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Ripple and Monero Technical Analysis: Ripple Bouncing Back/ Monero’s Bullish Bounce

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Ripple
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It has certainly been an interesting week for cryptocurrencies, which is still greatly affected by a negative change, especially the top 10 coins. Bitcoin, the leader peaked at $6,762 as the cryptocurrency market enters the second week of recovery. Among the many positive news that has affected cryptocurrency prices positively, the recent Imperial College London Research findings were a major boost.  All top 10 coins experienced a negative change, ranging from 0.4% to 5.1%. Particularly, two coins have caught our eye, both for different reasons, namely, Ripple and Monero. Both Ripple and Monero are very popular among the crypto-community, with a combined market cap of over $21 billion between them.

Ripple:

When it comes to Ripple, the cryptocurrency experienced decent bullish moves above $0.4600 against the U.S. Dollar in the past 2 to 3 days. The XRP/USD pair traded above the $0.475 and $0.480 resistance levels, with a high formed at the $0.4877 mark.

The price started a downside, however, after the aforementioned high, declining further and breaking the 23.6% FIB retracement level of the last level. A break was formed for the XRP/USD pair below an ascending channel with support at the $0.4820 mark on the hourly chart. The price also tested the 50% FIB retracement level of the last wave.  At the time of writing (09/07), Ripple was ranked 3rd valued at $0.478454, and consolidating losses near the $0.4780 level and the 100 hourly simple moving average. A key bullish trend line is seen forming with support at the $0.4680 on the chart.

Chart courtesy of tradingview.com

Monero

Monero’s situation is somewhat different, gaining traction since its bounce off the channel support and is testing the mid-channel area of interest. If we apply the Fibonacci extension tool on Monero’s latest correction move, a 38.2% level lines up with the aforementioned barrier.

At the time of writing, (09/07) Monero’s value was $137.36, placing it firmly at 13th. Analysts are predicting something big for the coin. If buyers return, Monero’s price could hit the next barrier at the 50% extension (roughly $145.25). Stronger Bullish momentum can lead Monero all the way up to the full extension at $161.56.

Chart courtesy of tradingview.com

Final Thoughts

Blockchain technology is surely powering the cryptocurrency craze at the moment, with its implementation receiving a lot of mixed reactions from the community.  Apart from Ripple, Monero is on the rise, with its potential still remaining highly unexploited at the moment.

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

Blogs

3 Things to Avoid if You Want Your ICO to Succeed

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ICO
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Initial Coin Offerings, or ICO, have become quite popular in 2017, which is something that also continued throughout 2018. In fact, there were hundreds, if not thousands of them so far. However, no matter how many of them were organized, most never managed to make it into the market and achieve their goals.

Analysts claim that there are a lot more failed ICOs than there are successful ones, which has caused a lot of people to simply give up on the idea. However, many are still curious to know what went wrong, and while failed ICOs can be studied for years without discovering absolutely every flaw, some of the bigger ones can be spotted right away.

This is why we will now list top three reasons why so many ICOs failed, and everyone who is thinking about launching one should pay close attention.

1. The lack of demand for the product

According to estimates, around 60% of ICOs often fail at the first stage simply for the lack of interest in what they offer. When someone comes up with an idea and launches an ICO in order to raise money, they are presuming that people will be interested in investing in this idea. In addition, prior to making an announcement that an ICO is coming, it is wise to ensure that the announcement will be heard in the first place.

Additionally, ICOs need to be approved by appropriate…

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Bitcoin

Reasons Behind The New Bitcoin Crash

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Bitcoin crash
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Cryptocurrency investors and supporters experienced quite a shock last week with the latest Bitcoin crash. Almost every single one of top 100 cryptocurrencies trading in the red. Not only that, but most of them experienced massive losses, often larger than 12%, or even 15%.

The event was unexpected and all cryptos, with the exception of a handful of stablecoins, lost a large part of their value. However, as always, Bitcoin is the one receiving the most attention, especially since this is the first time that BTC has dropped below $6,000 in a long while. Right now, Bitcoin is still losing value, with its current price being at $5,503.11 per coin, and a drop of 12.76% in the last 24 hours.

After the initial shock, a lot of investors started wondering and researching the new crash. The main question still remains: Why did this happen?

While this is more than understandable, especially considering how much money, time, and patience people have invested in crypto, the reasons behind the new crash remain obscure to many. Because of that, we are now going to explain two events that are most likely to be causing this situation.

1. The selloff

This is believed to be the main reason for the new crash of Bitcoin. The selloff came as a consequence of the last year’s bull run, which has launched BTC and other coins to entirely new heights. Because of that, numerous…

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Altcoins

Here’s Why This Coin Still Has Wings (WINGS)

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WINGS
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WINGS, a decentralized crowdfunding platform based on the Ethereum blockchain, has had a great run over the past two months. Culminating in a peak of US $.23 just a few days ago, the currency behind the product has more than doubled since it’s lows of early September.

Despite the slight downturn WINGS is currently experiencing, this crypto-favorite may not be done running up the green candles on your favorite exchange just yet. A small drop like we had today was actually expected and could be considered healthy by long-term investors. These dips are also appreciated by those of us waiting to get in on a project we feel has real potential. WINGS has shown us that potential and is now presenting a great buying opportunity for speculators and traders looking for the next wave of support to lift this coin into the stratosphere.

What is WINGS?
WINGS was created to nurture project proposals via the Decentralized Autonomous Organization (DAO) model. Using blockchain networks and smart contracts, the platform allows the WINGS community to promote proposals with the greatest chance of positive returns. WINGS, in essence, is a decentralized forecasting ecosystem, where token holders are given an incentive to make choices concerning projects on the platform.

The DAO is a popular concept for crypto-projects that want to remain entirely on the web. Using the peer-to-peer technology of blockchain and smart contracts to enforce the rules of participation is…

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