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EOS Litecoin (LTC) Price Analysis  — Fending Off the Attack

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EOS
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Recent action has reintroduced a sense of vulnerability for a number of large market cap coins, including the two that we are going to look closely at today – EOS and Litecoin (LTC).

After a month of strength and seeming resiliency in a number of different coins across the cryptocurrency complex, we have moved to a stage where many charts are beginning to probe key support levels that hold the potential to signal either a trapdoor and a swift break to new lows or a reaffirmation of sturdy support and the potential for a base from which to reverse course back to the upside.

This dynamic is apparent in the two charts below.

EOS

Price Analysis

  • High: $7.3171
  • Low: $6.9056
  • Major Resistance Level: $7.30
  • Hourly MACD: Rolling Over

EOS spiked lower last night to probe critical support at the $6.84 area. That support level held once again and drove the coin back up to reestablish itself above the $7 area.

If EOS is able to hold this zone of support and move back higher to test recent range highs, a powerful test of resistance lies above where we see a confluence between the 50-day and 200-day simple moving averages, both in place right around the $8.50 level.

In other words, if EOS is able to fend off sellers and maintain its recent support levels, and then reverse ground and move back higher, a massively important breakout potential could be just around the corner.

But it has to prove itself once again first.

Litecoin (LTC)

Price Analysis

  • High: $78.523
  • Low: $76.079
  • Major Resistance Level: $78.25
  • Hourly MACD: Rolling Over

Litecoin (LTC) has tested and reaffirmed key support in the $76.25 area 3 times in the past 36 hours. That represents a strong response to a tremendous amount of pressure.

If you pan back and look at the very long-term chart for Litecoin (LTC), the zone between $75 and $95 is a defining area. It first played important resistance back in August and September 2017. And then it played both resistance and then support in November and December 2017, acting as the trigger point for the massive breakout and run higher than we saw during the mania period to close out last year.

Now, it is playing both roles for the Litecoin (LTC) chart – with key resistance stepping in above the $90 area and key support stepping in below the $75 area.

During the recent range, we have seen bullish divergences in major oscillators such as the 14-day RSI, possibly pointing to a growing potential for this to turn into a meaningful base on a break back higher through that range resistance level, which would also represent a breakout above a declining 50-day simple moving average.

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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