Connect with us

Blogs

Cardano (ADA/Tether) Technical Analysis: Ride The Bull

Published

on

Cardano
READ LATER - DOWNLOAD THIS POST AS PDF

Cardano, along with most of the popular cryptocurrencies, hit its most recent low of the crypto bear market on or about the last week of March 2018. Since then the cryptocurrencies have been on a rebound that marks the first indication that the cryptocurrency market may be stabilizing, and once again turning bullish. However, one bounce off the bottom does not mark a reversal. Cardano bounced off its local lowest close of $.14266605 on March 29, 2018. Over the entire month of April, it has traded in a steady upward trajectory with very light dips to a high of $.38845159 on April 29, 2017, as displayed in Chart #1 below.

CHART #1: ADA/Tether Daily

Another notable attribute of the daily chart is the diminishing volume as price increases from the bounce off the low to the current price. An upward price movement of this type accompanied with increasing volume would be a strong long entry setup. This situation, as tempting as it may seem to enter long on the next dip, may be setting up for a short position. Chart #2 below displays a 60-minute price chart and delves into a more in-depth analysis that serves to confirm the upcoming retracement.

CHART #2: ADA/Tether 60-minute

Chart #2 included a moving-average convergence-divergence indicator (MACD). On the last two price swings for Cardano, the MACD indicator has accurately picked up convergence for the downward price swing and is currently displaying the price/MACD divergence pattern that the price action for Cardano is in the midst of completing. This price pattern, along with the diminishing volume is a very strong indication that the current upward price movement is about to “run out of steam.” This is a good short signal with a profit target of about a 50% retracement, from the low where the upward price move commenced, and a stop-loss of a 1-to-1 ratio or tighter.

Once the retracement begins, careful ongoing inspections of the volume patterns should be conducted. If the retracement stays at least 25% above the last local low of $.14266605, then the possibility that a genuine reversal is taking place becomes more realistic.  As the volume patterns begin to favor upside movements, and indicators begin triggering long entry setups, taking a long position will be a prudent move. Cardano is still priced very low at $.373398 in spite of the fact that it’s currently ranked #6 on the list of cryptocurrencies in terms of Market Capitalization with a market cap of $9.681Bil. It is also ranked 9th in terms of trade volume as of May 2, 2018. When the Crypto Bull Market returns, Cardano is well positioned to “Ride the Bull.”

For the latest cryptocurrency news, join our Telegram!

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 Mike Langhorst via Flickr

Chart courtesy of tradingview.com

Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

Published

on

collateralized debt position
READ LATER - DOWNLOAD THIS POST AS PDF

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…

Continue Reading

Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

Published

on

Hodium
READ LATER - DOWNLOAD THIS POST AS PDF

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…

Continue Reading

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

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…

Continue Reading

Elite