There are no two ways about it: the recent thrust higher in the crypto space is finally up against a test that isn’t just about technical resistance. This time, it’s about news flow.
That provides us with an opportunity to gauge the true nature of this action. For a technician, everything the outside world brings to his mill is grist. In this case, that is clearly an advantage for those able to remain dispassionate and observant.
- High: $0.3086
- Low: $0.3000
- Major Resistance Level: $0.35
- Hourly MACD: Working Off Recent Overbought Extreme
When you talk about outperformers, Stellar (XLM) should come near the top of the list in terms of how it has behaved in the context of recent strength across the cryptocurrency space over the past couple of weeks.
We have seen this coin find sharp and strong-handed support down at the $0.18 level, and subsequently rally with extraordinary momentum, pushing just shy of 100% in total net percentage change in less than three weeks’ time.
Stellar (XLM) represents yet another case of a double bottom low formed at the trough confluence defining the late June and mid-July lows. This has been a pattern we have witnessed in many different coins, but one that has been capitalized on to a far greater extent in Stellar (XLM).
At this point, those involved in XLM during this “regulatory“ pullback suffered over recent hours should be looking for support to come into play somewhere between $0.28 and $0.30.
- High: $0.165
- Low: $0.160
- Major Resistance Level: $0.20
- Hourly MACD: Tight consolidation
Cardano (ADA) provides another interesting example of a coin that many might overlook during the course of recent strength as it has seemed – purely in terms of chart pattern – to play the role of a bit of a laggard.
However, a closer look would suggest that Cardano (ADA) has performed quite admirably during the flood of enthusiasm for the crypto space that we’ve witnessed over the past three weeks.
In fact, ADA has ramped almost 60% in that time, breaking through a number of key technical barriers in the process.
All of this has been fueled by the coin’s ability to hold a slightly higher low relative to its late June lows when it pushed back above the $0.13 level on July 13.
Crucially, this higher low was in line with previous support formed during late March and early April and was also mirrored by a strong bullish divergence showing up in the 14-day RSI oscillator.
Looking ahead, ADA’s ability to hold firm to support in the region of the $0.15 level will be critical as we gauge the staying power of this recent rally.
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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
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
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.
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,…
CoinFlip Scores Big with BRD Wallet Partnership
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…
Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
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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