Zář 07

Binance Coin Price Analysis: BNB Could Attempt Reversal To $26

Binance coin has created three lower lows between now and June as price action loses close to 50% of its value. Further downside is expected, however, signs of a reversal could be playing out.


BNB/USD 1 Hour Analysis

On the 1 hour chart for BNB/USDT, we can see at the end of August price levels crashed through $25 support as mentioned in my previous BNB analysis, since then price levels have bottomed around $21 and market price action creates an ascending channel. Both the 50 MA and 200 EMA are touching for the first time within the 1 hour visible chart range. RSI has also created three higher highs.

Volume has been gradually increasing since the 30th of August just before price action bottomed at $21. Volume levels will need to keep increasing to sustain the newly developed ascending channel which could result in Binance Coin testing breakout resistance at $24.5.

It’s likely BNB price levels will trade within the ascending channel over the next week, then create a new low. It’s important not to enter into a position until either price levels have breached the breakout point at $24.5, or clearly breaks down through the ascending channel support if you’re looking to short.


BNB/USD 8 Hour Analysis

On the 8 hour chart for BNB/USDT, we can see a clear falling wedge has formed. Stemming from the highs at $39 down to the current third lower low at $21. Falling wedges are inherently bullish, especially when forming off the back of an explosive move to the upside. Further downside within the falling wedge is likely. Key support to look out for below the current market price is $19.8.

Volume has begun to rise over the last few days in comparison to volume levels seen throughout August. In order for price levels to attempt a bullish breakout through the falling wedge, volume levels must return to levels seen in May through to July. Currently, the market price is trading right below the 0.236 Fibonacci level which is also at the same level whereby price action would break out through the falling wedge. Bullish breakout is only confirmed once both of these levels have been surpassed.

RSI turned oversold towards the end of August and now appears to be forming bullish momentum which aligns nicely with the ascending channel on the 1-hour chart.  However, there are almost no indications that this uptrend will be sustainable.

Do you think Binance Coin will break out through the falling wedge in a bullish fashion over the coming weeks? Please leave your thoughts in the comments below!


Images via Bitcoinist Image Library, BNB/USDT charts by TradingView

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Ethereum Price Analysis: Bears Eye Pullback To $190 Support

Ethereum price recently broke out of a period of consolidation as mentioned in my previous analysis on ETH, completing an asymmetrical triangle in favors of the bulls but has since begun a pullback breaking the short-term support. Bears now eye $190 support around the visible range low.


Ethereum Price 1-Hour Analysis
ethusd60

On the 1 hour chart for ETH/USD, we can see how price action progressed after the breakout. Price levels tested $240 resistance and failed to gain on the 6th of August resulting in a rejection causing a pull-back to break the short-term support around $217. Since then price levels have continued to drop and looks poised to re-test the visible range low at $189 just below the 0.382 Fibonacci level.

It’s important to note that volume remains reasonably low on this pull-back and will need to see a drastic increase in selling momentum to cause a crash through $189 support making it likely that a bounce could happen as market price tests this key support price level. RSI just hovering above 20.00 being oversold indicates selling momentum has control over market price.


Ethereum Price 8-Hour Analysis

ethusd8h

On the 8 Hour chart for ETH/USD, we can see where the support at $189 originates from being the local top throughout the middle of April just before price levels broke out and swiftly tested $282 resistance thereafter. RSI has yet to hit oversold zone but appears to be clearly heading in that trajectory, by the time the market price which is currently $204 tests support at $189 it’s likely RSI will be fully oversold presenting a good reason to consider re-entering at this level.

200 EMA can be seen acting as resistance at the local top mentioned on the 6th of August at $240 meaning the recent breakout was a failure to gain aka fakeout as the necessary volume needed for price levels to sustain a new short-term bullish uptrend didn’t arrive. The volume appears to be almost flatlining now in comparison to volume seen throughout April, May, and even June. POC (Point of Control) sits at $168 and will be the next key support level to look out for if $189 breaks.

