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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 24

Select major cryptocurrencies are showing signs of resuming their uptrend.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

Cryptocurrency fund manager Brian Kelly expects Bitcoin to rally further in the next few months on the back of its “halvening,” due in 2020. He proposes investors to buy around the current levels and  keep 1% to 5% of their portfolio in Bitcoin.

Similarly, CEO of Morgan Creek Capital Mark Yusko believes that Bitcoin investments will outperform the S&P 500 investment fund over the next 10 years. According to him, the low correlation of the cryptocurrency with other asset classes is also a reason why it should be in every investors portfolio.

Other than Bitcoin, the altcoins are also putting forth their use cases in various fields. The Enterprise Ethereum Alliance has outlined various use cases for the real estate sector. Not only crypto and blockchain companies that are looking at various opportunities where the technology can be of help. Elvira Nabiullina, the head of the Bank of Russia is interested in a gold-backed cryptocurrency as she believes it will improve mutual settlements with global jurisdictions.

Facebook is in talks with the major cryptocurrency exchanges on the issue of its rumored cryptocurrency. The social media giant wants to ensure that its cryptocurrency is liquid, tradeable and secure. With fundamental factors supportive, how do the technicals look? Let’s find out.

BTC/USD

The trend in Bitcoin (BTC) is up. It held its first support of $7,413.46 on May 23, which is a positive sign. Both the moving averages are trending up and the RSI is in positive territory. This suggests that the bulls have the upper hand.

A breakdown of $7,413.46 and the 20-day EMA will be the first indication that the momentum has weakened. If the 20-day EMA breaks down, the BTC/USD pair can drop to the next support of the 50-day SMA and below it to $5,900. We anticipate this level to hold.

On the upside, if the pair ascends $8,496.53, it can rally to the next resistance of $10,000, which is likely to act as a stiff resistance. We do not find any reliable buy setups at current levels, hence, we are not suggesting a trade in it.

ETH/USD

Ethereum (ETH) has been holding above the support of $225.39 for the past few days. This shows strong demand at lower levels. Both the moving averages are trending up and the RSI is in positive territory. This shows that the bulls are in command.

The bulls will now try to push the ETH/USD pair to the overhead resistance of $268.24. Above this, a rally to the $300–$322 resistance zone is possible. The pair will lose momentum if it breaks down of the 20-day EMA and the trend will turn in favor of the bears if the 50-day SMA cracks. Though bullish, we do not find a reliable trade setup, hence, we are not proposing a trade in it.

XRP/USD

Ripple (XRP) is attempting to bounce off the 20-day EMA. A strong rebound from the current levels can carry it to the overhead resistance of $0.45. If the bulls succeed in ascending this resistance, the rally can extend to $0.60. Though there are minor resistances at $0.50 and $0.55, we expect them to be crossed.

Currently, both the moving averages are flattening out. This shows a balance between the bulls and the bears. A breakdown of the 20-day EMA will sink the XRP/USD pair to the next support of the 50-day SMA. This is just above the horizontal support of $0.33108. We expect this level to hold. Traders can retain the stop loss on the long positions at $0.2750.

BCH/USD

Bitcoin Cash (BCH) bounced off the 20-day EMA on May 23. The bulls are presently attempting to push the price towards the overhead resistance of $450. Both the moving averages are sloping up and the RSI is in the positive zone. This shows that the bulls are at an advantage.

However, we anticipate a stiff resistance between $450 and the resistance line of the ascending channel. The BCH/USD pair will weaken if it turns around from the overhead resistance and dips below the 20-day EMA. The next support on the downside is the 50-day SMA and below it the support line of the channel. We will wait for a new buy setup to form before recommending a trade in it.

EOS/USD

EOS has bounced sharply from the 20-day EMA. This is a positive sign as it shows buying on dips. The bulls will now try to scale the overhead resistance of $6.8299. If successful, the pair can rally to $9. Both the moving averages are sloping up and the RSI is in positive territory. This shows that the bulls have an edge. The only red flag is the developing negative divergence on the RSI.

We anticipate a stiff resistance at $6.8299. A turnaround from the resistance is likely to find support at the 20-day EMA. The EOS/USD pair will weaken if it breaks below the moving averages. We might suggest long positions if the pair breaks out and sustains above $6.8299.

LTC/USD

Litecoin (LTC) has broken out of the overhead resistance of $91 with force. This is a positive sign. The bulls will now try to scale the overhead resistance of $107. If successful, the cryptocurrency can rally to its target objective of $158.91. Both the moving averages are sloping up and the RSI is in the positive territory. This shows that the bulls are in command.

During the recent pullback, the LTC/USD pair held above the support of $84.3439. This is a bullish as it forms a new base for the cryptocurrency. A breakdown of this support will result in a fall to $74.6054. The traders can trail the stops on the long positions to $80. We do not like the negative divergence on the RSI, hence, let us reduce our risk.

BNB/USD

Binance Coin (BNB) continues to be the strongest major cryptocurrency as it is consistently making new lifetime highs. Unlike previous occasions, the digital currency has not corrected to the 20-day EMA after reaching the resistance line. This suggests that the bulls are holding on to their positions as they expect a further rally.

The BNB/USD pair is attempting to climb above the resistance line once again. If successful, it can move up to $40.2919564. With both the moving averages sloping up and the RSI in the overbought zone, the bulls have the upper hand. Our bullish view will be invalidated if the pair reverses direction from the resistance line and plummets below the moving averages.

XLM/USD

Stellar (XLM) is attempting to hold the moving averages, which are flattening out. The RSI has also dipped to just above 50. This suggests a balance between the bulls and the bears.

A drop below the moving averages can sink the XLM/USD pair to $0.088542. Thereafter, the pair might remain stuck in the range of $0.088542 to $0.14861760 for the next few weeks.

Conversely, if the bulls hold the moving averages and push the price above $0.14861760, the pair might pick up momentum and rally to $0.22466773. We will wait for the price to close (UTC time frame) above $0.14861760 before proposing a trade in it.

ADA/USD

The bulls are struggling to hold Cardano (ADA) above the moving averages for the past few days. Though the bulls bought the dip below the 20-day EMA on May 23, they have not been able to propel the cryptocurrency higher. This shows some buying on dips but a lack of demand at higher levels.

A close (UTC time frame) below $0.073 can result in a fall to the next support of $0.057898. Both the moving averages are flattening out and the RSI is also close to the center. This points to a likely consolidation in the next few days.

But if the ADA/USD pair holds the current levels and scales above $0.094256, it will complete a reversal pattern that has a target objective of $0.161275. Therefore, we maintain the trade recommendation given in an earlier analysis.

TRX/USD

Tron (TRX) has held the support at the moving averages and is attempting to rise back above the overhead resistance of $0.02815521. If the price sustains above this level, the digital currency is likely to pick up momentum. However, the digital currency has seen a number of failed breakouts in the past few months, hence, we will wait for the price to stay above the range for a few days before confirming the start of a new uptrend. The target level to watch on the upside is $0.040 and above it $0.050.

