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Cardano and Stellar Lumens Technical Analysis: The Latest Scenarios

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Cardano
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As the downward movement of the entire cryptocurrency market continues for the rest of the week, both Cardano (ADA) and Stellar Lumens (XLM) are struggling to reach their respective resistance points and are slightly on the bearish side of the trend. At the time of writing (12th July 2018), Cardano holds the eighth position on Coinmarketcap whereas Stellar Lumens is just one step ahead securing the seventh position. Below, you would find out the most recent price analyses of both of them against USD to have an idea about their future.

Cardano (ADA/USD)

Price Analysis:

  • High: 0.131508 USD
  • Low: 0.127146 USD
  • Major Resistance Level: 0.14 USD
  • Hourly MACD: Placed slightly in the sell zone.

Chart courtesy of tradingview.com

The price of this cryptocurrency is now veering around the $0.12 mark and following a downward trend. However, by applying tools like Fibonacci retracement, we can observe an indication of trend reversal very shortly. The difference between the moving averages is also gradually decreasing which also indicates the very same fact. The relative sell index (RSI), however remaining in the similar position might change the hourly MACD with its upward movement and bring the currency back to the buying zone. Also, Cardano has been in an advantageous position in comparison with Bitcoin for the most part of this week which provides it the edge required to change its current trend. If the moving averages continue to get closer, it will be just a matter of time that the red candles of bearish trend would change into green bullish ones.

Stellar Lumens (XLM/USD)

Price Analysis:

  • High: 0.1899279 USD
  • Low: 0.1860386 USD
  • Major Resistance Level: 0.2200000 USD
  • Hourly MACD: Placed slightly in the sell zone.

Chart courtesy of tradingview.com

Stellar Lumens is sitting at the $0.187256 mark which still indicates a bearish trend with a decrease of 0.41% from its previous figure. Besides the US Dollar, XLM is also following a downward trend when compared to Bitcoin. Throughout this week, XLM has been trying to reach its resistance of 0.2200 USD mark. A few hours earlier, it got immensely close to that figure but rejected and came down below $0.18 mark with an RSI of 37.212. However, at this moment the value of the RSI is slightly on the higher side which might be a good omen for the traders across the globe. Similar to Cardano, the difference between the moving averages is also decreasing which might indicate a reversal in the current bearish trend. As per the breaking point in the upper trend line of the previous analysis, the bulls were defending the downward movement of the price from a psychological perspective and depending on the market sentiment.

The development team of XLM has been working hard in order to change the current scenario. On 10th July, this currency announced their support for a new start-up named London Football Exchange. Several partnerships and listings are still on the way for this currency which could change its market sentiment.

Based on this information, it can be inferred that despite the fact that both of these digital coins are slightly on the bearish side, a strong bull run is right in the corner.

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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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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gambling dApps
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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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7 Steps to Recovery from a Crypto Trading Loss

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crypto trading loss
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Whether you are a newcomer to the crypto market who mistakenly invested a large amount into the wrong coin, or a professional that made a well-researched decision and something still went wrong, the result it the same — you lost your money to the crypto market. This is a big problem, but also a problem that every crypto trader faces at some point.

The reason may be anything, from simple bad luck to the lack of research. Add to that the fact that the crypto market continues to be extremely volatile, and it is clear that not all of your trades are going to end up successfully.

Whatever the reason is, the fact remains that you experienced a loss and that this is a problem which can affect more than your funds. It can also affect your mind and feelings. Since every successful trade that you have the potential to make in the future depends on you, you have to recover first, and only then should you worry about the funds.

The road to recovery is different for everyone, and it will take a different amount of time and effort. However, there are a few general steps that you can take to recover from a crypto trading loss.

Step 1: Stop and calm down

You have just suffered a major loss. It may have been your mistake, or…

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