Price Analysis: Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Binance Coin 9645

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 *

CoinBene Launches the First Card That Integrates 100% Cryptocurrencies 5883

CoinBene

John Watson, 23, left home to work and asked for a Didi. Before entering the office, he stopped at a bakery and bought a loaf of bread and juice, using his card. In the middle of the day, he ordered a snack from Uber Eats as he had a discount coupon. His co-worker, Bob, charged him with money he owed, which John did at the same time, using the app. At the end of the day, Gabriel realized that he did not have the physical money to buy the subway ticket and had to cash in before going home. It seems like an ordinary day, and it really is. The difference is that John did all this using cryptocurrency.

In September, CoinBene — in partnership with Mastercard, launches its own card, which will use full cryptocurrency. You may use the card for any activity in your routine, such as a digital account. Cash withdrawals, cashback, payment of bills, direct money sending and even integration with WeChat are some of the features.

Benefits of a digital account — and even more

The card will have an app, where the person may pay their monthly bills, track their balance, get cashback in the agreed establishments and much more.
Deposits can be made directly from your CoinBene account, by bank transfer or even a ticket. There will be two types of cards, Gold, and Platinum, aimed at different audiences. The launch of the card will honor the 70th anniversary of the founding of the People’s Republic of China.

Friendly withdrawal

Besides the traditional ATMs, the CoinBene Card customer will manage to withdrawal money in any establishment that has the label “Friendly Withdraw”, estimated to be more than 15,000 places in Brazil. Just take your digital account app into the store, enter the amount you want to withdraw, read a barcode and you’re done! The checkout counter will make available the amount chosen.

Peer to peer transfer

CoinBene Card costumers will be allowed to transfer money among themselves instantly and without any fees, using a simple QR Code.

Cashback

There are more than 15,000 stores and restaurants with the cashback benefit. When you use your CoinBene Card at a merchant’s convenience store using the CoinBene Card, you get exclusive discounts, which are credited back in cash directly into the card. This credit — which varies from 1% to 10% of cashback — can be used anywhere in the world for other expenses or withdrawn from the ATMs of the banks that are affiliated. Simple like that!

WeChat

WeChat is an application with almost 1 billion users. With it, you can solve almost every problem of daily life in a few clicks, especially in China, where the application has more features. It is possible to order food, consult a doctor, book travel packages, flirt, buy all kinds of products, call a taxi, see friends’ posts, check fan pages and still pay from the coffee to the new car. All of this is done with WeChatPay. The digital payments in China today move around 4 trillion dollars a year. The CoinBene Card will be integrated with the application.

Mastercard

The CoinBene Card is operated by Mastercard, which allows the customer to participate in the Mastercard scoring program. Earn 1 point each time you use your card, regardless of the value of your purchase. From 5 points, you can buy a product and take another to share with someone special. Buy one, take another. There are several partners, from restaurants to travel packages.

Paying bills, shopping on the internet and even making withdrawals in reais has become easier for the user of crypto-coins. Brazil is the fifth country with the largest number of people who have some crypto actives — 8.1% of Brazilians between 16 and 64 years old. Now they will have more functionality for their cryptos. For example, use them in your routine life.

Q2 2019 XRP Markets Report 6647

Ripple

Ripple publishes the quarterly XRP Markets Report to provide regular updates on the state of the market, including quarterly programmatic and institutional strategy and sales, relevant XRP-related announcements such as Xpring and RippleNet partnerships, and commentary on previous quarter market developments. As an owner of XRP, Ripple believes in proactive transparency and in being a responsible stakeholder. Ripple urges others in the industry to follow its lead to build trust, foster open communication, and raise the bar industry-wide.

CHANGE IN VOLUME BENCHMARK

In June 2019, Ripple shared that the company’s sales of XRP in Q2 2019 would be lower as a percentage of reported volume than in the previous quarters due to the concerns about misreported, falsified and inflated reported trading volumes.

Ripple worked with trusted partners to evaluate new sources of legitimate trading volume. After evaluation, Ripple decided CryptoCompare’s Top Tier (CCTT), the exchanges rated “AA,” “A,” and “B” by its Exchange Benchmark, offers a more complete look on the quality, regulatory environment, management, and structure of exchanges that filter out a majority of unverified volumes. Publicly available sources of trusted trading volume are still in relatively early stages, but CCTT is in line with what Ripple believes to be more accurate XRP trading volumes. For now, Ripple will use CCTT as its benchmark, and will continue to work proactively with industry participants toward resolving the issues around unreliable industry volume data.

