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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

HODLing Stellar Is A Good Plan For 2019

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HODLing
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HODLing, or holding on to a certain asset or assets has always been an extremely useful investment strategy, even before cryptocurrencies were even imagined. Now, with the market being more uncertain than ever, many are wondering what is the right thing to do with the coins in their possession.

Of course, things change depending on the coin in question, but today, we are going to talk about why it is a good idea to hold on to your Stellar (XLM) in 2019.

Why You Should Hodl Stellar (XLM)

The crypto market is rich with hundreds, and even thousands of different projects at this point, and separating valuable ones from those that are destined to slowly fade away can be tricky. However, even the biggest skeptics believe that Stellar is a coin that is here to stay.

XLM was first launched in 2014, and for a long time now, it has been among the top 10 cryptos by market cap. It is an open-source, decentralized protocol that allows users to send fiat currencies by using cryptocurrency as a method of transport. In a lot of ways, it is very similar to XRP. However, the biggest difference is that Stellar aims to offer its services to regular people, while XRP is more interested in working with banks and financial institutions.

Nevertheless, sending money, especially when it comes to cross-border…

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Altcoins

Reasons To Invest In Electroneum In 2019

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Electroneum
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2018 has been quite a rollercoaster for the crypto space. Coins went up and down more times than anyone could have guessed, not to mention two massive market crashes. However, in a few short weeks, the year will be over, and a new, positive period for the crypto world is expected to arrive.

While there are many predictions for 2019, today we are only interested in one thing — Electroneum (ETN). A lot of people quickly took notice of this coin, and many believe that it is among the coins of the future. Indeed, it has received a lot of attention, and many are interested in why that is, and why investing in it is a good idea. So, let’s take a look at a few reasons why you should invest in ETN in 2019.

1) It is fast

Speed and precision of any service have always been very important to people. This importance is even greater when making a profit depends on it. Electroneum developers were aware of this when they created it, and the coin is up to 5 times faster than Bitcoin. This means that ETN transactions can be confirmed much faster, which in turn reduces fees and waiting time.

Furthermore, there are also plans to create Electroneum Virtual Currency Exchange, which will allow the project to act as an exchange. However, the even…

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Bitcoin

SEC Postpones Bitcoin ETF Decision Once Again

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Bitcoin ETF
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The new announcement by the US SEC (Securities and Exchange Commission) states that the decision regarding the potential approval of several applications for a Bitcoin ETF (exchange-traded funds) is once again postponed. This time, the SEC declared that the decision will be made by February 27th, 2019.

The application requesting that VanExk SolidX BTC fund get s listed on Cboe BZx Exchange that was published on July 2nd needs to be given order by the commission within 180 days. Originally, the deadline for doing so was December 29th. However, the SEC decided to extend the period for another 60 days, effectively moving it to February 27th.

The SEC stated that designating a longer period for making a decision was found appropriate, as more time is needed in order to properly consider the rule change.

Cryptocurrencies need a sufficient monitoring mechanism, claims SEC chairman

Recent reports claim that the SEC received over 1,600 comments after requesting the public opinion regarding the ETF applications issue. In the past, the SEC rejected many such applications, some of which were even submitted by SolidX itself. In addition, they also rejected the applications submitted by Gemini, the exchange owned by Winklevoss twins. Brothers were attempting to gain ETF approval ever since 2013, although to no avail.

Other applications were also submitted by Direxion, ProShares, as well as GraniteShares. The SEC rejected them…

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