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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

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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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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