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NEO Ethereum (ETH) Price Analysis: Reading the Tea Leaves

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NEO
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While Bitcoin itself hasn’t come even close to making new bear market lows over the course of the past week of action, a number of large market cap coins have this dubious honor. In other words, when looking at the cryptocurrency complex as a set of pieces, breadth has been a clear bearish factor in recent action.

The two coins we are going to look at below – NEO and Ethereum (ETH) – are examples of relative weakness in the context of this trend.

However, the technical signals we see in each case offer some potential for opportunity coming into place on these charts right now. As sentiment sours, opportunity often sweetens.

NEO

Price Analysis

  • High: $27.215
  • Low: $25.874
  • 24-Hour Volume: $53.88M
  • 7-day Percent Change: -18.67%

Chart courtesy of tradingview.com

NEO is an extremely interesting technical case study at present. The coin is locked in what appears to be a continuing bear market based on every standard measure of technical interpretation.

However, NEO is also right now coming into a critical zone of very important support defined by what we might call the launching pad that came into place during October 2017 right at the $25 level.

One can make a strong case that NEO is currently oversold, with both the 14-day RSI and hourly MACD indicators flashing evidence to that effect right as we come into this massively important support zone.

On a bounce, the $30 level will clearly be one to watch.

Ethereum (ETH)

Price Analysis

  • High: $410.57
  • Low: $403.42
  • 24-Hour Volume: $1.34B
  • 7-day Percent Change: -10.59%

Chart courtesy of tradingview.com

Ethereum (ETH) has been making lower lows relative to the pattern put into place earlier this summer. The breakdown that began this latest leg lower was a breach of a one-month-long upward trend line that characterized the action in July – along with many other large market cap coins.

However, when this trendline was broken early last week, we also saw the coin moving off of resistance at its 50-day simple moving average.

This was a difficult one-two punch that bulls in Ethereum (ETH) just couldn’t shake off.

At this point, key support is in place at the $400 level. That level is now defining the action for this chart. However, the MACD indicator for Ethereum (ETH) is flashing a positive signal at present, and interior resistance lies just above at the $425 level.

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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