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Crypto News: The Return Of FOMO

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As we start the last week of September off and the last week of the third quarter, the bull camp certainly feels like the sentiment has changed. Last week’s XRP mega breakout rally reminded everyone of why we loved crypto in 2017. XRP’s epic run from .27 to .80 in the span of a few days brought out plenty of XRP fanboys and haters. The haters are saying that the move proves that XRP is centralized and was a pump engineering by the folks at Ripple. The fanboys, on the other hand, touted the launch of xRapid and Coil that XRP is getting closer to real-world adoption. Whether you’re an XRP hater or fanboy, the clear reason why we pumped so hard is FOMO. FOMO is very powerful in crypto land and we are glad to see it’s still alive and well in the crypto verse. In our opinion, this is the biggest crypto news of the month – the return of FOMO.

XRP price action

In looking at the XRP price action, we remain bullish on XRP as long as it remains above the 200-day moving average, which is at about .53 on this chart. A close below here would be short-term bearish in our opinion. We expect XRP to consolidate around the 200-day moving average before going on its next run.

Bitcoin

Bitcoin needs to hold 6600 or else we will most likely dump to 6400. 6600 was previous resistance that we broke through last week. A drop below will put us back in the neutral zone of 6200 to 6500 that seems like purgatory for Bitcoin. The bears come out of hibernation and say that new lows are on the way and the pessimistic forecasts of $3k and lower starting hitting the headlines.

We do believe that sentiment has changed in the markets and that sentiment is favoring the bulls now. Last week, the market ignored the CVE vulnerability, which is not what a bear market does. In a bear market, any negative news drives prices lower and bullish news is overlooked. Likewise, in a bull market, negative news is ignored and bullish news keeps the momentum going.

Ethereum

Ethereum is the last one we can get bullish on. Matter of fact, if it wasn’t for XRP last week, ETH would probably be under $200 right now. ETH is only trading above its 20-day moving average right now and has the 50-day at 267. ETH is no one even close to its 200-day moving average, which signals to trend traders that the trend remains down and that rallies in ETH are to be sold. We are already witnessing this to start the week as ETH has sold off from 245 to lows of 231. A break below 230, which was prior resistance, and we will target 220 and below again.

Electroneum

Electroneum (ETN) is one of the more popular coins on Global Coin Report and matter of fact, our most popular article ever is on Electroneum. As you can see from the CoinMarketCap chart, ETN has been making a nice run in the last week.

My colleague Ali Qamar had this to say about why Electroneum is running:

Mobile micropayments are also at the heart of Electoneum’s goals, and the project recently released its mobile payment application, in a beta-testing stage. And it seems to be working very well as testers report good news from all over the world about the way the app works and delivers the service it’s supposed to do. All those good news are driving ETN’s price up.

Over on YouTube, Crypto Rich discussed Electroneum in further detail and has been a good source of information on Electroneum and interviewed CEO Richard Ells several times.

Bottom line

The best move right now is to watch closely and wait. Another pump is coming. When no one knows, but when it does, we will be ready.

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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. The author is long Bitcoin. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Charts courtesy of Trading View

Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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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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Can Libra help the crypto industry to reach new heights?

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Libra is motivated and determined to change the face of payment procedures across the globe and make the blockchain-based project the leaders of payments.
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The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.

From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.

What is Libra?

Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.

Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.

The development of…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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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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