Price Analysis: Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Binance Coin 10591

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.

Previous ArticleNext Article

Leave a Reply

Your email address will not be published. Required fields are marked *

SimplyVital Health, Inc. Awarded Competitive Grant from the National Science Foundation for its HIPAA Compatible Blockchain Protocol 21141

SimplyVital Health, Inc. (SVH) has been awarded a National Science Foundation (NSF) Small Business Technology Transfer (STTR) grant for $225,000 to conduct research and development (R&D) on the integration of the Graphene protocol with SVH’s Health Insurance Portability and Accountability Act (HIPAA) compatible blockchain protocol, Nexus. Graphene is a breakthrough in block propagation technology that requires a fraction of network resources, improving the performance of the blockchain while lowering its costs.

The broader impact of SVH’s research is to decrease healthcare costs by enabling data access through blockchain. Healthcare, globally, suffers from a lack of trust and value, halting the accessibility of beneficial healthcare information. Utilizing their experience in healthcare administration and advanced technology, SVH solved for trust and value, creating an avenue for safe data access.

“NSF is proud to support the technology of the future by funding the most creative, impactful ideas,” said Andrea Belz, Division Director of the Division of Industrial Innovation and Partnerships at NSF. “With our support, deep technology startups can guide basic science into meaningful solutions that address tremendous needs.”

“This grant is transformative and endorses blockchain as a viable tool to re-engineer healthcare,” said Kat Kuzmeskas, SVH’s CEO, “We are thrilled to represent the NSF with our blockchain work.”

NSF accepts Phase I proposals in June and December from small businesses with innovative science and technology solutions, and commercial potential. All proposals submitted to the NSF SBIR/STTR program undergo a rigorous merit-based review process.

Crypto Billionaire Brock Pierce Joins Tandem – the Easiest way to buy Crypto 22510

Brock Pierce

Crypto Billionaire Brock Pierce has joined Tandem, which aims to make buying and selling crypto easy, as an advisor. Tandem is founded by former investment banker Prashanth Swaminathan, who was an executive director at Morgan Stanley London for over 10 years. As one of the early members of the global crypto revolution, Brock Pierce provides invaluable product and business insight to Tandem, which is soon launching its product in private beta.

Brock Pierce is joined by several other luminaries, like Micheal Terpin, one of the foremost blockchain PR personalities, Christopher Yoshida, a senior advisor at Carlyle Group (one of the world’s largest investment firms), and Jaron Lukas, creator of one of the first crypto exchanges.

Tandem is a mobile application that aims to make buying and selling crypto easier for people who are familiar, as well as new to crypto. With pioneering new user experience and an easy to use interface, Tandem currently offers the fastest way to purchase and sell crypto currently. The platform incentivises existing crypto traders and altruists to help people new to the space in getting started with digital assets.

“After many brainstorming sessions with our advisors, industry leaders and the community we have outlined a ground-breaking product that will bridge the gap and knowledge between crypto and non crypto users. At Tandem we are building a revolutionary framework that will establish a unique ‘global distribution ecosystem’ for users to earn passive income in crypto while educating and connecting them,” said Prashanth Swaminathan, founder and CEO of Tandem.

At launch, Tandem will support fiat currencies from over 50 countries for P2P trading, to enable collaboration and education across geographies. Furthermore, the Tandem CEO promises that there are several localisation efforts being taken to make the app more accessible across languages and cultures. “The three pillars of crypto mass adoption lies in user experience, education, and passive income. Therefore Connect, Empower, Earn. You will see enablement features for all three aspects on Tandem,” added Prashanth Swaminathan.

BitMovio Announces Partnership With Leading Blockchain Consulting Agency Block72 for International Expansion 21348

BitMovio

BitMovio, a blockchain-enabled video entertainment platform, recently announced a partnership with Block72 to accelerate plans for global expansion. Through this partnership, BitMovio will focus on entering Asian markets and growing their global user base. “We’ve gained significant momentum over the past several months with hundreds of studios/creators and thousands of hours of premium content onboarded, especially among the independent film, TV, and professional YouTube streamer community,” said Simon Zhu, co-founder and CEO of BitMovio. “We expect that this partnership with Block72 will help double down on BitMovio’s leadership position in the blockchain entertainment space with expansion into South Korea, China, and other Southeast Asian countries.”

