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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

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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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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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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