On the other hand, if the TRX/USD pair reverses direction from the overhead resistance and sinks below $0.0250, it can dip to the next support at $0.02094452. Both the moving averages are flattish and the RSI is just above the midpoint. This points to a range bound action for a few days. For now, the traders can retain the stop loss on the long positions at $0.0209.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

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Binance Coin (BNB) Price Jumps Following Screenshot of Margin Trading

Binance Coin BNB Margin Trading

Binance Coin (BNB) continues to be one of the top earning cryptocurrencies in 2019. Since the start of the year, the native token to the leading cryptocurrency exchange Binance is up over 460 percent, with little halt in sight as the crypto markets turn even more bullish.

As previously reported by EWN, the rumor mill has been hinting at a forthcoming integration of margin trading on Binance. Speaking to community members earlier in the week, Changpeng Zhao confirmed that margin trading was being tested, but did not give a specific timeline on its release.

In a Twitter post published on May 24, the Binance team further added fuel to the speculative fire, with a series of screenshots that seem to all but confirm margin trading is coming in the very near future. While the post was making a tongue-in-cheek reference to their “dark mode/light mode feature,” the screenshot clearly displays the option for margin trading–a feature which is not currently available to traders.

“Dark mode 🌚 or Light mode 🌝? #Binance”

BNB responded in price to the news, jumping 9 percent as of writing and outpacing the gains of Bitcoin and most other top ten cryptocurrencies. While Binance is still not giving an exact date on when margin trading will hit the exchange, Changpeng Zhao claimed it would occur “very, very soon,” with the caveat that large-volume traders will have first access.

Despite suffering a $40 million hack in early May, Binance has continued to be a leader in the space of cryptocurrency exchanges and has paved the altcoin market valuation with the gains of BNB. While some have taken fault with the exchange’s handling of the hack, they remained transparent through the process of their security upgrades and were quick to notify investors that losts BTC would be covered via the #SAFU Fund.

Binance has also made a strong effort to boost the intrinsic valuation of their native token, at least in the eyes of investors looking to find fundamentals in the cryptocurrency market. While crypto may act more akin to a volatile currency than an actual digital asset, Binance has done its part to provide reason for traders to invest in BNB. The currency provides a discount on trading fees and is also required–in an increasingly large amount at today’s price–to participate in the Binance Launchpad lottery.

Given the trajectory of the exchange’s decisions to date, it’s possible margin trading will somehow feature into the use of Binance Coin. While the exchange has yet to make any statement on user access, it could require an account minimum of BNB, similar to the exchange’s requirements for Launchpad. Such a move would likely take the price of BNB even higher, although the exchange would have to contend with a realistic BNB holding at its current valuation.

Already investors are required to have 500 BNB valued at $17k, in order to receive the maximum amount of lottery tickets and insure their highest chance of Launchpad buy-in. If the price of Binance Coin continues to climb, Binance could buffer all but the highest-capital investors.

The post Binance Coin (BNB) Price Jumps Following Screenshot of Margin Trading appeared first on Ethereum World News.

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Crypto Markets Turn Red, Indian Stock Markets Post Record Highs Amid Election Results

Following a mild correction which began yesterday, crypto markets have today tipped into deeper red.

Thursday, May 23 —  following a mild correction which began yesterday, crypto markets have today tipped into deeper red with bitcoin (BTC) dropping below the $7,600 mark, as Coin360 data shows.

Market visualization

Market visualization courtesy of Coin360

Bitcoin has sustained a 4.25% correction and is trading at $7,590 by press time. The top coin has seen considerable volatility this week, posting an intra-week low of under $7,100 on May 17 before surging to the $8,250 mark on May 20.

The top coin had brushed $8,300 yesterday, May 16 — a bullish price point not seen since August 2018.

Today’s renewed correction has brought bitcoin a 5.24% loss on its 7-day chart.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

Largest altcoin by market cap ether (ETH) has seen a heftier loss, down 7.9% on the day to press time to trade at $235.85. Ether has seen a jaggedly downward trend on its 7-day chart, having peaked at $273 on May 16. The top alt is now trading 8.66% down on the week.

Ether 7-day price chart

Ether 7-day price chart. Source: CoinMarketCap

XRP has seen a 7.2% price dip on the day to trade at $0.37 by press time. Like ether, the asset saw its weekly peak on May 16, followed by a second recovery on May 20. With today’s accelerated downturn, XRP is reporting a 15.2% loss on the week.

XRP 7-day price chart

XRP 7-day price chart. Source: CoinMarketCap

Among the top ten cryptocurrencies, all are red. The market-wide price downturn includes a 10.8% loss for 10th largest crypto cardano (ADA), a 9% loss for fourth ranked coin bitcoin cash (BCH), and an 8.8% loss on the day for stellar (XLM), ranked 9th.

The seventh-largest crypto, native exchange token binance coin (BNB), is showing relative resilience — down a mild 2.29% on the day..

Widening out to the top twenty, all coins are again unanimously red, with several posting double digit losses. These include nem (XEM) — ranked 20th and down 13.15% on the day — 15th largest coin iota (MIOTA), which is down 11.8% on the day, and dash (DASH), ranked 14th and down 10.7%.

Other hefty losses have been reported by tron (TRX) — down 9.47% — and neo (NEO), down 9.9% to press time.

The total market capitalization of all cryptocurrencies is currently around $234.77 billion — remaining roughly $10 billion higher than its intra-week lows — with bitcoin dominance at 57.2%.

Total market capitalization of all cryptocurrencies

Total market capitalization of all cryptocurrencies. Source: CoinMarketCap

In an interview yesterday, crypto trader Anthony Grisanti of NYMEX anticipated that bitcoin would likely correct back to $7,000 and consolidate recent gains.

Earlier this week, crypto fund manager Brian Kelly gave his short-term forecast, telling CNBC that an upcoming supply cut — or the “halvening,” next due to take place in 2020 —  could boost bitcoin prices rise further in the coming months.

In traditional markets, Indian stock markets soared following news of incumbent Prime Minister Narendra Modi’s anticipated landslide victory, before swiftly correcting downwards, as the Economic Times of India reports live.

Earlier in the day, the Sensex — a stock market index of 30 companies listed on the Bombay Stock Exchange — soared 1,000 points to break past the 40,000 mark for the first time ever, with the Nifty 50 — the National Stock Exchange of India’s stock index for the equity market— crossing the 12,000 mark, setting a new record high. To press time, the Sensex has scaled back down and is trading at 39,103 levels, with the Nifty 50 at around 11,750.

