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Cardano Turning Bearish: Technical Analysis of ADA/USD

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Cardano
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The Cryptocurrency market has suffered ups and downs in the recent weeks with Cardano in particular, failing to gain momentum and declining heavily against both Bitcoin and the U.S. Dollar.  The majority of crypto analysts at large think that the ADA/USD pair, in particular, could continue to move down towards the $0.1300 mark. At the time of writing, (July 6th), Cardano was valued at $0.142949 USD and 0.00002195 BTC.

Major Points of Analysis for Cardano:

  1. The Cardano/US Dollar pair (ADA/USD) is trading in a bearish zone at the moment, reaching below the $0.1500 and $0.1450 Pivot Levels.
  2. ADA has failed to stay above the $0.1500 support mark, instead of declining sharply against the USD.
  3. According to Bittrex’s data feed, there was a slight break below a key bullish trend line. Support was at $0.1500 on the pair’s hourly chart.

Analysis of Price:

Major Support Level: $0.1350

Hourly MACD: Placed heavily in the Bearish Zone

Major Resistance Level: $0.1450

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Hourly RSI: Moving lower; currently below the 40 mark.

Throughout the duration of the day, Cardano’s price attempted to move above the $0.1600 resistance mark against the U.S. Dollar. However, the ADA/USD pair dropped below $0.1550, having failed to gain momentum. A break experienced below the 23.6% Fib retracement level of the last wave from a low of $0.1132 to a high of $0.1607. As a result, further losses below the $0.1500 support mark were experienced.

Another major break occurred below a key bullish trend line with a $0.1500 support on the hourly ADA/USD chart.  At the moment, the pair is trading well below the $0.1450 support mark as well as the 100 hourly simple moving average. Immediate support can be found near the FIB retracement level of the aforementioned last wave at the $0.1370 mark.

A possibility or risk of more losses can be found towards the $0.1300 support level. Cardano is in a lot of pressure as its price could move towards the $0.1250 mark if further decline continues.

Chart courtesy of tradingview.com

As evidenced from the chart above, Cardano’s price settled below $0.1450. However, the broken support at $0.1450 might act as a resistance if there is an upside move.  Major hurdles from buyers still remain with the $0.1500 level as well as the 100 hourly Simple Moving Average.

Final Thoughts

Cardano holders got a sign of relief as after the highs experienced in the past few days. Crypto analysts largely agree that traders should buy on Cardano pull-backs with tight stops at the lows of 13 cents (July 2).

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

DGB Price Prediction For 2018 and Beyond

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DGB price prediction
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With the crypto market being constantly bearish throughout this year, a lot of investors are having second thoughts about buying additional coins. While some large cryptocurrencies like Bitcoin or Ethereum can be considered safe investments, smaller coins like Digibyte (DGB) often receive a lot of doubt. This is why the DGB price prediction is necessary so that the investors can know what to expect.

DGB Price Prediction

DGB has had its ups and downs throughout this year, and at some point, it even went up by 70%. However, the constant bear market affected it just as much as numerous other cryptos. This has brought its value down to its current $0.025378 per coin. Some optimistic predictions from earlier dates saw the coin reaching as high a price as $9.20 by the year’s end. However, as we approach the date, it seems less and less likely that this DGB price prediction will come true.

The coin is generally seen as a profitable investment. As it is always the case with cryptocurrencies, they should be bought when their prices are down, so that a profit could be made when they spike up once more. Digibyte is no different, but it should be noted that investing in this coin means having patience. DGB is not among the coins that will make you rich overnight, and instead, it should be seen as a long-term investment.

Even though 2018 has been as…

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Altcoins

Why ZCash (ZEC) Is Heading to $10k

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ZCash
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Back in mid-May, the Winklevoss Twins made the headlines for embracing ZCash (ZEC) as one of its major digital assets on their groundbreaking Gemini exchange. When the announcement was made, ZEC rallied in the market by showing a 45% increment in value. The coin made it to $357 in a matter of hours.

Further assessing the currently available digital assets on the Gemini platform, we find that the exchange currently has USD pairings for only Bitcoin (BTC), Ethereum and ZEC. There is also additional pairings of ETH/BTC, ZEC/BTC and ZEC/ETH with plans to onboard Litecoin in the coming days.

Another thing to note is that the exchange also provides custodial services for institutional investors thus giving ZEC the much-needed exposure to the firms on Wall Street. Custodial services provide a guarantee that all digital assets on the platform are stored by a licensed entity thus extinguishing any cybersecurity concerns. For an entity to be licensed in New York for custodial services, the proper due diligence and research have been done.

Another thing that makes the Gemini exchange attractive and appealing to institutional investors, is that all USD deposits are insured by the FDIC. The latter entity is the Federal Deposit Insurance Corporation that provides insurance for USD deposits in American banks. This means that once again, the funds of individual and institutional investors are safe and insured, further making…

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Altcoins

Ripple XRP Mega Breakout: What’s Next?

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Ripple XRP mega breakout
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The Ripple XRP mega breakout that we were calling for happened and happened much quicker than anyone expected. As we said yesterday:

Nonetheless, IF, Ripple is capable of going ‘topside’ of the .38 figure at any point in the days/weeks ahead, such development, should it occur, would likely trigger its next advance into the .42 – .47 zone, representing a 30-40% move from present levels. On the flip-side, the .25 – .26 area should offer short-term potential support.

XRP is now sitting at .51704  as we write this article this morning, representing gains of 61% since we alerted our readers and our Global Elite email newsletter members.

Ripple XRP Mega Breakout

The Ripple XRP mega breakout is significant because it’s the first time XRP has been above its 50-day moving average since May. Right now, the RSI is approaching 80, so we are in overbought territory and we expect the price to consolidate around the .42 to .47 level before resuming its uptrend.

While some are looking at this as an opportunity to short XRP, we are not of that camp. While some can book some profits and use a trailing stop, any integration of XRP with xRapid has the ability to create a tremendous move in XRP. As Travis Kling said this week on the Off the Chain podcast with Anthony Pompliano, XRP could be the quickest five-bagger investors…

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