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EOS Litecoin (LTC) Price Analysis – A Test of Faith

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Litecoin
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In any emerging trend, there will always be moments that represent a “test of faith” – when the initial believers are forced to face up to the reality of uncertainty that defines any market position.

In this case, in the trend that got started to the upside in many cryptos earlier this month, we are now facing one such moment with the SEC stepping in to definitively reject the Winklevoss Bitcoin ETF application.

Now, we will get that most valuable of gifts to a chartist: the reaction. For EOS and Litecoin (LTC), this may well be extremely telling.

EOS (EOS)

Price Analysis:

  • High: $8.33
  • Low: $8.11
  • Major Resistance Level: $10.00
  • Hourly MACD: Consolidation

    Image courtesy of tradingview.com

Ever since finding resistance in the $22 area back in late April and early May, EOS has been steadily absorbing losses until finding double bottom support near the $7 area in late June and mid-July.

However, the tone for EOS – along with the rest of the cryptocurrency complex – has decidedly shifted since the middle of this month in a manner that forces us to rethink many of our basic technical biases surrounding this market at present.

Chief among our concerns with EOS at this stage must be its relative weakness when compared with several other outperforming large market cap coins over the past couple of weeks.

However, those concerns would abate significantly were we to see this coin breakout above its major moving averages and challenge the $10 level following the dip that we have seen across the complex over the past few hours.

Not only would that reaffirm support and the notion of an important double bottom now technically in place in the charts, but it would lend more credence to the notion that EOS is continuing to fill the role of a potential “phase 3 coin”.

Litecoin (LTC)

Price Analysis:

  • High: $83.49
  • Low: $82.74
  • Major Resistance Level: $92.00
  • Hourly MACD: Lateral Range

Chart courtesy of tradingview.com

If you focus closely on the action in Litecoin (LTC) over the past month, you might see a lateral trading range with little or no upside in the works, despite a broad-based rally among many leading coins over the last two weeks.

However, this may be missing the forest for the trees. The fact of the matter is this: we have seen a number of very sharp rallies in LTC during that period – moves significant enough to make more than a major impact on a trader’s fortunes.

For example, the rally we saw right dead in the middle of this month in LTC pushed the coin higher by nearly 30% in under 48 hours. This is obviously nothing to sneeze at.

At this point, to suggest something more powerful may be in the works, we would need to see a break back above the $90 level and an increase in volume to support the notion that strong-handed and deep-pocketed money was beginning to move back in and challenge the pre-existing tone for Litecoin (LTC) in place so far this year.

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

KaratGold Proves Its Business Model By Providing Official Documents

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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…

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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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