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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 22

Watch out for the dip as it might offer a good opportunity to buy.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

Analysts believe that the rally in Bitcoin might witness a short-term blip but is likely to resume its up-move and reach $9,659 by year’s end. The reason for the rise can be attributed to various positive developments in the crypto field and also to the ongoing trade war between the top two economies of the world, China and the United States. Digital Currency Group founder Barry Silbert believes that Bitcoin is acting like a safe haven, as it has done in the past during Brexit and Grexit.

The current recovery from the lows was backed by strong institutional flows, as indicated by the record volumes on the Bitcoin derivatives exchanges. Along with the different cryptocurrencies, stablecoins are also being sought by traders. According to crypto research firm Diar, the market capitalization of stablecoins has topped $4 billion. Even with all the controversy surrounding it, Tether continues to be the leader with trading volumes in 2019 already exceeding that of the entirety of 2018.

Early backers of EOS are likely to make huge returns on their initial investments if they sell out in the buyback offer announced by Block.one. The seed round in 2017 had valued the company at $40 million, while the buyback offer values the company at $2.3 billion.

BTC/USD

Bitcoin (BTC) continues to be in an uptrend. Both the moving averages are sloping up and the RSI is in positive territory. This suggests that the bulls are in command. However, after a sharp rally, a minor correction or a consolidation is to be expected.

BTC/USD

The bulls are finding it difficult to breakout of the overhead resistance at $8,496.53, but on the downside, the bulls are buying the dips to the 20-day EMA. Until either level is crossed, the BTC/USD pair is likely to remain range bound for the next few days.

Contrary to our assumption, if the pair breaks out and closes (UTC time frame) above the overhead resistance, a rally to $10,000 will be in the cards. However, we do not expect this level to be crossed in a hurry.

On the downside, a break below the 20-day EMA and $6,933.90 support zone can plunge the pair to $5,900. This is an important level to watch on the downside because if it breaks, the trend will turn in favor of the bears. We will wait for a new buy setup to form before recommending a trade in it.

ETH/USD

Ethereum (ETH) has been trading in a tight range of $220–$270 for the past five days. The trend remains bullish as both the moving averages are sloping up and the RSI is close to the overbought zone.

ETH/USD

If the ETH/USD pair breaks out of $270, it can move up to $290.92. Above this level, a rally to the next resistance zone of $300–$322 is probable. The 20-day EMA will act as a strong support on the downside, below which, a dip to the 50-day SMA is likely. The bears have not been able to close (UTC time frame) below the 50-day SMA since breaking above it on February 17. Hence, a dip below this support will indicate weakness.

XRP/USD

The bulls are struggling to sustain Ripple (XRP) above $0.40. This shows profit booking at higher levels. A failure to break out of $0.45 will indicate a loss of momentum. A break below the 20-day EMA can result in a fall to $0.33108. If this support also gives way, the digital currency can slide to $0.27795.

XRP/USD

Conversely, if the XRP/USD pair rebounds off the 20-day EMA, it can rise to $0.45 and if this level is crossed, a new uptrend is likely. The level to watch on the upside is $0.60 with minor resistances at $0.50 and $0.55.

The 20-day EMA is trending up and the RSI is in the positive territory, which suggests that the bulls have a minor advantage. Therefore, traders can hold their long positions with the stops at $0.2750.

BCH/USD

Bitcoin Cash (BCH) turned down from close to $450 for the third time on May 21. The zone between $450 and the resistance line of the channel is likely to act as a stiff resistance. If the bulls scale this resistance zone, a rally to $600 is probable.

BCH/USD

On the other hand, if the bears sink the BCH/USD pair below the 20-day EMA, it can drop to the support line of the channel. A breakdown of the channel will signal weakness. Currently, bulls have the upper hand as both the moving averages are sloping up and the RSI is in the positive zone.  

EOS/USD

EOS has made an inside day candlestick pattern for the past two days. This shows indecision between the bulls and the bears. If the bulls reassert their supremacy, a rally to $6.8299 is probable. A breakout of this level can push the price to $9.00.

EOS/USD

Conversely, if the bears sink the EOS/USD pair below $5.78, a drop to the 50-day SMA is likely. If this level also fails to support the pair, it can drop to the critical level of $4.4930. We expect this level to hold. If that happens, the cryptocurrency will remain stuck inside the large range of $4.4930–$6.8299 for the next few days.

LTC/USD

Litecoin (LTC) has been trading close to the breakout level of $91 for the past two days. The small trading range of the past two days shows indecision. If the price bounces off $84.3439, it will again try to move up to $107. Above this level, the next target is $158.91

LTC/USD

On the other hand, if the LTC/USD pair fails to break out of the overhead resistance, it might remain range bound for a few days. The pair will turn negative if the $84.3439–$74.6054 support zone breaks down. Therefore, the stops on the long positions can be kept at $70.

Currently, with both the moving averages trending up and the RSI above 50, the advantage is with the bulls. However, the developing negative divergence on the RSI is a red flag.

BNB/USD

Though Binance Coin (BNB) did not breakout of the resistance line on May 21, it has not given up much ground. Both the moving averages are sloping up and the RSI is in the overbought zone. This shows that the bulls are firmly in the driver’s seat.

BNB/USD

A breakout of the resistance line can propel the BNB/USD pair to $40.2919564. But if the pair reverses direction from the current levels, it can dip to the 20-day EMA, which should provide support. Below this, the next strong support is at the 50-day SMA. A breakdown of this support will signal a deeper correction.

XLM/USD

Stellar (XLM) has turned down from the overhead resistance of $0.147620. It can now fall to the 20-day EMA, which is likely to offer some support. If the digital currency bounces off the 20-day EMA, it will attempt to ascend the overhead resistance once again.

XLM/USD

On the other hand, if the bears sink the XLM/USD pair below the moving averages, it can drop to $0.088542. The 50-day SMA is flat and the 20-day EMA is also flattening out. This points to a consolidation in the next few days.

The trend will turn bullish on a break out and close (UTC time frame) above $0.14861760. The next target to watch on the upside is $0.22466773. We will wait for the price to sustain above $0.14861760 before recommending a trade in it.

ADA/USD

Cardano (ADA) is trying to hold above the moving averages for the past five days. However, failure to rebound from the strong support shows a lack of demand at higher levels. If the bears break below the moving averages, the digital currency will weaken and can decline to the next support at $0.057898.

ADA/USD

Conversely, if the ADA/USD pair bounces off the moving averages, the bulls will again try to break out of the overhead resistance at $0.094256. If successful, it will complete the rounding bottom pattern that has a target objective of $0.161275. Hence, we retain the buy recommendation given in an earlier analysis.

TRX/USD

Tron (TRX) has been consistently rising above $0.02815521 for the past three days but is struggling to hold on to higher levels. The price is stuck at the breakout level. If the bulls succeed in sustaining the digital currency above $0.02815521, it can move up to the next target objective of $0.040. If this level is crossed, the next level to watch on the upside is $0.050. Therefore, traders can keep the stop loss on the long positions at $0.0209.

