As we have discussed at length, the crypto complex as a whole has been seeing a revival of sorts over the past several weeks. This is true in terms of sentiment, emotion, search prevalence, coin action, and relative positioning in the importance hierarchy of financial news.
For our purposes, we’re most interested in the technical action, because that’s where we see the purest signals.
- High: $1.04
- Low: $0.98
- Major Resistance Level: $1.25
- Hourly MACD: Emerging Upside Momentum
IOTA has been a decisive laggard over the past two weeks. During a time when the majority of large market cap coins have moved up anywhere between 20-75%, IOTA has stayed flat or even declined.
This is certainly not what you want to see from a solid “phase 3 coin” candidate, but it doesn’t necessarily mean bad things are still to come.
While we haven’t seen explosive upside from IOTA, what we have seen is still compelling in its own right – the coin has twice more held key support at the all-important $0.90 level, which was built into place as an important level in early April.
The next step toward repairing this relative weakness situation would be a break back above the $1 level and above the mid-July highs where we see key resistance around $1.25.
- High: $0.03768
- Low: $0.03715
- Major Resistance Level: $0.040
- Hourly MACD: Emerging Upward Momentum
Tron (TRX) continues to exhibit some extremely interesting signals, despite the fact that, like IOTA, it has been something of a relative weakness story over the past two weeks.
The range of support that is most interesting here is strongly defined by the coin’s mid-July lows at the $0.03 level.
We just saw a higher-low come into place for TRX to avoid a retest of that level this week, leading us to believe that a retest of the mid-July highs around the $0.045 level could be in the works.
That would represent a key bullish break above a major moving average and the possibility of generating a retest of what is clearly the primary resistance level this chart has dealt with over the past six months at the $0.055 level.
Above that, the sky could be the limit for TRX.
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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.
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Charts courtesy of tradingview.com
XRP Surges By 8% In A Surprise Bull Run
The new price surge that surrounded almost the entire crypto market brought quite a pleasant surprise for XRP holders, as Ripple grew in price by over 8% in the last 24 hours. In fact, XRP managed to achieve a price surge equal to that of Ethereum as of this morning.
While the third largest cryptocurrency is still quite behind ETH when it comes to market cap, many believe that it is only a matter of time before XRP regains its former glory. With that being said, a lot of people are still more than pleased with seeing Ripple climbing back to more stable levels, especially after a big price drop that hit the coin last week.
The new hike up allowed XRP to climb back to $0.446322. While this is still low when compared to its highest point in the last week ($0.52), the coin still seems to be well on its way to recovery. In fact, many believe that XRP has found a new bottom, one that is significantly higher than the last one. Most of this new success can be traced back to a price surge that Ripple has had recently when it even managed to briefly overthrow Ethereum as the second largest coin by market cap.
Despite its drop since then, XRP still remains one of the coins with the strongest growth in the last month. While the market is still far from stable,…
If Tether crashes, will that money pour into Bitcoin?
For a long time now, the so-called stablecoin, Tether (USDT) has been a topic of discussion within the crypto community.
Tether, as a stablecoin, is said to be fully backed by the USD. This allowed it to be one of only a handful of cryptos that can avoid volatility issues, due to the fact that it is backed by a stable fiat currency. However, for as long as it was around, Tether was very secretive of its bank accounts and funds in general.
While claiming to have the ability to back each of its USDT coins, many have questioned whether or not this can be true. At the time of writing (October 16, 2018), Tether has released 2,256,421,736 USDT in circulation. This means that it needs to have at least $2,256,421,736 in order to cover its circulating supply.
At this point, three questions emerge, and answering them could very well change the future of this stablecoin. The questions are as follows:
- Are all USDT coins fully backed?
- If yes, then where did that much money come from?
- If not, what will happen when the market discovers the lie?
Tether continues to keep secrets
As mentioned, Tether has always claimed to be able to back each of its coins. However, instead of operating on transparency, the coin used different tools, mostly opaqueness, misdirection, and playing the victim whenever someone tried to unveil what is truly going…
Is Bitcoin (BTC) Better Than USD?
Despite all its recent progress, cryptocurrencies still do not inspire trust in a lot of people. Many view them as unsafe money, with its very nature being doubtful. However, a recent report by the Polish Academy of Sciences’ Institute of Nuclear Physics shows that situation regarding cryptocurrencies may not be as bad as it seems. In fact, the report claims that Bitcoin might even be a better currency than it looks like.
Bitcoin vs traditional money
Bitcoin, as many are already aware of, is the first cryptocurrency. It was created a decade ago and was officially launched in 2009. But, even though it has been around for around 9 years at this point, it is still largely mistrusted by a lot of investors, especially when it comes to large institutions.
However, thanks to the Cracow-based Institute of Nuclear Physics’ recent report, this common opinion might actually be wrong. The Institute has conducted a detailed statistical analysis of the BTC market and has published the results in a scientific journal called Chaos: An Interdisciplinary Journal of Nonlinear Science.
Surprisingly enough, the report portraits Bitcoin in a very positive light.
The report started by commenting on the credibility of traditional money. In the past, money that people have been using was backed by specific material commodities, such as gold. These commodities gave the money its value and served as a guarantee that the money actually has worth. This is…
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