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Do the Technicals Make a Fresh Case for NEO and XRP Exposure?

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NEO
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The landscape that defines the cryptocurrency complex, in a very broad sense, according to our research, is that of a late-stage bear market.

Think of the NASDAQ in 2002. We may well be seeing a whole bunch of low-hanging fruit all over the place right now in crypto. And, as market veterans will attest, the charts always lead the way at major turning points. That’s why it may really pay to keep a keen eye on the evolution of major technical patterns over coming weeks.

Today, with that in mind, we take a close look at NEO and XRP.

NEO

Chart courtesy of tradingview.com

The NEO chart could be working through the initial stages of a classic inflection. Crucially, this coin recently broke below its early April lows to precisely test the support level that defined its launching pad (at about $33) before the massive run we saw in December and January.

As you can see in the chart above, that launch back in early December was defined by a base with support at a shallow but rising 50-day simple moving average.

At this point, following a trigger at severely oversold levels for the 14-day RSI measure, NEO bounced off of that supportive shelf, shooting over 75% higher in several days to run into resistance at a now declining 50-day simple moving average.

Note that volume in NEO has sharply risen doing this rebound as well, which is common at key inflections following long and drawn out corrective periods such as we have seen over recent months.

The path forward from here, if we are carving out a potential inflection point on a larger time frame, would likely be next marked by a pivot at a level above its late June lows, creating an initial “higher-low” to serve as a catalyst for FOMO and chasing by traders on a subsequent breakout in NEO above that same 50-day moving average later this month.

Ripple (XRP)

Chart courtesy of tradingview.com

For traders focused on ripple, the drama is almost exclusively surrounding how XRP manages to handle its most recent test of key support in the zone that defined a powerful base formed back in early April.

The key level is really a wide crayon-stroke zone with its heart at $0.45. The action in this coin toward the end of June slightly violated that level, where buyers appear to have stepped back in to push XRP back up to test the $0.50 level once again.

It should also be noted that a Fibonacci retracement scale placed around the range defined by the breakout last fall into the upper bound defined by the April/May highs also logs a confluence of support at the key 61.8% level right around this same important zone at $0.45.

If XRP manages to firmly hold and reestablish itself back above the $.50 level, and particularly if it does so on rising volume unrelated to a specific news event or headline, we would begin to feel a great deal more conviction about the near-term prospects for this coin just based on technicals alone.

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

Blogs

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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Blogs

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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