All Quiet on the Crypto Front as Bitcoin, Altcoins Shun Volatility

An eerie calm continues to linger over cryptocurrency markets Friday, Oct. 26, as Bitcoin (BTC) volatility hits an all-time low and altcoins remain stagnant.

Market visualization from Coin360

Data from Cointelegraph’s price tracker and Coin360 paints an underwhelming picture for short-term speculators, but one that has delighted many analysts, who have begun hailing a new era of Bitcoin stability.

On Friday, Bloomberg joined the multiple cryptocurrency industry commentators to highlight Bitcoin’s lack of volatility, with October 2018 being the least volatile for eighteen months. Commentators claimed this was a sign the leading coin was nearing its bottom.

At the same time, one fund management head told the publication, the ongoing bear market should be “getting tired” and a bullish upturn was likely to form Bitcoin’s next move.

That sentiment was repeated by Fundstrat Global Advisors’ Tom Lee earlier this week in separate comments to Cointelegraph.

At press time, BTC/USD is up just a fraction of a percent over the past 24 hours to trade around $6,480. The pair has also remained uncannily stagnant since the end of last week.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

Among the altcoins, Ethereum (ETH) is also recording only a minute percent change over the past 24 hours to press time.

Attention had largely fallen away from the largest altcoin asset this week ahead of a planned hard fork in January which, as Cointelegraph reported, has faced various hurdles to its implementation. Constantinople, as it is known, was originally scheduled for next month.

ETH/USD is currently trading just under $203, just slightly down since the same time last week against a backdrop of around 8 percent monthly losses.

Ethereum 7-day price chart

Ethereum 7-day price chart. Source: CoinMarketCap

Across the top twenty altcoin assets, no anomalies to the sideways trading trend had appeared, with coins staying within a tiny 1 percent of their position 24 hours previously. The only exception is Zcash (ZEC), ranked 19th by market cap, which is seeing a little over 4 percent losses to trade at $121.22 by press time.

Total market capitalization of all cryptocurrencies remains just under $210 billion, a level it has been holding close to for the past week.

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EOS, Litecoin, Stellar Lumens, Tron, IOTA Technical Analysis: Altcoins Priming for Further Gains

From the charts, it’s likely that EOS, Litecoin, IOTA and even Tron buyers will continue with their upward trajectory after yesterday’s rejection of lower lows. It’s important to note that this injection of buy momentum happened right at key support lines. Solely because of this and the way our charts are set up, we expect further altcoin gains this week.

Let’s have a look at the charts:

EOS Technical Analysis

EOS Daily Chart By Trading View

What a nice coincidence: as the EOSIO blockchain throughput continues to prove critics wrong, EOS prices found support. It’s with this hindsight that Mike Novogratz thinks the commercial dApps and smart contracts platform would soon be processing over 50,000 TPS. Of course, EOS investors including Mike whose Hedge Fund-Galaxy Digital- channeled millions of dollars into Block One interpret this is positive and such proposition could even lift prices in the short to medium term.

Like most coins in the top 10, EOS is stable and still moving inside our $2 trade range with resistance at $9.

Understandably though, sellers are technically in charge and we can deduce this from the general structure of the last two months or so. That’s on top of the horizontal consolidation where EOS price action is failing to trigger our buy triggers set at $9.

In the mean time though, the fact that last week was positive means we can remain neutral with a bullish skew. This way we shall be syncing with the overall market sentiment and expecting surges above $9 complete with strong trading volumes in line with our previous trading plan.

Litecoin (LTC) Technical Analysis

Litecoin (LTC) Technical Analysis

Litecoin Daily Chart By Trading View

In a mark of crypto confidence, Samsung Stores across the three Baltic States will in the coming days accept merchandise settlement using cryptocurrencies. As a coin designed as a means of exchange, coin holders would make payments in Litecoin (LTC). To make the whole process easy, Samsung shall work with Coppay, a payment processor, to make the whole experience easy.

On the charts, Litecoin prices are stable gaining two percent in the last day. However, as it does so, its market cap is $500 million away from being flipped by Cardano (ADA).

Nonetheless, LTC price action is yet to make strong gains despite rejecting strong sell pressure over the weekend. As a matter of fact, LTC is still confined within a $20 range with upper limits at $90 and strong supports at $70.

So, like our previous trade plan, all we need is LTC buyers to edge above $90, trigger our buys and allow conservatives to buy on dips in lower time frames. Before then, I suggest remaining neutral.

Stellar Lumens (XLM) Technical Analysis

Stellar Lumens (XLM) Technical Analysis

Stellar Lumens Daily Chart By Trading View

Thus far, Stellar Lumens is the sixth most valuable coin in the world after replacing Litecoin following rapid gains last week.

Considering their 50 percent week over week gains, we expect Stellar Lumens buyers to keep up the momentum and sustain the technical revival initiated after last week bounce from 20 cents. In the weekly chart, we have this nice bullish engulfing candlestick with strong volumes indicating a bottoming market and early stages of a rally.

As such, my recommendation is to buy at current spot rates with first targets at 50 cents and stops at July 20 lows at 25 cents.

Tron (TRX) Technical Analysis

Tron (TRX) Technical Analysis

Tron Daily Chart By Trading View

Undoubtedly, Tron is doing everything it can to compete and with the release of Tron Link, developers would have an easy time to interact with the Tron blockchain. Through an API, they can freely contribute dApps to the Tron ecosystem without compromising on security thanks to the robust encryption is use. Tron Link is an end product of Tron Watch who are also the creators of the Tron Wallet and is simply a chrome extension.