15 SMMA and 50 MA can be seen just about to cross down over each-other at the recent support break-down point at $218. This could signal much further downside to come so it’s important to practice effective risk management when taking any trades on ETH/USD over the coming days and weeks.

Do you think the volume necessary to propel ETH/USD higher will arrive in the coming days? Please leave your thoughts in the comments below!


Images via Bitcoinist Image Library, ETH/USD charts by TradingView 

This article is strictly for educational purposes and should not be construed as financial advice.

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Čvn 25

Bitcoin Price Surge Dampens Altcoin Rally Hopes

There has been no Monday correction for Bitcoin this week as the top cryptocurrency has held on to its weekend gains. With market dominance, a touch under 60% many traders and crypto aficionados are beginning to wonder if the altcoins will ever recover.


Bitcoin Price Holding Steady Above $11000

Bitcoin is back at its 2019 high of just over $11,200 at the moment. It has spent most of the past day consolidating around $10,800 but started heading north again during the morning’s Asian trading session. Since the same time, last week BTC has made a solid 20% and has shown no signs of slowing down.

crypto

Bitcoin price 1 hour candles – Tradingview.com

There is a lot of resistance in the $11,700 region but that has not thwarted Bitcoin previously. A correction right now would be healthy though as parabolic charts are not. That thirty percent plus chart move that many have speculated about would drop BTC from its current high back to around $7,800. At this level or lower, there is likely to be a lot more accumulation before the next leg up.

Remember 2017? When Altseason?

Many traders on Crypto Twitter are starting to express concern about the performance, or lack of, for most of the altcoins. While some such as Litecoin have done extremely well the majority still appear to be frozen over from crypto winter. An earlier tweet by blockchain entrepreneur ‘The Crypto King’ served as a reminder from 2017.

“All the focus is on BTC… did everyone forget 2017?
BTC pumps. BTC Stagnates.
Alts go absolutely bananas.
Altseason 2.0 Tik Tok.”

This sentiment has been echoed by crypto trader ‘Moon Overlord’ who has also looked back at patterns in late 2017 when altseason took off.

“The altcoin sentiment feels eerily similar to mid to late 2017. Bitcoin just went up and up and $ALTS got smoked. Then all of the sudden WHAM, a few alts lead the way and they started going 50, 100X out of nowhere. I suspect this time will be no different, you won’t get a warning,”

It is true that many of the top performing altcoins from 2017 have done very little in 2019. Big pump coins such as Cardano and Stellar have now been dumped out of the top ten and are still down from ATH by 91% and 85% respectively. Other previously high performing altcoins such as IOTA, NEO, OmiseGO, ICON, Qtum, Lisk, VeChain and 0x are still battered and bruised showing very little sign of recovery.

Many have speculated that a lot of 2017’s tokens will fade away and be usurped by new offerings this year but at the moment Bitcoin is still dominating markets and an altcoin season has yet to begin.

Will Bitcoin give altcoins a chance to move higher? Let us know what you think in the comments below. 


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Čvn 18

XRP Spikes 10% on Ripple MoneyGram Partnership News

Big partnership announcements have been thin on the ground for many of the major crypto companies recently. That changed for Ripple a few hours ago when the firm announced a strategic partnership with one of the world’s largest money transfer companies, MoneyGram.


XRP Climbs 15% in a Week

Compared to bitcoin and litecoin, XRP has been asleep for the past two months. Even Ethereum has outperformed it in terms of percentage gains.

That all changed a few hours ago when XRP awoke from its range bound channel at $0.42 and surged almost 10% to hit an intraday high just over $0.46. A minor pullback followed in the hours after the announcement but XRP is still one of the day’s top performers.

Ripple

XRP price 1 hour candles – Tradingview.com

XRP 00 has climbed almost 15% over the past week as it was trading just under $0.40 this time last Tuesday. Daily volume has just topped $2 billion as XRP market capitalization approaches $20 billion.

The gap to ETH in second place is still $10 billion in terms of market cap, however. It has been one of the best weeks for XRP in terms of gains as the Ripple token has only made 27% since the beginning of the year.

