingview.com

EOS provides us with an interesting contrast to the pattern we just reviewed above in Cardano (ADA). This coin has actually been far more bullish over the past year in many ways, however somewhat more worrisome in the past 48 hours.

This is important to monitor closely at this point because we are in fact seeing the possibility of a break underneath a long-term bullish trend line that has defined this chart since last October.

With its low in late June – put in place around the $7 level – EOS signaled a potentially sustainable low given that it was checking a longer-term support line, holding the level, and then moving back higher.

At this point, however, we are starting to see weakness reemerge and substantiate the premise that the bearish momentum in the trend that defines EOS since it’s late April highs may have further to go, with the potential for retest of levels last seen in late March and early April, around the $4-$5 zone.

However, our premise here is that we are in the latter stages of bearish momentum for the crypto complex as a larger asset class phenomenon. This suggests that downside breaks of support may be precisely the most important times to be watching coins like EOS like a hawk as it may prove, in retrospect, to represent a very powerful long side opportunity.

Keep a close eye on this one if and when it moves below its recent levels.

Happy Trading!!

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Charts courtesy of tradingview.com

Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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