A simple Fibonacci tool between last week’s high low and we can see that TRX prices are finding support right at the 78.6 percent retracement level. Despite this encouraging development, we still remain neutral with bearish expectations unless of course we see gains above 4 cents, a previous support line and immediate resistance.

Remember, TRX bears are technically in charge and it’s clear when we draw a simple trend line between May-July highs. As such, we remain positive on price recovery but should sellers dip below July lows at 3 cents then we recommend shorting on every pull back with targets at 2.5 cents.

IOTA (IOT) Technical Analysis

IOTA (IOT) Technical Analysis

IOTA Daily Chart By Trading View

After three attempts by sellers, we now have a triple bottom right at 90 cents, our main support line and 2018 lows.

This line, borrowing from previous IOTA analysis, anchors our trade plan and we still maintain the same stand:  As long as IOTA price action is trending within 90 cents and $1.3, we shall remain neutral.

The best approach here is to trade a break out in either direction and gains above $1.3 or July highs will no doubt help resuscitate buyers helping push valuation back to $2 or higher.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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5 Altcoins to Look Out For this Summer: NAGA, LTC, EOS, NEO and ADA

After a prolonged crypto winter, the dog days of the altcoin summer are finally here — which means you might want to watch these five cryptocurrencies carefully.

NAGA COIN (NGC)

First on the list of cryptos to look out for this summer is NAGA COIN (NGC).

NAGA COIN is the token which powers the expansive and all-encompassing NAGA ecosystem — which itself includes the likes of NAGA TRADER, NAGA WALLET, and NAGA VIRTUAL. By that, we mean it is the decentralized utility token used for both trading and investing in financial markets, virtual goods, and other cryptocurrencies.

NGC’s strength lies in its utility. Everything that happens in NAGA’s ecosystem revolves around NGC — as the token may be used to pay fees, act as collateral, and serve as the primary currency for all transactions. Recently, NAGA introduced its ICO-Hub, a NAGA WALLET feature that lets users participate in the hottest and most exciting coin offerings with just a few simple clicks, using NGC as the direct payment method. This makes NGC the main driver of the platform’s sustainable economy in which demand is ever-increasing as more users, game publishers, and big-money financial institutions discover the many benefits the NAGA Ecosystem has to offer.

For traders, NAGA COIN — like many altcoins — is down substantially from its all-time highs. With such real utility and a diverse ecosystem backing the coin, however, this is certainly one token worth seriously considering before the next altcoin cycle.

Litecoin (LTC)

On the subject of being down substantially from all-time highs, Litecoin — often called Bitcoin’s little brother — is currently trading at what many may consider to be a substantial discount.

TMT Blockchain Fund’s Gabriel Francisco, for example, believes Litecoin will become one of the first cryptocurrencies to actually gain mainstream adoption for shoppers — while also claiming the risk-reward ratio is very high. He noted:

Poised on the brink of greatness, Litecoin is preparing for a breathtaking moon shot. Dubbed ‘the rock’ at times, this clone of Bitcoin has shown incredible market resilience and price inertia. Pegged at 84 million coins, Litecoin is four times faster than Bitcoin and has four times the supply. In other words, Bitcoin is to gold what Litecoin is to silver.

Meanwhile, Litecoin Foundation partner TokenPay Swiss AG announced its partnership with Germany’s WEG Bank, which sees the decentralized and self-verifying payment platform acquire 9.9 percent of the bank. The other 90 percent of the bank will reportedly be purchased pending mandatory regulatory approval.

Regardless of how Litecoin’s future plans pan out, one thing is all but certain — the Bitcoin clone will follow in its big brother’s footsteps, wherever it goes.

EOS (EOS)

EOS may claim to be ‘The Ethereum Killer,’ but it has had quite a volatile 2018 — skyrocketing up to new all-time highs before the launch of its mainnet and subsequently collapsing back down to perhaps unreasonable lows.

The old saying claims that you should buy when others are fearful. Well, many are afraid of EOS right now. The platform’s launch was troublesome, to say the least, with concerns over centralization causing CTO Dan Larimer to suggest scrapping the project’s constitution and starting from scratch.

Worrisome launch aside, rival smart contract platforms will certainly challenge Ethereum in the future — and EOS is well positioned to be the one leading that charge.

NEO (NEO)

NEO is often referred to as ‘The Ethereum of China,’ but it’s actually much more than that. As noted by eToro analysis, NEO has strong partnerships and support from the Asian cryptocurrency community — and is one of the most promising currencies in the crypto-assets space, with the ambitious goal of becoming the main “smart economy” of the world in the next few years.

With such lofty goals and solid fundamentals behind the project — which is highly regarded by Weiss Ratings — ignoring NEO at these prices may be considered foolish. Additionally, the platform has very little competition in its home country of China.

Cardano (ADA)

Cardano is a fundamentally sound distributed computing platform that runs the blockchain for the ADA cryptocurrency.

The brainchild of Charles Hoskinson has recently garnered listings on Bithumb and Huobi and has lofty plans to revolutionize the world through its blockchain and digital currency. It stands to reason that Cardano ATMs will start popping up around the world once cryptocurrency garners further adoption.

Unlike other altcoins, the fundamental research underlying the project and attention to detail at the expense of manufactured hype and announcements puts Cardano in a position to succeed — while others offer little more than empty promises.

From a trading perspective, Cardano is also far off its all-time high — and with such strong fundamentals, one might consider this altcoin as a relatively low-risk, high-reward addition to his or her investment portfolio.

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