Big Partnership Driving FOMO

The San Francisco based firm announced the partnership on its company blog late last night. It stated that the initial partnership will last two years during which Ripple will become the key partner for MoneyGram’s cross border payments and foreign exchange settlements.

A substantial capital commitment of $50 million has also been pledged by the blockchain company enabling MoneyGram to draw it over a two year period in exchange for equity.

Ripple’s xRapid system will be deployed for the partnership. It facilitates on-demand liquidity enabling instant transactions by reducing reliance on pre-funding. The XRP token will be used as the ‘real-time bridge’ between different currencies. Ripple CEO, Brad Garlinghouse, stated;

This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency. This is a huge milestone in helping to transform cross-border payments and I look forward to a long-term, very strategic partnership between our companies.

MoneyGram has a $600 billion global remittance market supporting multiple currencies in more than 200 countries. Traditional forex markets requiring advance purchases are currently used for international transfers.

The partnership and leverage of Ripple’s native token are expected to reduce costs and increase transfer speeds for the firm. Alex Holmes, MoneyGram Chairman and CEO, added;

Through Ripple’s xRapid product, we will have the ability to instantly settle funds from US dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.

Will XRP hit $0.50 this week? Add your comments below.


Images via Shutterstock, Tradingview.com

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Top 3 Cryptos, Not Named Bitcoin, Making Waves in June

As bitcoin price continues to hover around $8,000, some cryptocurrencies, namely Litecoin, LEO, and Binance Coin, have somewhat managed to steal the spotlight in recent days and are probably worth keeping an eye on in the short to medium term. 


Top 3 Cryptocurrencies: Litecoin (LTC)

Litecoin 00 managed to outperform all top 10 cryptocurrencies by means of market capitalization in the past 24 hours. Its price touched $120 which was an increase of around 12 percent.

However, Litecoin has since re-traced and is trading at around $115 at the time of this writing. Still, that’s about 5 percent increase on the day.

Litecoin’s performance throughout 2019 has been nothing but impressive so far. Since January 1st, LTC has gained around 300 percent.

More interestingly, the recent surge comes about 58 days prior to Litecoin’s halving event. It will cut the block reward from 25 to 12.5 coins per block, which could, in theory, catalyze a further increase in the cryptocurrency’s price.

LEO

LEO is relatively new on the market. It was issued through a private sale conducted by one of the popular cryptocurrency exchanges, Bitfinex. The event sold a total of $1 billion worth of LEO at the price of 1 USDT each.

At the time of this writing, LEO is trading at around $1.70, which is an increase of about 70 percent since its private sale. The cryptocurrency currently sits at a market cap of around $1.7 billion.

On the daily chart, LEO marks an increase of around 3 percent. According to LEO’s White Paper, iFinex will be doing regular repurchases and burns of the token on a monthly basis.

The company and its affiliates will buy back LEO tokens from the market equal to at least 27 percent of its gross revenues. The reducing supply, given the demand for the cryptocurrency remains the same, could also, in theory, keep its price moving higher.

Binance Coin (BNB)

This probably doesn’t come much as a surprise, but Binance Coin 00 continues to be on the watchlist of best-performing altcoins over the past year.

BNB has marked a slight increase of around 3 percent on the day. However, looking at the bigger picture, the cryptocurrency has surged more than 400 percent year-to-date.

Don’t be surprised if its increasing utility, particularly in Initial Exchange Offerings (IEOs), as well as the regular coin burns that reduce supply on the market, push its price to new all-time highs by the end of this year.

What do you think of these three altcoins and their performance so far? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock, TradingView

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This IEO Crypto Token is Up 800% After Binance DEX Launch

Crypto figures were urging caution June 1 after the first token to trade on both Binance and Binance DEX saw suspiciously high trade volume.


Harmony Outperforms BNB Crypto Token

Harmony (ONE), which constitutes Binance’s latest initial exchange offering (IEO), saw over $600 million in volume in the 24 hours to press time, according to data from CoinMarketCap.

