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Stellar (XLM) Cardano (ADA) Price Analysis  — The Empirical Evidence

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Cardano
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The goal of a technical trader is never about some deep philosophical alignment with the fundamental vision. This is business. It’s not personal. And allegiances to long-term visions are a personal decision when they conflict with the empirical evidence.

However, with most other asset classes, traders have the option to play both long and short with no problem. In the crypto space, for the most part, you’re dealing with a one-sided game.

In any case, we like to remain objective and see what’s in front of us. As we take a close look today at Stellar (XLM) and Cardano (ADA), our goal is to identify the important technical levels of support that may offer either an opportunity for involvement or a key battleground that can inform us further as to the state of these markets and their dominant trends.

Stellar (XLM)

Price Analysis

  • High: $0.28036
  • Low: $0.26504
  • Major Resistance Level: $0.30
  • Hourly MACD: Strong Bullish Reversal

Chart courtesy of tradingview.com

The chart for Stellar (XLM) is possibly one of the most interesting across the cryptocurrency space right now.

We generally like to see relative strength, and there has been plenty of that here. In fact, Stellar (XLM) was able to rally nearly 100% in just 12 days earlier this month.

Now that we are pulling back in Stellar (XLM), it is wise to take note of some key levels that may provide a pullback entry point for what clearly is a coin that is trying to emerge as a new leadership play in the cryptocurrency complex as a whole.

The most striking level to watch for here is between $0.23 and $0.24, which is where we see a confluence between the 50-day and 200-day simple moving averages. This would also represent a flush out of stop-loss orders under the $0.25 level, which appears to be an advantageous place to back up the truck in XLM.

Cardano (ADA)

Price Analysis

  • High: $0.14418
  • Low: $0.13539
  • Major Resistance Level: $0.15
  • Hourly MACD: Strong Turn off Lows

Chart courtesy of tradingview.com

Cardano (ADA) is another extremely interesting chart in play right now. We have a number of key support levels to test, and little immediate threat of breaking through the ultimate lows for the bear market over the next day or two unless things really get out of hand on the downside.

First off, the market will be dealing with key support at the $0.13 and $0.12 levels, before coming into a potential test of its bear market lows around $0.113.

Ahead of that, however, we suggest you don’t overlook the possibility of trendline support, which should come into play for Cardano (ADA) at just above the $0.1320 level.

If we do start to see support and an inflection back the other way in ADA, look for initial resistance to come into play all the way back at the $0.16 level, where it has appeared on a number of occasions.

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

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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DEXes
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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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crypto billionaire
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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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TokenRoll
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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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