The outcome distribution for the cryptocurrency complex over recent days has been relatively consistent in terms of bearish action. With the key differentiation comes into play is in terms of relative strength when compared to chart levels in place over the past six weeks.
For example, as we take a close look at Litecoin (LTC) and Cardano (ADA) below, we see two coins that have managed to show some relative weakness but still hold tentatively above their June lows. This can be contrasted with many large coins that have already dove below those lows.
In other words, in a manner of speaking, these two coins may represent an interesting pattern of somewhat stealthy accumulation going on under the surface.
- High: $75.177
- Low: $73.283
- 24-Hour Volume: $259.89M
- 7-day Percent Change: -10.55%
When taking a close look at the Litecoin (LTC) chart, one should immediately be drawn to the massive bullish divergence that can be found when comparing the 14-day RSI print seen in late June with the readings we see in that indicator at present.
This is important because the coin is currently at basically the exact same price right now as it was back when it formed those key late June lows.
When you see a major oscillator like the 14-day RSI print a reading that is nearly 20 points above its comparable reading from the prior pivot low as it tests support, this can often be a kind of stealth bullish signal.
When we also point out that LTC is one of the coins that had been correlated with other coins clearly making new multi-month lows over recent days, we also have justification to keep Litecoin (LTC) on bounce radar until or unless it is able to securely break below the $71 level.
- High: $0.13198
- Low: $0.12775
- 24-Hour Volume: $54.31M
- 7-day Percent Change: -14.15%
Cardano (ADA), like Litecoin (LTC), has been an interesting combination of relative strength and relative weakness at different points in its recent pattern.
Cardano (ADA) is currently testing key support at the $0.12 level, and it is a level that needs to be held to maintain a pattern that could well represent important levels of accumulation.
Also like Litecoin (LTC), Cardano (ADA) is sporting something that might be considered a bullish divergence on the 14-day RSI pattern. However, over the very recent action, we have seen basically neutral action in terms of the tape, and very little in the way of any kind of signal from the MACD on the hourly chart.
The near-term trend is down – that much is clear and cannot be denied. However, key support levels are in play, and we have some larger time frame signals suggesting that the bearish read here is far from a simple one in ADA.
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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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