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XRP Cardano (ADA) Price Analysis: With the Bitter Comes the Sweet

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Cardano
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Someone very wise once said that the only way you can get to somewhere better is by admitting to yourself where you really are. For many HODLers of large market cap alt coins, this is a bitter pill to swallow right now.

But, as we take a close look at the charts for XRP and Cardano (ADA), it’s important to keep in mind that the long-term picture may have changed very little over the past 10 days. So, our essential mission is still the same: find the levels.

XRP

Price Analysis

  • High: $0.30905
  • Low: $0.29528
  • 24-Hour Volume: $188.06M
  • 7-day Percent Change: -30.37%

Last week, we made the case that the selloff for XRP would likely undercut the $0.30 level, but that this may be the area where we finally saw substantial support come into play.

Frankly, if XRP can’t hold this $0.29-$0.30 area, then one can’t discount the possibility of completing the round-trip, which would imply a possible test of the $0.20 level.

However, we have to look at the action from the standpoint that this current zone may, in fact, represent key support where XRP is able to stabilize.

The hourly MACD chart is showing a bullish divergence in terms of oscillator readings versus price readings over the past 72 hours. That is not insignificant in the grand scheme of how the puzzle pieces of this chart fit together right now.

A break back above the $0.32 level could be a significant tell.

Cardano (ADA)

Price Analysis

  • High: $0.114
  • Low: $0.11072
  • 24-Hour Volume: $37.46M
  • 7-day Percent Change: -14.54%

Whereas the chart for XRP looks like a picture of pain over the past week, the chart for Cardano (ADA) is a much milder version of the recipe.

In fact, Cardano (ADA) has barely made a lower low relative to its late June pivot support. And major oscillators are already showing severely oversold readings despite a much more subdued downward trend during the past few days.

Interestingly, we have made a lower low relative to the June lows, which also adds up to a lower low relative to the lows that we saw during March of this year. In other words, we have a very shallow downward trend of a sort in play. However, relative to many other large market cap coins, this is, in fact, a show of relative strength.

In this case, a break back above the $0.12 level could be a significant bullish indication for Cardano (ADA).

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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