TRX/USD

Contrary to our expectation, if the TRX/USD pair breaks down of the moving averages, it will lose momentum and can drop to the support at $0.02094452. In such a case, the pair might remain range bound for a few days. The 20-day EMA is marginally sloping up and the RSI is just above 50, which suggests that the bulls have a slight advantage.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 20

Investors are returning to cryptocurrencies following the recent rally that briefly took bitcoin above $8,000.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

Bitcoin rallied about 101.55% between April 2 and May 14. This sharp rally after a long bear phase surprised many, including us. Analysts at JPMorgan Chase have said that, after the rally, Bitcoin is trading above its intrinsic value. They find some similarities in the current rally to the one in late 2017.

However, we believe that a rally of such a magnitude was necessary to change the sentiment from sell on rallies to buy on dips. Fundstrat Global Advisors co-founder Tom Lee tweeted that the bear market is over. In a recent conference, he cited 13 reasons that indicate the end of the bear phase.

The recent upsurge in prices has attracted investors back into cryptocurrencies. The trading volumes at the centralized exchanges skyrocketed in April. Notwithstanding, we do not expect a vertical rally from current levels. It is likely to be a gradual up-move. We may witness one more round of selling that will shake out the weaker hands before starting a sustained uptrend.‏

BTC/USD

Bitcoin (BTC) held the 20-day EMA and rebounded sharply on May 19. However, the bears are mounting a strong defense at the overhead resistance of $8,496.53. If the bulls fail to scale this level, the digital currency might remain range bound between the 20-day EMA and $8,496.53.

A breakdown of the 20-day EMA can drag the price down to the next critical support of $5,900. We expect this level to hold.

On the contrary, if the bulls scale above $8,496.53, the BTC/USD pair can rally to the next target of $10,000. The trend is bullish as both the moving averages are sloping up and the RSI is close to the overbought zone. However, we do not find any reliable buy setups yet, hence, we are not suggesting a trade in it.

ETH/USD

The drop in Ethereum (ETH) took support at $225.39. This is a positive sign. Both the moving averages are sloping up and the RSI is in positive territory. This suggests that the bulls have the upper hand. The digital currency will now try to move up to the $300–$322 resistance zone.

On the other hand, if the ETH/USD pair plummets below $225.39, it will lose momentum. The trend will weaken if the 20-day EMA breaks down. Therefore, if the traders hold some long positions, they can raise the stop loss to $210. They can keep trailing the stops just below the 20-day EMA. Others, who have already closed the long positions can wait for a new buy setup to form before entering again.

XRP/USD

Ripple (XRP) triggered our buy levels recommended in the previous analysis. Though the digital currency bounced on May 19, the bulls could not sustain the higher levels. It has again dipped towards the 20-day EMA, which is an important support to watch out for.

If the bears sink the XRP/USD pair below the moving averages, a drop to $0.27795 is probable. Therefore, traders can keep the stop loss on the long positions at $0.2750.

Conversely, if the pair bounces off the 20-day EMA and scales above $0.45, it is likely to pick up momentum and move up to $0.60. Though there are minor resistances at $0.50 and $0.55, we expect them to be crossed.

BCH/USD

Bitcoin Cash (BCH) rebounded from the 20-day EMA, which is a positive sign. The trend remains bullish as both the moving averages are sloping up and the RSI is above 50. On the upside it is facing selling at the resistance line of the channel. If the bulls fail to break out of the channel, the digital currency might still move up gradually as long as it stays above the 20-day EMA.

The first sign of weakness will be a break below the 20-day EMA. After that, a drop to the support line of the channel is probable. A breakdown of the channel will change the trend in favor of the bears. On the other hand, if the BCH/USD pair breaks out of the channel, it can pick up momentum and rally to $600.  

LTC/USD

Litecoin (LTC) bounced from the first support and scaled above $91 on May 19, but it is struggling to stay above this level. It is again back below $91 and might retest the support at $84.3439. The 20-day EMA is also just above this support. Hence, this is an important level to watch out for.

If the LTC/USD pair slides below $84.3439, it can fall to $74.6054. If this support also gives way, the pair can drop to $66.47.

On the other hand, if the bulls propel the digital currency above $91 and sustain it, a rally towards its target objective of $158.91 is probable. Hence, the traders can keep the stop loss on the long positions at $70.

EOS/USD

EOS found support just above the 20-day EMA, which is a positive sign. Both the moving averages are trending up and the RSI is in the positive territory. This suggests the bulls have the upper hand. However, they are currently finding it difficult to push the price above $6.8299.

A failure to scale above $6.8299 will result in a consolidation for a few days. The EOS/USD pair will weaken on a breakdown of the moving averages. In such a case, a drop to the bottom of the large range at $4.4930–$6.8299 is probable. The trend will turn negative if the pair dips below the $4.4930–$3.8723 support zone.

BNB/USD

Binance Coin (BNB) made another new intraday high on May 19 but failed to break out of the resistance line. This is the fourth time the digital currency has turned down from this resistance.

The BNB/USD pair might now correct to the 20-day EMA, which is likely to act as a strong support. A break below the 20-day EMA will weaken the momentum and if the pair slides below the 50-day SMA, it will signal a deeper correction.

The trend remains up as both the moving averages are sloping higher and the RSI is close to the overbought zone. If the bulls break out of the resistance line, it is likely to pick up momentum.

XLM/USD

Stellar (XLM) has been consolidating near the overhead resistance of $0.14861760 for the past six days. The dips have been bought by the bulls, which shows demand at lower levels. If the digital currency breaks out and closes (UTC time frame) above $0.14861760, it can rally to $0.22466773. The 20-day EMA is sloping up and the RSI is in the positive zone, which suggests that the bulls have the upper hand.

Traders can buy on a close (UTC time frame) above $0.14861760 and keep a stop loss of $0.1150. Contrary to our assumption, if the XLM/USD pair fails to climb above the overhead resistance, it might remain range-bound between $0.1150 and $0.14861760 for a few days. The pair will weaken if it breaks below the moving averages.

ADA/USD

The bulls are finding it difficult to propel Cardano (ADA) above the overhead resistance of $0.094256. Now, the bears will attempt to sink the price below the moving averages. If successful, a drop to $0.057898 is probable. If this level also breaks down, the trend will turn negative.

However, if the ADA/USD pair rebounds off the moving averages and climbs above the overhead resistance of $0.094256, it will complete a reversal pattern that has a target objective of $0.161275. The moving averages are sloping higher and the RSI is just above the midpoint. This shows that the bulls have a minor advantage. Therefore, traders can initiate long positions based on our previous recommendation.

TRX/USD

Though Tron (TRX) rose above $0.02815521 on May 19, the bulls could not sustain the highs. However, the positive thing is that it is clinging close to the top of the range. If the sentiment remains strong, we anticipate another attempt by the bulls to break out of the consolidation.

