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IOTA Cardano (ADA) Price Analysis: Waves and Patterns

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IOTA
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When we presented our analysis last week, we suggested that some coins were more technically vulnerable while others would be tough to break down. The two coins we have on tap for today’s analysis – IOTA and Cardano (ADA) – represent one of each of these classes.

But, as many long-time HODLers know, when it rains it pours. No matter which class you have been in, the action over the past few days has been blood red. Now, it’s time to take a look at what comes next.

IOTA

Price Analysis

  • High: $0.65276
  • Low: $0.60641
  • 24-Hour Volume: $70.50M
  • 7-day Percent Change: -30.2%

Chart courtesy of tradingview.com

As noted above, IOTA represented one of the most technically vulnerable coins to us in our analysis last week. The key here was the very clear descending bearish triangle that had come into place on the charts since late June.

IOTA began creeping down towards what is known as the bearish trigger line earlier this month. When that trigger line snapped, we saw some gyrations and, ultimately, down the drain it went.

As technical analysts are fond of saying, prior support becomes new resistance. All that really means is this: if we see a bounce, it may be awfully difficult for IOTA to climb back above the $0.90 level.

That said, those hanging onto this one would be awfully glad to even get the chance to watch it fail at that level at this point. Principal support in place right now in this chart is at the $0.60 level. A break underneath that could really empty things out for IOTA.

Cardano (ADA)

Price Analysis

  • High: $0.11578
  • Low: $0.11277
  • 24-Hour Volume: $79.04M
  • 7-day Percent Change: -16.59%

Chart courtesy of tradingview.com

Cardano (ADA) had been trading with at least a mild degree of relative strength during the majority of trading in June.

However, once things rolled over, clear support levels such as the coin’s 50-day simple moving average were taken out relatively easily.

The decline that we have seen off of the July highs in Cardano (ADA) is now a relatively clear Elliott wave impulse formation, separated into five waves that may be nearing completion or already completed.

That meshes well with our read of support, which comes in at the June lows at a pivot around the $0.11 level. We splashed below that briefly yesterday in ADA, but are trying to claw back now into positive territory. If we get some momentum coming on the upside, look for the $0.13 level to provide resistance.

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

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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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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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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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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