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Cardano (ADA) EOS (EOS) Price Analysis – Both Bear Close Attention - Global Coin Report
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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

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Top 3 Crypto Trends That Might Go Big in Q2 2019

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crypto trends
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So far 2019 has brought a significant change to the crypto industry. Q1 of this year has seen the rise of the idea of IEOs, the crypto space has finally managed to shake off the bears, and numerous coins throughout the industry have seen their prices grow once again.

The latest rally happened only several weeks ago, and it allowed Bitcoin to surge up by $1,000. Most other coins followed in their own way, but the investors are now wondering what to expect out of Q2? The Q1 started off badly, but it ended up being extremely successful. The chances are that history might repeat itself in the second quarter, as there are some key trends that might point the way for the further development of the crypto market.

1. The rise of IEOs

Back in 2017 and early 2018, ICOs (Initial Coin Offerings) were everything that the crypto space was talking about. Their popularity allowed startups to raise billions upon billions of dollars. Soon enough, however, that ended in a pretty bad way. STOs (Security Token Offerings) emerged as an alternative that does not depend on trust, follows regulations, and it actually holds value. However, asset tokenization might still be in its early stages, and this is something that might come back at some point in the future.

In 2019, however, IEOs (Initial Exchange Offerings) started attracting the…

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The Crypto Space Once Again Divided Over Bitcoin SV

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Bitcoin SV
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The crypto community is a strong one, one that managed to bring digital currencies from nothing to an industry worth hundreds of billions of dollars. However, while its strength in this regard is undeniable, the crypto community can be just as fragile given the appropriate conditions. With that in mind, the conditions seem to have been set for a new divide, although the cause is once again the same — Dr. Craig Wright and his Bitcoin SV (BSV).

Craig Wright vs. the (crypto) world

Dr. Craig Wright, the chief scientist at nChain, and the creator of Bitcoin SV. has been a well-known and very controversial figure in the crypto industry. Wright was suspected of being Bitcoin’s creator several years ago, which is possible because no one knows who is behind the name ‘Satoshi Nakamoto.’

Wright was believed to be him, and one theory claimed that he and his friend were responsible for giving life to BTC. However, the theory quickly died out, but not before Wright seemingly liked the idea of assuming the mantle of Nakamoto. He himself started claiming to be Bitcoin’s mysterious creator ever since.

Of course, he managed to gather up some followers, but the majority of the crypto community — while confused — did not believe him. Luckily, there is no need for trust, and Wright should easily be able to prove that he…

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Are XRP and Ripple Going to Be Worth Anything by the End of 2019?

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Ripple
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One surprise recently was when XRP took over Ethereum’s long-held second place in the Market Cap leaderboards. It quickly went back to its traditional and respectable third place behind Ethereum, but it could be a sign of things to come.

XRP has a lot of clout in the market because of the platform it is based on, which is Ripple. A coin that is used for a very specific purpose and with a long term goal in mind is always going to fare better than others. Litecoin, Bitcoin Cash and others have come about because of disagreements in Bitcoin. Therefore they offer nothing except an alternative to Bitcoin as a pure cryptocurrency, while Ripple (and XRP along with it) has something tangible behind it.

Big Banks Back Ripple

Ripple was created in 2012 for a specific reason. It aimed to become a faster and more efficient method to transfer value between banks and countries. This value can be almost anything from currencies to other instruments. While initially, banks were cautious about investing in the company, recently they have been lining up. The crypto winter has helped with innovation int he industry and Ripple has benefitted immensely for it.

The various payment solutions based on Ripple such as xRapid and xCurrent are seeing a large uptake, and this is having an amazing effect on XRP as a whole.…

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