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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

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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