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Price Analysis: Ethereum and EOS Preparing for a Breakout

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The global cryptocurrency market situation has been quite depressing for past few days and investors have been in a sort of havoc. Since yesterday some of the top 10 cryptocurrencies have shown a positive trend after the news of BlackRock’s growing interest in Bitcoin.

Current Market Position of ETH and EOS

The total market capitalization of Ethereum, placed just next to Bitcoin is close to $47.72 billion at the time of writing. Its individual price has reached $474.8 and is increasing at the rate of 4.7%. EOS is going through the same path as Ethereum, rising at a rate of 7.7% with its current individual price placed at $7.93 making it the 5th largest cryptocurrency in the world. By the time of writing it has accumulated $7.1 billion worth of total market capitalization while its 24-hour exchange value has crossed $770 million worldwide.

Ethereum Analysis

Chart courtesy of tradingview.com

Price Analysis: (Data Feed Via Kraken)

High:      482.7

Low:      470.0

MACD:  18.9

RSI:        67.7

Key Highlights of Today’s Ethereum Price Analysis:

a. Ethereum price has managed to climb through important resistances against the US dollar such as $450 and $460. The current bullish trend line has encouraged the crypto community and investors have returned into their game. Ethereum has added 7% in the past hour which has got the ball rolling for the top altcoins of the crypto space.

b. The ETH/USD pair is currently following ascending channel and it is expected to correct lower towards $480 level. The charts and bullish signals are indicating a significant uptrend against US dollar and Bitcoin. The resistance area for today is close to $500.3 as buyers seem to dominate markets. This development was to pause if sellers take a short-term control of the market and start a correction towards the $453.24 support area.

c. Ethereum has nicely gained against the US dollar since yesterday as it closed above the resistance $455 correcting a few points near the $445 level. Buyers appeared and have pushed the price above the last swing high and now we can observe a nice short-term ascending channel formation. The currency pair is on its way to this month’s high and it’s more likely to increase the present positive trend at hand in the near future.

EOS Analysis

Chart courtesy of tradingview.com

Price Analysis: (Data Feed Via Bitfinex)

High:      8.14

Low:      7.84

MACD:  0.43

RSI:        65.9

Key Highlights of Today’s EOS Price Analysis:

a. If we look at the present situation of EOS, it has managed to add more than 10% to the markets within the past 24 hours. EOS has marked its growth on Monday and it seems as though the EOS market is still progressing by the will of its buyers. Although it’s far from July’s high, the EOS/USD pair is developing as we wait.

b. EOS’ flag pattern has been moving higher and the currency pair has successfully broken through the $7.65 resistance area but it seems as though that the pair has failed to reach the next resistance area of $8.29.

c. Whether it’s ETH or EOS, growth scenario is developing considerably well today. It’s clear to see that both buyers and investors are hungry for a bullish breakout and hence targeting July’s highs if the EOS/USD pair reaches the resistance area of $9.03. Bears are unlikely to gain control of the market. Even if they do, then it would supposedly target the support area to $7.10.

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

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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7 Steps to Recovery from a Crypto Trading Loss

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Whether you are a newcomer to the crypto market who mistakenly invested a large amount into the wrong coin, or a professional that made a well-researched decision and something still went wrong, the result it the same — you lost your money to the crypto market. This is a big problem, but also a problem that every crypto trader faces at some point.

The reason may be anything, from simple bad luck to the lack of research. Add to that the fact that the crypto market continues to be extremely volatile, and it is clear that not all of your trades are going to end up successfully.

Whatever the reason is, the fact remains that you experienced a loss and that this is a problem which can affect more than your funds. It can also affect your mind and feelings. Since every successful trade that you have the potential to make in the future depends on you, you have to recover first, and only then should you worry about the funds.

The road to recovery is different for everyone, and it will take a different amount of time and effort. However, there are a few general steps that you can take to recover from a crypto trading loss.

Step 1: Stop and calm down

You have just suffered a major loss. It may have been your mistake, or…

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