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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

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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