Connect with us

Blogs

XRP Ethereum Classic (ETC) Price Analysis: Sweet and Sour Sauce

Published

on

Ethereum Classic
READ LATER - DOWNLOAD THIS POST AS PDF

With a steady bearish trend in place characterizing many of the larger market cap coins in the cryptocurrency complex over the past eight days, it is often extremely important to identify pockets of relative strength and relative weakness to gain a tactical edge.

Today, we’re going to look at two coins displaying very different characteristics on their chart: XRP and Ethereum Classic (ETC).

XRP

Price Analysis

  • High: $0.41538
  • Low: $0.40514
  • 24-Hour Volume: $243.86MTechnical Analysis, Charting
  • 7-day Percent Change: -8.11%

Chart courtesy of tradingview.com

We have documented the critical moment coming into place for XRP over the past month. In fact, in our last piece, we noted that the coin carried a strong potential for a major bearish breakdown if the $0.425 level was taken out on the downside.

Support at that level had been steadfast and staunch for some time, but it finally gave way late yesterday.

At this point, XRP is now in a bit of a no man’s land situation from a technical standpoint, with the major bearish ascending triangle now enshrined on the charts as a breakdown (rather than a hold of support).

From a strictly technical perspective, there does not appear to be much in the way of clear support until we get all the way down to the $0.38 level, which represents the highs in XRP from June 2017.

Ethereum Classic (ETC)

Price Analysis

  • High: $20.826
  • Low: $18.3494
  • 24-Hour Volume: $409.21M
  • 7-day Percent Change: 14.28%

Chart courtesy of tradingview.com

By sharp contrast to XRP, Ethereum Classic (ETC) has been a bastion of powerful relative strength over the past week, breaking out above multi-month range resistance to test its 200-day simple moving average at the $20 level over the past 24 hours.

This action has been fueled by a rash of new exchange adoptions as the coin picks up its exposure for new traders, effectively expanding its reach in the crypto community in terms of raw monetary access to new orders.

The action has been relatively striking, with a four-day move of over 45% in total upside. As we noted, Ethereum Classic (ETC) is facing resistance in the form of its 200-day simple moving average, and also has a 14-day RSI on the daily chart sitting right at the precipice of overbought territory coinciding with a severely overbought MACD indicator on the hourly time frame.

In terms of key levels above, the real test for ETC sits above at the $25 level.

Happy Trading~

For the latest cryptocurrency news, join our Telegram!

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

CoinFlip Scores Big with BRD Wallet Partnership

Published

on

CoinFlip
READ LATER - DOWNLOAD THIS POST AS PDF

As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

Continue Reading

Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

Published

on

collateralized debt position
READ LATER - DOWNLOAD THIS POST AS PDF

While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

Continue Reading

Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

Published

on

Hodium
READ LATER - DOWNLOAD THIS POST AS PDF

I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

Continue Reading

Elite