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

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Cardano
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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.”

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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 Mike Langhorst via Flickr

Chart courtesy of tradingview.com

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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coins
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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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