If the TRX/USD pair sustains above $0.02815521 for 3 days, it is likely to start a new uptrend that can easily carry it to $0.40 where it might face some resistance. The pair has spent a long time in the range, hence, the next leg of the up-move is likely to surprise on the upside. Above $0.40, the rally can extend to $0.50.

Our bullish view will be invalidated if the cryptocurrency fails to sustain above the range. In such a case, the range bound action will continue for a few more days. For now, traders can maintain the stop loss on the long positions at $0.0209. We will raise it at the first available opportunity.

Market data is provided by HitBTC exchange. Charts for analysis are provided by TradingView.

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Binance Coin (BNB) Price Climb Continues, Hits New All-Time High

Binance Coin Price Analysis 2019

The unreal price climb for Binance Coin (BNB), the seventh largest cryptocurrency by market capitalization, has continued into the fifth month of the year.

On January 1, 2019, Binance Coin was trading for $6–down from the currency’s all-time high of $24.50 just a year before. While BNB had fallen more than 75 percent in value over the course of 12 months, the coin was largely suffering from a similar fate as the broader cryptocurrency markets. After one of the most epic bull runs to conclude 2017, the entire cryptocurrency marketplace collapsed in a downward spiraling for price that would last throughout the year. Traders began referring to 2018 as the “crypto winter” for Bitcoin and altcoins, with assets across the board falling 90 percent or more in value.

Binance Coin (BNB) Hits New All-Time High

On May 19, Binance Coin crossed the $29 mark, establishing a new all time high for the cryptocurrency and increasing its gains to more than 380 percent since the start of the year. While 2019 has been a profitable year for all of cryptocurrency, particularly since the start of April, Binance Coin has continued toa outpace the pack in returns and gives some indication of the investment mindset for traders entering the market.

Image Courtesy of CoinMarketCap

Binance Coin may lack the flashy quality and household name status of Bitcoin, but the currency is providing investors will a feeling of utility that extends outside of price speculation. Ironically–given the it’s roots in leading cryptocurrency exchange Binance–BNB is becoming one of the premier coins on the market, with the digital asset benefiting from the actions of Binance CEO Changpeng Zhao and his team.

Plotting Binance Coin Growth

Compared to other cryptocurrencies, which function largely at the behest of small development teams and the decentralized communities they engender, Binance Coin has the exposure of the millions of traders utilizing the exchange. In addition, Binance has been clever over the last year in implementing programs to increase the intrinsic value of traders to not only invest in Binance Coin, but also hold the currency long-term, thereby driving up the price demand.

Not only does paying in BNB offer Binance users a discount on trading fees, but the currency can be exchanged for small amounts of leftover coins through the “dust” program. The tiny fractions of cryptocurrency accumulated in incomplete market trades can be swept, like dust, into a pool redeemable for Binance Coin. Therefore more traders accumulate BNB, at times unknowingly, while creating a process that contributes to the purchasing demand for the currency.

Binance also revamped its launchpad service to heavily favor the long-term purchase and holding of BNB. Compared to its previous model, where investors in new coin launches were able to buy on a first-come, first-served basis, Binance has now implemented a lottery system utilizing BNB. For every 100 BNB a trader holds in their account, they are a eligible for one lottery ticket which can be wagered in the purchase of new coin launches (up to a maximum of 500 BNB, or five tickets). However, would-be investors are required to have the requisite amount of Binance Coin in their account wallet during the 20 days leading up to the lottery–thereby preventing boom and bust cycles to acquire tickets.

The end result has been a substantial increase in demand for Binance Coin, in addition to creating a feedback cycle that has the currency featured–on one of the world’s leading exchanges–as a regularly top performing cryptocurrency.

Disclaimer: Investing in cryptocurrency is inherently risky.

The post Binance Coin (BNB) Price Climb Continues, Hits New All-Time High appeared first on Ethereum World News.

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Top 5 Crypto Performers: XEM, XLM, XTZ, BNB, IOTA

After the sharp move from the lows, a few weeks of consolidation is also possible.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data provided by HitBTC exchange.

After the strong recovery of the past few weeks, this week saw some profit booking at the highs. However, unlike previous occasions, the dip has been shallow and some buying is visible close to support levels. This shows that the market sentiment is changing from sell on rallies to buy on dips. After the sharp move from the lows, a few weeks of consolidation is also possible.

In its report, the European Central Bank said that the impact of cryptocurrencies on the real economy is limited, as only a handful of merchants accept them due to their high volatility. However, they find some value in the stablecoins. We believe that the uses of cryptocurrencies have been increasing in the real world, and this is likely to penetrate further in the next few years. The launch of a cryptocurrency by Facebook will also speed up the adoption among the masses.

Though many people want to invest in cryptocurrencies, they are wary of the negative propaganda surrounding them. Some might even find the technology aspect of it a little difficult to understand in the beginning. To address this issue, Coinbase had started its Coinbase Earn program at the end of 2018, which was by invite only, but the exchange has now opened the program for the public.

XEM/USD

Nem (XEM) was the best performer among the major cryptocurrencies. Though it has given up some of its gains, it is still significantly higher for the week. While part of the gains would have come due to the positive sentiment across the asset class, the fundamental news also helped. The markets cheered the Catapult update, which will improve the overall NEM platform and make it more user-friendly and convenient to use. Another piece of positive news is that Zeux will add XEM on its digital payment wallet, after which its users can pay with the cryptocurrency at the merchants that accept Apple Pay and Samsung Pay. Can it continue its recovery?

XEM/USD

The XEM/USD pair is attempting to breakout of the overhead resistance of $0.085. If successful, it will complete an inverse head and shoulders pattern that has a target objective of $0.135946775. The digital currency has a horizontal resistance at $0.13125258. We expect a stiff resistance between these two levels.

A breakout of $0.14 is likely to start a new uptrend that can carry the digital currency to $0.45 with a minor resistance at $0.20. Our bullish view will be invalidated if the bears defend the overhead resistance. In such a case, a few more days of range bound action is likely. The bears will gain an upper hand on a breakdown of $0.045.

XLM/USD

On May 15, the Stellar (XLM) network briefly stopped: during the period of downtime, the network did not process any transaction. Though no one lost any money, it shows that the network needs some improvements. In separate news, the Stellar Development Foundation announced the release of a new ticker API that will provide the latest data about markets and assets on the network.

XLM/USD

The XLM/USD pair broke out of the long-term downtrend line this week, which is a bullish sign —iIt signals the end of the downtrend. The pair has also formed an inverse head and shoulders pattern, which will complete on a breakout and close above the overhead resistance of $0.14861760.

Though the bulls had scaled this level during the week, they could not sustain the breakout as sellers stepped in close to the 50-week SMA. The price has again retreated back below $0.14861760. If the bulls fail to ascend the overhead resistance, the pair might enter into a consolidation for a few weeks.

