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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.

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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

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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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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