The token is the first to debut on both Binance’s regular platform and its newly-launched decentralized exchange, Binance DEX.

Executives had generated considerable buzz around the move through a concerted publicity campaign prior to the launch, which included a giveaway to promote ONE among prospective investors.

Analyzing the trade figures, however, veteran crypto social media voices appeared less than impressed.

“It’s up by 800%+ from (the) IEO. Wouldn’t recommend chasing this,” the Twitter account known as Squeeze summarized, noting ONE/USD trading at $0.025.

“I’ve been eyeing this for a while. This has very huge hype. But not gonna buy at this price. Will wait for dips in the coming weeks. If it moons hard, I don’t mind missing this. Plenty of other choices.”

Binance DEX Whirlwind

Harmony was little known before its Binance hook-up, with the launch of the DEX having already sparked major excitement among traders.

As CoinMarketCap confirms, Binance’s decentralized platform saw larger volumes in five hours than its biggest competitor, IDEX, achieved in 24.

“By tomorrow it will have done more volume than all DEX’s combined,” trader and journalist Dan Clarke forecast Saturday.

As Bitcoinist reported, Binance itself has seen a broad turnaround in its recent fortunes since recovering from a $41 million hack at the start of May.

Following a week of downtime, full functionality resumed May 15, with the platform’s in-house token, Binance Coin 00, forming the basis of a separate giveaway to reward users who stayed loyal during the platform’s difficulties.

BNB subsequently outperformed, reaching new all-time highs against the US dollar this week as it passed $35 for the first time.

The token, which can also be used against discounted trading fees on Binance, is now the seventh-largest cryptocurrency by market cap. 24-hour volume at press time was $560 million – still just short of ONE.

Separately, the exchange’s own research this week announced a changing trend in the crypto industry more broadly. After over a year of low appeal, non-crypto lay consumers were finally beginning to pay attention to Bitcoin 00 and altcoins again.

In addition, institutional investor interest was developing much more quickly, analysts said, a phenomenon which itself was contributing to the base of new Binance traders.

What do you think about Binance DEX and Harmony? Let us know in the comments below!


Images via Shutterstock, Tradingview.com

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Kvě 30

Bitcoin Dominance Slips 5% as New ‘Altseason’ Taking Shape

Altcoins are shooting up in value in the past couple of weeks as Bitcoin dominance has slipped 5 percent. During the past 90 days, almost all major altcoins are marking notable double and even triple-digit percentage increases hinting at a possible ‘altseason.’


BTC Dominance Down 5% 

Altcoin season is a period in the market cycle, where other cryptocurrencies outperform BTC even as bitcoin is increasing in price.

During this period, BTC dominance, which is measuring Bitcoin’s relative share in the entire cryptocurrency market, is traditionally lower. In the meantime, altcoins are gaining strength and further momentum.

At the time of this writing, BTC dominance stands at around 55 percent. This marks a decline of about 5 percent in the last two weeks.

Bitcoin dominance still maintaining above 50%

It’s also worth noting that this comes at a period during which Bitcoin’s price has actually increased. Since May 14th, BTC is up almost 10 percent. Yet, despite the increase, its overall share in the total market has declined.

At the same time, as Bitcoinist previously reported, the market dominance index does not always paint an accurate picture of the market. Other indices, for example, put BTC well over 80 percent.

Is ‘AltSeason’ Upon Us?

Nevertheless, the fact that BTC market cap is slipping is a sign that altcoins are starting to catch up. Moreover, during the past 90 days, it also appears that the value of many major altcoins against the USD has also increased significantly.

Therefore, traders are now asking whether so-called altseason is upon us.

As seen on the above graph, some of the major gainers in the last three months include Bitcoin Cash (BCH), Binance Coin (BNB), EOS, Litecoin (LTC), DASH, and others.

The relatively short-term strength of altcoins, as well as the fading BTC dominance, could signal that an altcoin season is, indeed, taking shape.

