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Ethereum Classic is Sporting Green: ETC/USD Technical Analysis

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Ethereum Classic
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At the time of writing, all the top-20 ranked crypto coins were sporting a bearish trend. The only exception being Ethereum Classic, ETC/USD pair (as of 6th July 2018). The movement of ETC/USD, over past 72 hours, ETC has surpassed two major moving averages, the 55-day and 100-day moving average, and is continuing on the upward trend.

Ethereum Classic (ETC) is Going Up!

Chart courtesy of tradingview.com

Analysis of Price

  • High: $17.646 USD
  • Low: $17.305 USD
  • Major Resistance Level: $17.500 USD
  • Hourly MACD: Placed heavily in the Bullish Zone

As can be observed from the chart, at the time of writing, ETC/USD pair was sporting $17.646 USD (2.02%). The low, at the time of writing, shows $17.305 USD. If observed from the month of March, the price action of the said pair had been showing largely a bearish trend, like most other cryptocurrencies at that time. The Q1 of 2018 had seen massive bearish trends due to hacks of some cryptocurrency exchanges like Coincheck, and regulations brought in by several countries.

The CoinRail hack (occurred on 10th June) shows a sharp drop from low $14.922 USD on 9th June to low $12.731 USD on 10th June. The effect could also be observed among other top-ranked cryptocurrencies.

The green candles are indicating a buy momentum and the trend may follow for some time. The price may go down if there is news about another crypto exchange hack or if weaknesses are discovered by the investigative firms. Currently, the investigative firms are constantly keeping an eye on the exchanges, how they administrate, protect data, and handle any potential threats.

Coming back to the charts, the ETC/USD pair can currently be showing an uptrend as Coinbase has already announced that Ethereum Classic is going to be on the list. The listing is bound to generate some interest among the crypto enthusiasts and investors. Thus, one can expect it to have a major impact on the price action of the pair. As of now, as it is still uncertain when the listing will go live, the speculations are generating a little interest and pushing it towards Buy. The trend may continue if all goes well. Ethereum Classic is certainly exposed to volatility as the price of the pair continues to move around the 17.500 mark.

What is to be observed at the moment is whether the ETC/USD pair will break the 18.000 level and move closer to the $20 USD. From current observations, the price movement of ETC/USD is sporting the green quite strongly.

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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