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

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Stellar

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

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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Altcoins

Ready for Chaos? Swingby’s Chaos-Mainnet Launches on December 28th

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Singapore, Singapore, 9th November, 2020, // ChainWire //

Swingby is the “warp-speed” protocol for inter-blockchain swaps. It allows all DeFi users to move assets between blockchains without a trusted party. 

Today, Swingby announces its first mainnet network will be released on the 28th of December; it will bridge native Bitcoins onto Ethereum via Wrapped BTC (WBTC).

The initial bridge will enable the most liquid digital asset in the world (Bitcoin), currently valued at a $300 billion market cap, to be moved onto the Ethereum network to tap its $10b DeFi ecosystem.

“This launch will be pivotal to Swingby. After December 28th, Swingby will have a fully operational Chaos-Mainnet network which will be generating a tremendous amount of value to the world of DeFi and bringing in a large number of new users” – Yusaku Senga, CEO

Why is this big news for DeFi?

On December 28th, Swingby will be launching its first Chaos-Mainnet bridge, allowing users to easily move their bitcoins into WBTC on Ethereum without the need for a trusted party. Similarly, the bridge can be used in the opposite direction allowing WBTC-ERC20 tokens to be moved back into native BTCs.

What’s so special about it?

  1. Trustless: Swingby’s Skybridge will be the only way to trustlessly swap BTC into wrapped Bitcoin (WBTC).
  2. Simple to use: The Swingby bridge has been designed to work with standard transaction types removing the need for complex smart contract calls…
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