Looking at the bigger picture, however, reveals a completely different story. During the last 12 months, most of the altcoins mark substantial losses in the range between 35 and 70 percent. Bitcoin, on the other hand, has posted impressive gains since its yearly lows of around $3,200 at the start of the year.

Moreover, altcoins tend to follow BTC’s performance and if Bitcoin sneezes – every altcoin catches a cold.

Bitcoin Still The Safest Play

While altcoins might be a good opportunity for some quick gains, the truth is that timing the market remains particularly challenging.

That’s perhaps best exemplified by Twitter user Marc de Koning (@Koning_Marc), who recently shared his experience of investing 1 BTC in 50 different altcoins each back in mid/late 2017.

“Out of 50 coins that each had 1 BTC put in, the overall current value is between 0.02 and 0.3 BTC per bag. Many coins delisted except for dexes which no one uses.”

The user didn’t share in which altcoins he had invested in per se, but the fact that out of 50 coins he had marked losses in the range of 70 to 99 percent speaks for itself.

Bitcoin, on the other hand, remains the best performing cryptocurrency. As Bitcoinist recently reported, it’s up 700 percent since January 1st, 2017. Furthermore, BTC is outperforming the stock market this year by an eye-popping 1000 percent.

What do you think of altcoins? Do you hold any? Don’t hesitate to let us know in the comments below!


Images via Shutterstock, Messari.io

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Kvě 23

10 Fintech Leaders Predict Bitcoin to End 2019 Above $9,500

Ten prominent fintech experts shared their bitcoin price predictions and all agreed that BTC would close 2019 above $9,500, according to Finder.com.


Experts Expect a Bull Market

The US-based comparison website surveyed 10 fintech leaders on their thoughts and projections on 13 cryptocurrencies (including the top-10 by market capitalization) and the participants included executives from BitBull Capital, Arca, and Blocktoken.

The participants were most optimistic about EOS, Binance Coin and Tron as each was forecast to gain 727%, 459%, and 449%, respectively.

When asked whether the current climate is ideal for the average person to invest in cryptocurrency, 5 out of 10 executives agreed that now is a good time to allocate a small portion of portfolio funds to digital assets. 4 survey participants also said that they believe Bitcoin will surpass its $20,000 all-time high during the next bull-run.

50% of the participants believe that the next uptrend will end just like the one in 2017. But while the majority of the participants expected Bitcoin to eventually cool off from its recent parabolic run, the general consensus was Bitcoin would exceed $9,659 by the end of 2019.

Analyst and participant Joe Raczynski said that:

We are entering a new period with Bitcoin. Many of the institutional players have said they are done with this experiment (publicly), which may be the case [but] I think privately, some other hedge funds and other institutions will continue to invest during this lower period.

Altcoins to Outperform Bitcoin in 2019

Surprisingly, Blockchain Capital partner Jimmy Song expects Bitcoin to close 2019 at $5,901 and Song explained that there seems to be some daylight between Bitcoin and other cryptos.

Bitcoin will start being seen as a different asset than all the others,” he said.

Meanwhile, Bitbull Capital’s Sarah Bergstrand said that she expects bitcoin price to “bounce between $3,000 and $5,000 for the next few months.”

The survey results also show that the majority of participants think Cardano (ADA) will wrap up 2019 at $0.14 and the group was fairly optimistic about EOS.

Brenden Markey-Towler from RMIT Blockchain Innovation Hub predicting that

….as EOS transitions with NEO and Ethereum to next-generation consensus algorithms, I suspect their scope as an institutional technology will increase, and their value with it.

Stellar Lumens (XRP) is expected to reach $0.18 by year-end and the group optimistically forecasts that TRON and XRP will close the year at $0.15 and $0.44.

Finder has held its Bitcoin Predictions Panel since January 2018 and interested investors can find the details of each monthly survey here.

Do you agree with these bitcoin price predictions? Share your thoughts in the comments below! 


Images via TradingView.com, Twitter, Shutterstock

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Kvě 10

Did the $41M Bitcoin Theft Create a Buying Opportunity for Binance Coin (BNB)?

