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Stellar (XLM) Cardano (ADA) Price Analysis – Are We Seeing the Blue Sky Pattern?

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Cardano
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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.

For today’s coins – Stellar (XLM) and Cardano (ADA) – this may be truer than for most, as we shall see below.

Stellar (XLM)

Price Analysis:

  • High: $0.3086
  • Low: $0.3000
  • Major Resistance Level: $0.35
  • Hourly MACD: Working Off Recent Overbought Extreme

Chart courtesy of tradingview.com

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.

Cardano (ADA)

Price Analysis:

  • High: $0.165
  • Low: $0.160
  • Major Resistance Level: $0.20
  • Hourly MACD: Tight consolidation

Chart courtesy of tradingview.com

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.

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

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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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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