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Stellar (XLM) Cardano (ADA) Price Analysis – How They’re Measuring Up

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Stellar
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Unless you’ve been living under a rock, you are probably aware that the cryptocurrency complex has recently seen some newfound upside momentum. We have been noting some interesting signs of support and the possibility that we would see such a move as we moved toward the second half of July. As such, it’s gratifying to see it begin to take shape on the charts.

At this point, there are several different important moves that really capture the essence of this reversal, with the action in both Stellar (XLM) and Cardano (ADA) representing both significant moves in their own right, as well as an indication for money flows into the complex as a whole.

Stellar (XLM)

Price Analysis:

  • High: $0.29006
  • Low: $0.28100
  • Major Resistance Level: $0.33
  • Hourly MACD: Recent Overbought Extreme

Chart courtesy of tradingview.com

Over the course of the recent sharp rally that we have seen across the cryptocurrency asset class, there have been a few dramatic winners, with Stellar (XLM) being one of the most obvious. Over the last few days, Stellar (XLM) has broken out above its recent range highs in the $.22 area, broken through both of its major moving averages, and launched all the way up to challenge its early June highs for a five-day gain of nearly 70%.

For those of us from a traditional technical analysis background, relative strength is like a juicy steak. This should be even more true for a market that presents essentially no obvious vehicles for shorting. In other words, one can’t chalk it up to an empty short squeeze when you see a move like this in Stellar (XLM).

At this point, for those not involved but interested, it’s important to mark down in store for later reference this remarkable burst of relative strength. It suggests that this is a coin worth watching for involvement on any pullbacks.

Given the volatility of this coin, one can imagine such opportunities may well spell themselves out before long, and might even present themselves in the form of a check back to the major moving averages, which now trail the coin as underlying support.

Cardano (ADA)

Price Analysis:

  • High: $0.168182
  • Low: $0.161490
  • Major Resistance Level: $0.20
  • Hourly MACD: Emerging Trend Change Potential

Chart courtesy of tradingview.com

While the recent bounce in Cardano (ADA) may not look all that dramatic on the chart, it should be respected as potentially a very significant move.

What we see here in this move is a combination of several important factors: volume has been increasing, the move comes off of a double bottom complete with a strong bullish RSI divergence, the rally broke above recent range highs set earlier this month, and it also represents a bullish breakout above the 50-day simple moving average.

If we pan back somewhat further, we will see that the recent bullish divergence on an oscillator basis in ADA also represents a multi-month double bottom support hold. Finally, and perhaps most important of all, any notion that it downtrend was in place that was still maintaining itself from the January highs should be dispelled by the fact that the coin just broke out above both the nominal and logarithmic downward trend line charted as a function of the January and May highs.

This is a strong showing, but it needs to be maintained by some strong follow-through and some strong evidence of new flows of supportive bids that come in to support any prospective pullback from here in Cardano (ADA).

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

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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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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