But if the price breaks out and closes (UTC time frame) above $0.14861760, it will complete the bullish reversal pattern that has a target objective of $0.22466773. Above this level, it can move to $0.2885. Our positive view will be invalidated if the digital currency plunges below the right shoulder.

XTZ/USDT

The Tezos (XTZ) community is currently voting to accept or reject the Athens A Upgrade. The voting process will close on May 29. If the upgrade is accepted, will the price move higher? Let’s see what charts project.

XTZ/USDT

The XTZ/USDT pair has broken out of the 50-week SMA, which is a positive sign. It is currently close to the overhead resistance at $1.85. A breakout and close (UTC time frame) above this level will complete a rounding bottom pattern that has a target objective of $3.37. Both the moving averages are close to completing a bullish crossover that will indicate the start of a new uptrend. The next level to watch on the upside is $4.2424.

On the other hand, if the bulls fail to ascend the resistance, the pair might consolidate between $1.85 and $1.295480 for a few weeks. A break below the moving averages will break the positive momentum that is building up.

BNB/USD

Withdrawals and deposits that had been temporarily suspended after this month’s hack of more than 7,000 BTC restarted this week. A major system upgrade was also completed during the week. Sports blockchain venture Chiliz has also announced a partnership with Binance Chain, and Binance Launchpad announced the sale of the harmony token via the lottery format on May 28. Can binance coin (BNB) extend its up move? Let’s find out.

BNB/USD

The BNB/USD pair continues to be in a strong uptrend. The 20-week EMA is sloping up and the RSI is in the overbought zone: this shows that the bulls have the upper hand. The buyers aggressively purchased the dip and propelled the price to new lifetime highs again this week, which shows that every dip is being bought.

The next level to watch on the upside is $33, which is close to the resistance line that has acted as a stiff resistance on previous occasions. If this level is also crossed, the rally can extend to $40.2919564. A drop below the recent low of $17.7997862 will turn the pair negative.

IOTA/USDT

Iota (IOTA) wants to make the ecosystem easy to use and safe for organizations, large token holders and liquidity providers. It is exploring various measures by which these players, who form an important part of the ecosystem, can be supported adequately. Iota will sponsor the first inaugural Texas Smart Cities Summit that aims to bring various visionaries to discuss the actions needed to accelerate smart city efforts across the state. Luxury fashion brand Alyx will also partner with IOTA to improve the transparency of its supply chain.

IOTA/USDT

The IOTA/USDT pair has been range bound between $0.244553 and $0.385033 for the past few weeks. The bulls had broken out of the range during the week, but failed to sustain the higher levels. If the price fails to close (UTC time frame) above the range, the consolidation will extend for a few more weeks.

On the other hand, if the price ascends the overhead resistance, it is likely to start a new uptrend that can carry the price to $0.50 and above it to $0.80. The pair will weaken if the bears sink the price below the support of the range.

Market data provided by HitBTC exchange. Charts for analysis provided by TradingView.

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Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 17

Profit booking can be seen across the board today, as markets correct following the recent rally.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

Bitcoin witnessed a flash crash on Bitstamp exchange when it plunged to a low of $6,178. The fall was triggered by a sell order of about 5,000 bitcoins at $6,200. Some people speculate that the order might have been mistyped $6,200 instead of $8,200. Bitstamp has launched an investigation into the $250 million trade.

Luckily, the damage was limited to one exchange. However, after the sharp rally of the past few days, profit booking can be seen across the board today, as prices on all the top 10 cryptocurrencies are down.

Does this put a stop to the recovery and will Bitcoin prices plummet below $6,000 levels once again? It is difficult to predict now. This will be clear in a few days’ time after the short-term correction ends.

A report by web intelligence platform Indexica suggests that the asset class has matured. Mark Mobius, the pioneer stock investor in emerging economies, believes that the world has the appetite for Bitcoin and other cryptocurrencies, hence, they are here to stay. However, he does not have any personal investments in the asset class yet as he is wary of the volatility and security.

Let us see how traders should approach the fall. Should they start buying or wait?

BTC/USD

The rally in Bitcoin (BTC) hit a wall close to the overhead resistance at $8,496.53. After trading above $8,000 for three days, profit booking set in that dragged the price to just under $7,000. We had planned to close the long position today but before that, the fall hit our recommended stop loss at $7,100.

The trend is positive as both the moving averages are sloping up and the RSI is still in positive territory. If the 20-day EMA holds, the bulls will again try to push the BTC/USD pair back above $8,500. If successful, the next target to watch on the upside is $10,000.

On the other hand, if the bears sink the pair below the 20-day EMA, the momentum will weaken and the fall can extend to $5,900. We will wait for the price to find support and indicate a resumption of the uptrend before suggesting a long position once again.

ETH/USD

Our target of $256 was met and Ethereum (ETH) came close to our second target objective of $300, when it reached a high of $290.92 on May 16. Hopefully, the traders would have closed some more of their existing long positions during this rise.

The pullback in the ETH/USD pair has dragged it to the support at $225.39. We expect the bulls to defend this support. If successful, we anticipate another attempt to push the price towards $300.

But, if this support breaks, a fall to the 20-day EMA is probable. If the traders are still holding any positions, they can raise the stop loss to $200. The stop loss can be trailed higher if the pair rebounds off $225.39.

XRP/USD

Ripple (XRP) rallied above $0.450 on May 15 and 16, but it could not sustain the higher levels. Profit booking has dragged the price below the support at $0.37835. The bulls are attempting to hold the price above the 20-day EMA.

The zone between the 20-day EMA and $0.33108 is likely to act as a strong support. If the XRP/USD pair bounces off this zone, we anticipate a move back to $0.45. On a breakout above $0.45, the pair can rally to $0.60, with minor resistances at $0.50 and $0.55.

Traders can watch and buy a small position (about 30% of usual) closer to $0.360 if the support zone holds for another day. The stop loss for this trade can be kept at $0.2750. However, no trade should be attempted if the bears sink the digital currency below the 20-day EMA.

BCH/USD

Bitcoin Cash (BCH) turned down from close to the resistance line of the ascending channel on May 16. The price has dipped to the 20-day EMA, which is likely to act as a support. Both the moving averages are still sloping up and the RSI is in the positive zone. This shows that the bulls still hold the advantage.

If the BCH/USD pair bounces off the 20-day EMA, it can move up to the resistance line of the channel once again. On the other hand, if the bears sink the pair below the 20-day EMA, it can correct to the support line of the channel. We will wait for the price to bounce off the support line of the channel before proposing a trade in it because a breakdown of the channel will turn the trend in favor of the bears.

LTC/USD

Litecoin (LTC) reversed direction from $107 on May 16. It has broken down of the support at $91, which is a bearish sign. Currently, the bulls are trying to hold above the first support at $84.3439. If successful, we anticipate another attempt to breakout above $91. For now, the stop loss on the long positions can be retained at $70. We will raise it in the next couple of days if we find that the bulls are not able to push the prices higher.

