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XRP Ethereum Classic (ETC) Price Analysis: The Odd Couple

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XRP
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As we noted in our analysis yesterday, the technical context for XRP is now wildly different from that which characterizes Ethereum Classic (ETC). In a sense, these are divergent poles in the geography of the cryptocurrency asset class over the past 10 days.

The real question here, if we are to treat this as an asset class, is which of these charts is telling the truth. We will examine the technical information to see if we can answer that question here today.

XRP

Price Analysis

  • High: $0.37836
  • Low: $0.34072
  • 24-Hour Volume: $266.96M
  • 7-day Percent Change: -15.76%

Chart courtesy of tradingview.com

As should be clear by a simple glance at the chart, the technical picture for XRP has viciously deteriorated in recent days.

We had noted the staunch support found along the $0.43 level over the course of about a month, and the potential for that to play a make-or-break role in the evolution of this chart.

At this point, it is clear that the latter choice – “break” – is the one that has emerged to define the pattern right now for XRP.

It is important when doing this analysis that one leaves emotion completely out of the picture and concentrates on the technical facts at hand. In this case, the fact of a bearish descending triangle breakdown is the most salient one. The standard technical target for this pattern, now that the $0.38 level was sliced through like a hot knife cutting through butter, is defined by the range highs that serviced a bullish breakout back in mid-December of last year.

That level is between $0.28 and $0.30. However, this may be overshot on the downside, bringing into play the $0.20 level if the action continues to deteriorate.

That said, in all of this, it is important to remember one of the most critical insights for any successful trader: opportunities tend to ripen when there is blood on the chart.

Ethereum Classic (ETC)

Price Analysis

  • High: $17.2755
  • Low: $15.5863
  • 24-Hour Volume: $605.71M
  • 7-day Percent Change: 6.92%

Chart courtesy of tradingview.com

Ethereum Classic (ETC) represents a dramatically different picture. In the real question is: was this chart simply buoyed over the short term by a flow of headline catalysts, and is now ready to join the rest of the cryptocurrency complex in a new leg lower?

Frankly, we should get that answer relatively soon. If Ethereum Classic (ETC) is able to quickly break underneath its 50-day simple moving average at the $16.50 level, that will represent a bad sign. However, even if this is the case, we will still have an important support level just below at the $15.75 level, representing recent range lows formed through the middle of July.

It is also important to understand that a number of key oscillators registered severe overbought levels on the Ethereum Classic (ETC) chart, as we pointed out in our analysis yesterday.

The resistance that has formed on the chart above is now staunchly defined by the 200-day simple moving average in confluence with the psychologically important $20 level.

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

Analyzing The Best-Performing Cryptos

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cryptos
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Over the nebulous first half of this year, some tiny cryptos were able to grow by more than 1000% and reach the desired top 100, while others that were already in the top 50 bastions simply zeroed. What factors led them to perform like this? Luck, external factors or well-made decisions?

First of all, it is important to clarify that it would be unwise to analyze them disregarding the market context (crypto and non-crypto) of the period, so we’re using a holistic approach.
In our timeframe, considering the traditional market cycle of emotions, in contrast to the standard chart below, the euphoria quadrant had a much larger peak and a much shorter duration, starting in the middle of 2017 and ending at the beginning of 2018, while we were stuck in the period of “excitement” since, maybe, 2015. The emotions in red passed in a rush and at the end of July, we were already in deep “despondency”.

Source: https://russellinvestments.com/ca/insights/the-market-cycle-of-emotions

Besides to the fact that the market completed half of the cycle in less than half a year, some very relevant things, besides the usual phenomena expected of an investment market, happened during this period. In addition to the hype the period enjoyed and the fact that bad, inexperienced investors were frantically joining the crypto market, we…

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Is Tether (USDT) really a stable coin?

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Tether
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Tether is one of the top digital assets in the crypto-sphere. The coin was launched in November 2014 after it changed its name from Realcoin so that the crypto community doesn’t associate it to the altcoins. It is important to know that Tether is a currency that helps to convert fiat currencies into digital currencies.

Moving forward, there have been lots of FUDs around Tether these days as regards to whether it is going to be a truly stable coin as the market has seen dips lately. Also, the FUDs around Tether have raised questions on whether there are any backings to the digital asset.

It is crucial to know that other factors have been attributed, and one of them was a report from last month that stated that Tether and Bitfinex, had gone their separate ways with Noble Bank. The separation made Bitfinex suspend fiat wire deposits – without no reason or whatsoever.

Tether, in regards to market worth, comprises about 92 percent of the market capitalization of stable coins. Also, this stable coin offers two purposes: to stabilize the volatility of Bitcoin, and also to preserve the amount of money purchasing power investors have at hand when the value of larger cryptocurrencies such as BTC drops.

The coin is a good alternative for traders when trying to cash-in on fiat currencies, as we do know that trying to move money from different exchanges to fiat…

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Blogs

TRON Partnership Involves Cloud Computing

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TRON partnership
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It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.

Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.

Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.

However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.

Baidu to…

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