Crash mode is in effect once again for the cryptocurrency complex, as a number of large market cap coins emptied out their guts again last night, sliding lower by big chunks.
As we take a close look at the charts of XRP price and Stellar (XLM) price, it’s important to focus an unemotional and clear view on the raw technicals to find an edge as far as tone and levels looking forward.
- High: $0.27671
- Low: $0.24706
- 24-Hour Volume: $278.67M
- 7-day Percent Change: -36.8%
XRP price has taken a beating. Plain and simple. There are no two ways about it. It has been an awful beating at that.
XRP price has fallen nearly 50% over the past month, shattering a key support level at the $0.43 zone and then accelerating lower in a waterfall decline that has outpaced most other large coins over the same period in terms of pure downside action.
At this point, the coin is still sporting the bare minimum as far as a bullish hourly MACD divergence. At the same time, support at the $0.28 level has been busted up pretty badly, opening the trapdoor to test the $0.25 level.
As we noted in our analysis earlier this week, the ultimate support here for XRP may possibly be found at the $0.20 level. In addition, traders should note that the 14-day RSI measure is now printing new all-time record lows, which may support a near-term bounce.
- High: $0.22276
- Low: $0.19586
- 24-Hour Volume: $112.46M
- 7-day Percent Change: -11.38%
Unlike XRP, Stellar (XLM) has been managing to hold well above both its late June lows and late March lows. In other words, Stellar (XLM) has been a clear relative outperformer.
That said, we are also seeing selling here.
Everything is relative when you start to talk about asset class-wide analytics from a technical perspective. In this case, we tend to compare the large market cap coins against one another, and against Bitcoin. For Stellar (XLM), we have a clear case of relative strength that has been in place throughout the summer.
While we broke below the 50-day moving average, we haven’t broken under the bullish pivot formed in late June, which has been a clear reference point for many large-cap coins.
Our current read here is relatively promising given the devastation that we have seen across the complex.
However, one must admit that the larger time frame chart for Stellar (XLM) does appear to be a bearish descending triangle. In other words, bottom picking here – while supported by relative strength metrics – may not be for the faint of heart.
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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
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
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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.
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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.
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