The LTC/USD pair has a slew of supports between $74.6054 and $84.3439. If these supports fail to hold, the pair can plummet to the critical support at $66.47. The developing negative divergence on the RSI is a bearish sign. The trend will turn bearish if the support at $66.47 breaks down.

EOS/USD

EOS turned down from the overhead resistance of $6.8299 on May 16. The price can now correct to the moving averages, which is likely to act as a strong support. If the price bounces off this support, the bulls will again try to breakout of the overhead resistance. Above $6.8299, the digital currency is likely to pick up momentum. Both the moving averages are sloping up and the RSI is in the positive territory, which suggests that the bulls have the upper hand.

But if the EOS/USD pair breaks down of the moving averages, it can slump to the bottom of the range at $4.4930. If the pair remains range bound, we will attempt to buy the next dip close to $4.4930. The trend will turn bearish if the support at $3.8723 cracks.

BNB/USD

Binance Coin (BNB) again made a new intraday high on May 16. It continues to be in a strong uptrend with both the moving averages sloping up and the RSI in positive territory. The digital currency has not given up much ground, which shows that the bulls are not keen to close their positions yet.

On the upside, the BNB/USD pair can continue towards the resistance line, which is likely to act as a barrier. If the bulls can breakout of this resistance line, the pair will pick up momentum. Support on the downside is at the 20-day EMA and below it at the 50-day SMA. The trend will turn negative on a fall below $17.7997862. Though bullish, we do not find any reliable pattern, hence, we are not proposing a trade in it.

XLM/USD

Stellar (XLM) rallied above the overhead resistance of $0.14861760 on May 16 but could not close (UTC time frame) above it. The price is currently testing the breakout level of the long-term downtrend line.

If the XLM/USD pair bounces off the long-term downtrend line, it will again try to rise above $0.14861760. If successful, it will indicate strength. The target level to watch on the upside is $0.22466773, with a minor resistance at $0.17759016. We will wait for this breakout before recommending a trade in it.

On the other hand, if the bulls fail to propel the price above $0.14861760, it will remain range-bound for a few more days.

ADA/USD

Though Cardano (ADA) rallied above $0.094256 on May 15 and 16, it could not close (UTC time frame) above this level, which was our prerequisite for buying in our previous analysis.

The ADA/USD pair has dipped to the moving averages where it is finding some support. If the support holds, we expect the bulls to attempt to push the price back above $0.094256 once again. A close (UTC time frame) above the overhead resistance will complete the rounding bottom pattern that has a target objective of $0.161275. Therefore, we retain the buy suggestion given in the previous analysis.

However, if the digital currency breaks down of the moving averages, it can again slip to $0.57898. The trend will turn negative if this support gives way.

TRX/USD

Tron (TRX) closed (UTC time frame) above $0.02815521 on May 15 and thus triggered one-half of our buy recommendation given in an earlier analysis. However, it entered back into the range just a day after breaking out of it. This is a bearish sign. It suggests that the breakout was fake and the digital currency is not finding buying support at higher levels.

Currently, the bulls are trying to keep the TRX/USD pair above the moving averages. If successful, we might see another attempt to break out of the range. On the other hand, a failure to rise above $0.02815521 will increase the stay inside the range.

Both the moving averages are flat and the RSI has dipped back to the midpoint. This points to a balance between the buyers and sellers. Traders can keep the stop loss at $0.0209. We will raise it at the first available opportunity.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

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Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 15

Major coins are rallying as the crypto space welcomes a series of positive developments.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

As the Bitcoin rally picked up momentum, the volume also spiked higher. Bitcoin futures on CME made a new record as the number of traded contracts reached 33,700 on May 13, which was way higher than the previous record of 22,500 contracts that exchanged hands on April 4. While increasing volume is a positive sign, a huge spike in volume can, at times, signal panic buying for the fear of missing out on the gains.

This is also a time when a number of rumors will crop up that can result in short-term spikes. One such rumor was that eBay will start accepting cryptocurrencies, but the same was denied by the company.

United States crypto exchange and wallet service Coinbase has expanded operations in 50 more countries and has introduced USD Coin (USDC) trading in 85 more countries. While this increases the reach of cryptocurrencies. It also provides an opportunity to the people living in inflation-hit nations to escape devaluation of their fiat currencies. Meanwhile, the U.S. Securities and Exchange Commission has postponed its decision on the Bitcoin exchange-traded fund application by Bitwise Asset Management.

Shark Tank’s Kevin O’Leary, based on his personal experience in using Bitcoin for a real estate transaction, has termed the coin as a useless form of currency. We believe that as the markets mature, these troubles will be a thing of the past. Hence, people should look into the future rather than dwell in the past.

BTC/USD

After the sharp run-up of the past few days, Bitcoin (BTC) is taking a breather. It is facing some profit booking close to the overhead resistance of $8,496.53. The digital currency can either enter into a consolidation or a correction from these levels.  

The first support on the downside is at $7,413.46 and if this level breaks, the slide can extend to the 20-day EMA. We expect one of these supports to stall the pullback. Both the moving averages are trending up, which shows that the BTC/USD pair is in a bullish grip. However, the RSI is deep in overbought territory, which suggests that buying has been overdone in the short term.

Traders can keep the stop loss on the remaining long positions at $7,100. We will watch for the next two days and if the bulls fail to push the price above $8,496.53, we will suggest booking profits on the complete position. On the other hand, if the pair breaks out of $8,496.53, it can move up to $10,000.

ETH/USD

Ethereum (ETH) has picked up momentum in the past two days and has risen above our first target objective of $225. Though we like the way it has rallied, still we suggest traders book profits on 30% of their long positions at the current levels to pocket some gains and raise the stop loss on the remaining to $175, just below the 20-day EMA. If the price sustains above $225.49, the stops can again be raised to break even. The next level to watch is the pattern target of $256. If the momentum continues, a rally to $300 is also possible.

Both the moving averages are sloping up and the RSI is in the overbought zone. This shows that the bulls are in the driver’s seat. Any dip is likely to find support at $200 and below it at the 20-day EMA. Our bullish view will be invalidated if the ETH/USD pair plummets below the 20-day EMA.

XRP/USD

Ripple (XRP) soared on May 14 and broke out of the overhead resistance of $0.33108 and $0.37835. This is a positive sign. It might face some profit booking close to $0.450 from where it might enter into a minor correction or a consolidation.

Any dip will find buyers close to $0.37835. We expect this level to hold and the XRP/USD pair to provide traders an opportunity to enter long positions. However, we will wait for a confirmation that the level is holding before proposing a trade in it.

On the upside, a breakout of $0.45 can clear the path for a rally to $0.60, with minor resistances at $0.50 and $0.55. At times, trades are missed because of large unexpected moves. It is a good trading strategy to wait for a low-risk entry point with a suitable stop loss and not chase the price higher.