A cross between Twitch, Netflix, and Patreon, BitMovio is a new breed of video entertainment platforms that utilizes blockchain technology, cryptocurrency, and platform-specific virtual goods to enable users to transparently and instantaneously exchange value and attention. BitMovio is currently in open-beta and is ramping up blockchain development with additional gamification features. They are introducing their own cryptocurrency token and integrating with Theta Labs’ decentralized mesh video streaming infrastructure.

BitMovio is on a mission to disrupt the industry’s centralized content distribution and financing model. The platform features a wide array of video genres including gaming, sci-fi, fantasy, horror, paranormal, conspiracy, and more. Over the past several months, BitMovio has signed over 6,000 hours of premium video content from a variety of producers.

“We are constantly looking for promising blockchain projects that can solve real-world problems, and which have the potential to achieve mainstream adoption,” said Sinhae Lee, founding partner at Block72. “We hope to expand BitMovio’s business and the adoption of its ecosystem through Block72’s global network, as well as create a compelling use case through the success of the project.”

Block72 is a joint venture of GBIC and FBG Capital to provide marketing services to a demanding blockchain startup scene. The two venture capital funds have a well-developed portfolio of investments in the blockchain space and their success has allowed them to build a solid reputation in the industry. Their team has rich experience in marketing, public relations, and community growth and has helped countless projects secure capital and build engaged communities that serve as the core of their respective decentralized ecosystems. Block72 has offices around the globe, providing a large network that continues to grow within the broader tech sector.

BitGo Staking Launches with Dash and Algorand 21313

BitGo, the leader in digital asset financial services, announced today that it has launched BitGo Staking. Clients whose assets are with qualified custodian BitGo Trust can now generate passive income while their assets remain in secure, insured cold storage. BitGo Staking launches with Dash and Algorand, with support for additional coins planned for later this year. The rate of return will vary by coin, running from 7 percent to up to 13 percent for Algorand.

The company also announced that it has acquired Hedge, a leader in scalable, programmatic deployment of staking infrastructure. This acquisition forms the foundation of BitGo Staking through the integration of Hedge’s automated secure deployments, scalable and redundant processes, and the use of hardware security modules (HSMs) and secure cryptographic enclaves. Clients will have the option of choosing to delegate staking to BitGo or to the provider of their choice.

Proof of Stake

Proof of Stake (PoS) is gaining momentum as a number of new protocols move to the PoS model. Ethereum, the second largest asset by market cap, is expected to transition to this model within the next year. A key benefit of the PoS model is that it does not need substantial amounts of committed mining power making it more energy efficient than PoW. In addition, the ability of PoS coins and tokens to generate passive returns makes them attractive to a variety of investors and can incentivize long-term holding of the asset.

BitGo Staking benefits

  • Best-in-class security architecture: each node runs on its own dedicated virtual machine so one client’s node cannot access other nodes or infrastructure
  • No keys go online: seamless integration with BitGo Custody keeps assets in cold storage
  • Multi-signature technology: the industry standard for institutional investors
  • Choice of staking providers: delegate staking to BitGo Trust or use the staking provider of your choice
  • Insurance: custodial assets are insured for up to $100 million

“In order to be a great custodian, we need to provide our clients with the ability to use their assets in custody. Staking provides our clients with returns on their investments without ever moving their assets out of custody,” said Ben Chan, CTO, BitGo. “Our acquisition of Hedge builds on the blockchain and staking expertise within our engineering platform to deliver an automated, end-to-end staking service.”

“Building trust in cryptocurrency is a shared mission between BitGo and Dash, which led to our initial partnership last year,” said Ryan Taylor, CEO of Dash Core Group. “Dash support in BitGo Staking builds on this relationship and provides additional ways to derive value from Dash in a safe and secure environment. We’re thrilled to be a part of BitGo Staking’s inaugural launch and expect masternode owners will be as well.”

“We are excited to welcome BitGo to the Algorand community,” said W. Sean Ford, COO of Algorand, Inc. “By providing custodianship services with multi-sig security as well as new staking opportunities, the BitGo partnership adds even more opportunities to participate in the Algorand ecosystem.”

BitGo clients who would like

Bitmain to launch the World Digital Mining Map this October 20440

Mining

During the World Digital Mining Summit (WDMS) – which will take place in Frankfurt on 8-10 October – Bitmain will launch the first platform to connect mining hardware owners with mining farm owners via the World Digital Mining Map (WDMM).

To remain price-efficient, owners of mining hardware are regularly on the lookout for locations with the right conditions and power resources for cryptocurrency mining. The WDMM will be the first global resource to connect them with mining farms who have the available power resources to host them for a fee.

