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Stellar (XLM) Cardano (ADA) Price Analysis  — Pressure Mounts

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Stellar
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Perhaps the best way to view recent activity across the cryptocurrency complex is as a battle between speculators positioning for investment returns during phase 3 of the crypto Revolution and monetizers converting supplies of coins into fiat currency for use in the world after earning, mining, or otherwise gaining access to stores of high market cap coins.

Below, we are going to take a look at two coins locked in this battle – Stellar (XLM) and Cardano (ADA) – with a close eye fixed on the key levels defining both fronts in this war.

Stellar (XLM)

Price Analysis

  • High: $0.28193
  • Low: $0.26592
  • Major Resistance Level: $0.28
  • Hourly MACD: Rolling Over

No one is going to argue with the idea that Stellar (XLM) has become a clear outperformer in the crypto space over the last couple months, powering higher by nearly 100% in just about 15 days in the middle of last month.

This move was comprised of a high-volume breakout above the coin’s 50-day simple moving average, which was immediately followed by a spike higher to test resistance at the 200-day simple moving average.

At this point, we are seeing a pullback to possibly test support at the $0.25 level, which could be a very interesting spot for those looking to establish new involvement in Stellar (XLM).

If we happen to flush out that level in XLM, sellers may cascade and feed on themselves to take us down to a test of the 50-day simple moving average – now a rising average – at just above the $0.23 level.

Cardano (ADA)

Price Analysis

  • High: $0.14143
  • Low: $0.13108
  • Major Resistance Level: $0.14
  • Hourly MACD: Trending Lower

Like most coins across the complex, we saw Cardano (ADA) dip sharply to start out this week, with support stepping in over the past 24 hours intermittently, as the battle intensifies around the key $0.13 level.

At its lows, we saw massively oversold markers on the hourly MACD indicator, creating a high probability of some level of stability. However, over the past 12 hours, this state has relieved itself, opening the door for another possible test of support below.

If we do move back lower, we could be in for another test of the $0.125 level, which was successfully tested by Cardano (ADA) during the pivot low formed on July 12.

If we are able to find new support and break to the upside out of the range formed over the last 24 hours, the most important resistance level above at this point is at the lower half of the four-day range formed during the latter half of July, with the critical zone at this point sitting at the $0.16 level in 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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