BCH/USD

Bitcoin Cash (BCH) is currently facing selling close to the resistance line of the ascending channel. A pullback to the 20-day EMA is a possibility. With both the moving averages sloping up and the RSI in the overbought zone, the bulls have the upper hand.

A breakout and close (UTC time frame) above the channel will be a positive sign and can result in a quick move to $500, followed by a rally to $638.99. The BCH/USD pair has a history of vertical rallies, hence, these targets are achievable.

However, if the pair fails to break out of the channel, it might gradually continue to climb higher. It will weaken and slide to the support line of the channel on a breakdown of the 20-day EMA.

LTC/USD

Litecoin (LTC) closed (UTC time frame) above the overhead resistance of $91 on May 14. This completed a cup and handle pattern that triggered our buy recommendation given in the previous analysis.

The target level to watch on the upside is $158.91, with a minor resistance at $127.6180. The moving averages have turned up and the RSI is in the overbought zone. This shows that the bulls are in command. For now, the stop loss can be kept at $70.

We will watch for the LTC/USD pair to pick up momentum and quickly rally above $102, else the bears will again try to sink the pair back below the breakout level of $91. If the price slips back below $91, it will weaken the breakout. We may close the position if the price sustains below $91.

EOS/USD

EOS is looking strong as it has broken out of the overhead resistance at $6.0726. It can now climb to the next overhead resistance at $6.8299. If this level is also crossed, the digital currency is likely to pick up momentum. The 20-day EMA has started to slope up and the RSI has reached the overbought zone. This suggests that the bulls have the upper hand.

If the EOS/USD pair fails to ascend $6.8299 in the first attempt, it might consolidate near the resistance for a few days or correct toward the 20-day EMA. The trend will turn in favor of the bears if the price slides below the strong support zone of $4.4930–$3.8723.

BNB/USD

Binance Coin (BNB) made a new lifetime high on May 13, which failed to sustain. But it has again risen to new highs today. A cryptocurrency that breaks out to new highs with a strong move signals that there is more to come.

The BNB/USD pair can now move up to the resistance line where it is likely to face some selling. The pair had turned down thrice from this resistance line, hence, it is an important level to watch out for. Any dip will find support at the 20-day EMA.

Both the moving averages are sloping up and the RSI has climbed into the overbought zone. This shows that the path of least resistance is to the upside. However, as we do not find a setup with a good risk to reward ratio, we are not proposing a trade in it.

XLM/USD

Stellar (XLM) has broken out of both the moving averages and the resistance at the long-term downtrend line. This points to an end of the downtrend. There is a minor resistance at $0.13250273 and if this level is crossed, the rally can extend to $0.14861760.

We find a developing inverted head and shoulders pattern on the XLM/USD pair. The pattern will complete on a breakout and close (UTC time frame) above $0.14861760. This gives the pair a target objective of $0.22466773, with a minor resistance at $0.17759016. We will wait for the price to sustain above $0.14861760 before suggesting a trade in it. However, if the bulls fail to push the price above $0.14861760, it might dip to the 20-day EMA once again.

ADA/USD

Cardano (ADA) has been gradually inching higher towards the overhead resistance of $0.094256 for the past few days. If the price breaks out and closes (UTC time frame) above $0.094256, it will complete a rounding bottom pattern that has a target objective of $0.161275.

The 20-day EMA has started to turn up and the RSI has also climbed into the bullish territory. This suggests that bulls have a minor advantage. The traders can buy on a close (UTC time frame) above $0.094256. We will suggest a stop loss after the trade triggers.

On the other hand, if the bulls fail to ascend the overhead resistance of $0.094256, the ADA/USD pair might remain range bound for a few more days. It will turn negative on a break below the recent lows of $0.057898.

TRX/USD

Tron (TRX) has finally broken out of the range. If the bulls sustain the breakout, it will indicate the start of a new uptrend. Therefore, we retain our buy recommendation given in an earlier analysis. As the digital currency had been consolidating for a very long time, we expect the next rally to last long and reach $0.050, with a minor resistance at $0.040.

Contrary to our assumption, if the TRX/USD pair fails to sustain above the range, it will extend its consolidation for a few more days. It will weaken on a breakdown of $0.02094452. The trend will turn negative if the bottom of the range at $0.0183 breaks down.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

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Bitcoin Falls Under $8,000 Again as US Stock Market Sees Discrete Gains

Most of the top 20 cryptocurrencies are reporting moderate gains on the day as bitcoin has fallen below the $8,000 mark again.

Wednesday, May 15 — most of the top 20 cryptocurrencies are reporting moderate gains on the day by press time, as bitcoin (BTC) has fallen below the $8,000 mark again.

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Bitcoin is nearly a percent down on the day, trading at $7,975 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin is up over 25.7%.

Bitcoin 7-day price chart. Source: CoinMarketCap

Bitcoin 7-day price chart. Source: CoinMarketCap

As Cointelegraph reported earlier today, the CEO of instant cryptocurrency exchange platform ShapeShift told Bloomberg that bubbles are an essential part of the industry’s growth.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $24.5 billion. The second-largest altcoin, XRP, has a market cap of $17.9 billion at press time.

CoinMarketCap data shows that ETH is up over 11% over the last 24 hours. At press time, ETH is trading around $231. On the week, the coin has also seen its value increase by over 26.8%.

Ether 7-day price chart. Source: CoinMarketCap

Ether 7-day price chart. Source: CoinMarketCap

Ethereum co-founder Joseph Lubin recently said that the Ethereum blockchain will become about 1,000 times more scalable in 18 to 24 months.

XRP is up over 5.6% over the last 24 hours and is currently trading at around $0.427. On the week, the coin is up over 29%.

XRP 7-day price chart. Source: CoinMarketCap

XRP 7-day price chart. Source: CoinMarketCap

Among the top 20 cryptocurrencies, the ones reporting the most notable gains are tezos (XTZ), which is up nearly 22%, binance coin (BNB), which is up over 14.5%, tron (TRX) and ethereum classic (ETC), both up over 12%.

At press time, the total market capitalization of all cryptocurrencies is $244.3 billion, nearly 24% higher than the value it reported a week ago.

Total market capitalization 24-hour chart. Source: CoinMarketCap

Total market capitalization 24-hour chart. Source: CoinMarketCap

In traditional markets, the United States stock market is seeing discrete gains so far today, with the S&P 500 up 0.55% and the Nasdaq up 0.98% at press time. The CBOE Volatility Index (VIX), on the other hand, has lost a solid 6.26% on the day at press time.

Major oil futures and indexes are seeing mixed movements today, with WTI Crude up 0.19%, Brent Crude up 0.73% and Mars US up 1.56% at press time. The OPEC Basket is down 0.77% and the Canadian Crude Index has gained 0.51% by press time, according to OilPrices.