Binance Token (BNB) has taken a significant due to the Binance Bitcoin hack but is the recent pullback an opportunity for buyers?


BNB Maybe a Steal as Binance Reels

Since topping out at $25.49 Binance Token (BNB) 00 has pulled back by nearly 27% and the fallout from last week’s Tether – Bitfinex scandal along with Binance’s recent $41 million bitcoin theft are taking their toll on the exchange’s native token.

Clearly, after a more than 500% rally, BNB was ripe for a bit of profit taking and a trend change but the current dump could be more connected to recent events and not a representation of BNB’s value from a technical standpoint.

BNB-USDT Daily Chart

binance

As recently as May 2, BNB was consolidating between $25 to $21 and posting daily lower highs. It’s clear that altcoin was losing strength as it struggled to stay above the 12 EMA The bear cross on the daily MACD corresponds with the April 26th news of Bitfinex misappropriating $850 million USDT to cover their own losses.

BNB-USDT 4-Hr Chart

Today’s pullback brought BNB below both moving averages and the 12 is on the verge of crossing below the 26 EMA. There is the possibility of an oversold bounce occurring shortly as the RSI and MACD are each oversold, but barring a massive influx of buyers, the bounce is not likely to change the trend or extend past $19.50.

On its way to $25.49, Binance Coin blasted through $17 – $21 (61.8% Fib retracement) and the lack of support beneath $19 explains why BNB is slicing through this level towards more solid support at $15. If $17.30 doesn’t hold then the 50% fib level.

Given that USDT and BTC have shaken off and recovered from the same recent events that now impact BNB, it’s likely that BNB will also recover as the public gets over the shock of the largest crypto-exchange by daily volume enduring a $41 million hack. Luckily, it has resulted in zero Binance users losing funds.

In result, the current price could be a buying opportunity for swing traders as a return to the previous range represents a 20 – 25% return and those looking to set up a long position might consider buying a quarter of their expected investment.

Is Binance Coin a buy now under $19? Share your thoughts below!

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for the analysis are provided by TradingView.]

Trade Bitcoin, Litecoin and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets.  


Images courtesy of Shutterstock, Trading View. Market data sourced from Coinbase.fkff

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Tether Dominance Of Stablecoin Market Falls To 74%

As 2018 began, with only two competitors, Tether commanded 94 percent of the stablecoin market. With the year seeing the emergence of 8 new players in the space, that dominance has fallen to 74 percent.


Flood Waters

It seems that the cryptocurrency du jour is the US Dollar, or at least the stablecoins pegged to it. This year has seen a wealth of new offerings flood to market, causing exchanges to reassess how to list them.

Huobi added its own stablecoin to the fray, with the launch of HUSD. This is interchangeable with and amalgamates Paxos, TrueUSD, USDCoin, and Gemini Dollars, allowing deposits and withdrawals for no conversion fees.

Binance also introduced changes, to clearly identify markets with stablecoin pairings.

Chip Chip Chipping Away

Forgetting the headline figure, 74 percent is still a full three-quarters of the market, which is quite significant. On average, each new competitor eroded less of Tether’s market share than the original two.

Which illustrates the value in this case of being first to market, compared to the comparative value of your product. Despite the continuing criticism and scrutiny of Tether, it maintains a market share that its competitors are all vying for.

Stablecoins Aren’t Going Anywhere

Stablecoins are certainly divisive. The touted benefits are questioned as often as they are lauded. Are they just the answer to a problem that nobody really had in the first place? Or are they a necessity in the evolution of crypto?

Either way, they are fast becoming a permanent fixture in crypto-news and shaping the current crypto-landscape. As more and more players continue to move into the market, stablecoins are clearly the current craze in the nascent industry that has struggled as a whole against the USD in 2018.

What remains to be seen is the ongoing impact of this on Tether. Will each new project continue to nibble away at its market share? Will a plucky young upstart find enough popular support to launch a serious uprising and eventually usurp the king? Or will the overcrowded throng of hungry contenders start to cannibalize each other’s piece of the pie?


Images courtesy of Shutterstock, Twitter

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