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Stellar (XLM) Litecoin (LTC) Price Analysis: The Rhythm of the Bear

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Stellar
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Support levels can be extremely important. They are essential when they hold, but they are almost more important when they don’t. As we take a look at Stellar (XLM) and Litecoin (LTC), you will note this idea very much in effect on these charts.

Stellar (XLM)

Price Analysis

  • High: $0.20351
  • Low: $0.19719
  • 24-Hour Volume: $66.95M
  • 7-day Percent Change: -26.11%

Chart courtesy of tradingview.com

Stellar (XLM) had been a clear outperformer during the July bounce that took hold in the cryptocurrency complex and drove several coins up to test their 200-day simple moving averages.

Hence, we expected to see Stellar (XLM) show some kind of allegiance to its rising 50-day simple moving average as support, especially since it came in confluence with a prior range high price level support.

That type of combination is often hard to break, mainly when you see it in a relative strength market. However, in this case, it doesn’t appear to have been difficult to break at all.

Stellar (XLM) just sliced right down through it.

We are now seeing this chart nearing a test of critical support, and opening up the potential for another bearish technical breakdown if that support doesn’t hold as well. The key levels to watch at this point are lined up at $0.20, $0.18, and $0.17.

Litecoin (LTC)

Price Analysis

  • High: $64.223
  • Low: $60.433
  • 24-Hour Volume: $308.51M
  • 7-day Percent Change: -18.61%

Chart courtesy of tradingview.com

It has been a very rough ride for Litecoin (LTC) over recent days, but there aren’t too many coins for which one can’t make the very same statement.

Litecoin (LTC) broke lower along with everything else last week after finding strong resistance at a sharply declining 50-day simple moving average. That sparked a break under the $80 level, which also represented a sloped support level, and then the waterfall decline began from there.

At this point, the downside that we’ve seen over the last 48 hours is starting to become persistent and dramatic enough that the one bullish factor this chart had in its favor is beginning to melt away: the bullish divergence found on the 14-day RSI measure when compared with the pivot low scored on the charts in late June.

If momentum persists, look for the next major challenge to be at support at the $55 level.

That said, LTC is perhaps at a more advanced point in the rhythm of the bearish trend and may unleash a vicious bounce if the pool of weak-handed HODLers has already run dry.

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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