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Stellar (XLM) Cardano (ADA) Price Analysis: Timing is Everything

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Stellar
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As we have noted in the past, trend direction is rarely if ever actually changed by new headlines in the news. This doesn’t mean it can’t be interrupted by headlines – in fact, it often is. However, the larger direction in the market is almost never infected and altered to become a different direction by new headlines emerging in the media.

That is why we pay so much attention to the charts.

The clues often show up there first. Today we are going to be taking a close look at Stellar (XLM) and Cardano (ADA) with just such a process in mind.

Stellar (XLM)

Price Analysis

  • High: $0.3254
  • Low: $0.2661
  • Major Resistance Level: $0.32
  • Hourly MACD: Oversold Bull Signal

Chart courtesy of tradingview.com

As one of the leaders during this complex-wide bounce, Stellar (XLM) continues to show both stunning volatility and strong support.

For those looking to buy into a dip, we suggested in a recent piece that you look for a break down underneath the $0.28-$0.30 level as a signal for a possible buyable dip. For those with that game plan, we have seen such a dip over the past 24 hours.

At the same time, as noted above, we see an oversold bull signal in the MACD to reinforce the idea that this is a pullback of interest in Stellar (XLM).

For those looking to give it more time and space to come in a bit further, we have perfect confluence right now between the 50-day and 200-day simple moving averages, which are both rising in pitch, and may well end up meeting price on a pullback right at the $0.25 level. This would also correspond with matching support from the lows recorded on July 21.

That could be set up as an impeccable tactical pullback setup in Stellar (XLM) for those with the patience to take advantage.

Cardano (ADA)

Price Analysis

  • High: $0.16658
  • Low: $0.14367
  • Major Resistance Level: $0.20
  • Hourly MACD: Oversold Bull Potential

Chart courtesy of tradingview.com

The action right now in Cardano (ADA) is very interesting. First off, we have a coin that outperformed during the mid-July leg of the cryptocurrency complex strength, rising over 50% in just a few days.

Secondly, we set the stage with a sideways range that narrowed to a head over the course of about 10 days and then began to break lower early this week. Now that breakdown is triggering an oversold reading on the MACD indicator in perfect confluence with a test of support at the 50-day simple moving average.

However, the question is this: have we seen enough of a pullback given the duration in the tightness of the sideways triangle consolidation constructed over the past 10 days?

In this case, there are no perfect answers to that question, and time will have to tell.

However, we can say that the $0.15 level is an awfully important technical level for this coin right now. Bulls in Cardano (ADA) certainly don’t want to see this level taken out too sharply or it could be an awfully difficult thesis to stay with.

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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