“The WDMM will help make cryptocurrency mining more sustainable in the long-run by connecting mining farms and hardware owners in a whole new way. It is part of our commitment to provide miners with on-going support throughout their hardware’s lifetime and to support the sector’s overall growth,” said Matthew Wang, Director of Mining Farm of Bitmain.

Mining farm owners can apply to be listed on the WDMM during the WDMS. Applicants will need to provide details on their current mining farm setup and capacity to host other miners. In return, participants will be given personalised services from Bitmain which includes assistance with mining farm design, connections to foreign customers to host, and support with operations, purchasing and construction.

“Being listed on the WDMM helped me to find miners who want to host their rigs in my facility. Bitmain was able to connect me with the right customers to fill in the extra capacity I had. This is the support I needed to help me expand my facility at a faster pace,” said Gregory Ohanessian, CMO of VC Mining.

“Bitmain is our key partner. About 85% of the equipment in operation on our site is from Bitmain. In practice, we checked the reliability of this equipment, ease of operation, and highest efficiency. Bitmain not only sells equipment, but also helps us operate and maintain the equipment in the most efficient way, it helps us to further the output and reduce the down time of our customers’ miners,” added Dmitrii Ushakov, Chief Commercial Officer of Bitriver.

During the WDMS, Bitmain will also announce the winners of the Top 10 Mining Farms around the world. The summit will provide a workshop focused on mining farm data analysis, as well as discussions on the future of mining facilities. There will be opportunities for miners and mining farm owners to exchange ideas and explore partnership opportunities.

NEO Marks Industry Milestone by Becoming .NET Foundation’s First-ever Blockchain Member 21724

neo

NEO joined the .NET Foundation, the Microsoft-created, globally leading open-source foundation, during the .NET Conference 2019, as the latter’s first-ever blockchain project. Based on their shared open-source heritage, NEO and the .NET Foundation will furtherempower millions of developers to build the foundation for next-gen Internet. This partnership comes after NEO’s release of Blockchain Toolkit for .NET and NEO Express in September, thus reaffirming NEO’s leading position in the industry.

Speaking during the .NET Conference 2019, John deVadoss, Head of NGD Seattle, remarked that, “As the first blockchain project to join the .NET Foundation, we’re excited to come together based on our shared commitment to open-source, to developers, and to world-wide community collaboration. Based on our shared core values and principles, I am confident that this partnership will accelerate developer innovation to drive mass adoption of blockchain and build the foundation for next-gen Internet.”

Reflecting his sentiment, Jon Galloway, Executive Director of the .NET Foundation, noted that, “The .NET Foundation is very excited to welcome NEO as the very first blockchain platform to join our community.  NEO is a pioneer in adopting the .NET platform, and we support them in building an innovative decentralized platform and developer community. NEO is joining the .NET Foundation at an exciting time of growth for the .NET Foundation, as well, and we’re very happy to have them on-board!”

Underscoring its developer-centric approach, NEO shared the preview of the NEO Blockchain Toolkit for .NET and NEO Express which aim to jump start smart contract development and accelerate the creation of innovative dApps by enabling the following capabilities:

  • NEO Smart Contract Debugger – to debut a fully integrated Smart Contract debugging experience inside of Visual Studio Code.
  • NEO Express – to enable comprehensive end-to-end SDLC scenarios for NEO2 and NEO3 with the ability to be managed from within Visual Studio Code and using command-line utilities.
  • NEO Smart Contract Compiler Enhancements – to enable a fully friction-free Smart Contract edit-compiling-debug-testing-deploy experience.
  • NEO-FX Library – to provide the Unified Programming Model for NEO, delivering a consistent and highly productive developer experience with a common set of fundamental types (such as large unsigned integers for hash values and elliptic curves for cryptography), domain models (such as blocks and transactions) and service abstractions (such as retrieving a transaction or invoking a smart contract).
  • NEO Visual DevTracker – to debut as an innovative developer-focused chain explorer and tracker fully integrated inside Visual Studio Code.

Speaking on the NEO Blockchain Toolkit for .NET, Erik Zhang, Founder of NEO, remarked that, “We are very glad to be the first blockchain project joining the .NET Foundation. Moving forward, we anticipate closely collaborating with the .NET Foundation to deliver the most developer-friendly blockchain infrastructure for .NET developers—as exemplified by our recently launched NEO Blockchain Toolkit for .NET.”