Q2 HIGHLIGHTS

  • Overall market capitalization of digital assets sharply increased in Q2.
  • Ripple sold $251.51 million XRP in Q2 2019 and is substantially reducing future sales of XRP.
  • Given the concerns about overstated market trading volumes, CryptoCompare will be Ripple’s primary benchmark for XRP market volume going forward.
  • Three billion XRP were released out of cryptographic escrow, 2.10 billion returned to escrow.
  • XRP is now listed on over 130 exchanges worldwide.
*data from coinmarketcap.com; **data from CryptoCompare Top Tier

Q2 AND FUTURE XRP SALES

Q2 Sales
In Q2 2019, Ripple sold $106.87 million XRP in institutional direct sales and $144.64 million in programmatic sales. In total, the company sold $251.51 million XRP in Q2. Given the reports of inflated volumes, which Ripple took seriously, the company temporarily paused programmatic sales and placed limits on institutional sales to evaluate the problem in early Q2. Ripple later resumed XRP sales at a rate that was 50% lower versus previous guidance, at 10 basis points of CoinMarketCap reported volumes.

Future Sales
Ripple plans to take a more conservative approach to XRP sales in Q3. As noted, the company switched benchmarks to CCTT and will target programmatic sales at 10 basis points of CCTT reported volumes.

INSTITUTIONAL VS. PROGRAMMATIC SALES

Institutional (OTC) Sales
Ripple’s long-term view is that efficient, liquid XRP markets should resemble the traditional FX markets, given XRP’s use case of global value transfer. As a large portion of FX trading occurs on the OTC markets, in 2017, Ripple began providing, through XRP II, a licensed subsidiary, OTC purchases of XRP to meet institutional demand, at a time when XRP/USD liquidity was limited. Since then, XRP listings increased as Ripple has partnered with the top digital asset brokers and used inventory to serve as a backstop for XRP liquidity. This allowed these OTC liquidity providers the ability to source XRP, even when institutional quantities of XRP were difficult to access across exchanges.

Ripple decided to pull back from providing XRP over-the-counter at scale toward the end of Q2, in light of the OTC desks’ ability to source institutional demand for XRP in the open markets. Going forward, Ripple plans to focus institutional sales on markets where the on-exchange liquidity for XRP is insufficient to meet institutional demand.

Programmatic Sales
Ripple’s programmatic XRP sales have been done with the goal of minimizing market impact. The company did this through limiting XRP programmatic sales to what it considers a small percentage of traded volume, which was executed across multiple exchanges. Ripple relies on programmatic sales partners who mainly execute trades passively; their trading volumes do not vary based on changes in the price of XRP, but they do increase as overall XRP trading volumes increase.

As discussed earlier, because of misreported trading volumes, Ripple has changed its sales strategy and benchmark for Q3, and will continue to closely monitor the situation.

Q2 ESCROW ACTIVITY

In Q2 2019, three billion XRP were again released out of escrow (one billion each month). 2.10 billion XRP were returned and subsequently put into new escrow contracts. The remaining 900 million XRP not returned to escrow are being used in a variety of ways to develop use cases for XRP, including Xpring initiatives and RippleNet partnerships (such as MoneyGram). All figures are reported based on transactions executed during the quarter.

XRP COMMENTARY

The overall market capitalization of digital assets increased by 122.86% from Q1. XRP price gained 28.20% over Q2, ending the quarter at $0.40 on coinmarketcap.com

Volume
According to CCTT, the daily volume for XRP increased in Q2. The average daily volume was $429.51 million in Q2 and $156.01 million in Q1.

For reference, according to coinmarketcap.com, the average XRP daily volume was $1.74 billion.

Volatility and Correlation
XRP’s volatility of daily returns over the quarter was 5.01%. Though there was a slight increase in volatility from Q1, XRP was in line with other top digital assets. In addition, XRP’s correlation with bitcoin dropped from Q1, while its correlation with ether remained high.

Exchanges
In Q2, 12 new exchanges listed XRP bringing the total number to over 130 exchanges worldwide.

RIPPLENET

Q2 saw the highest number of customer transactions on RippleNet. In fact, the number of xRapid transactions increased 170% from Q1 to Q2 and Ripple had a 30% increase in the number of live xRapid partners in Q2. Ripple anticipates this momentum in transaction volume to continue as more partners and customers go live.

Notably in Q2, Ripple announced it agreed to enter into a strategic partnership with MoneyGram (NASDAQ: MGI), one of the world’s largest money transfer companies. The company operates in the $600 billion global remittance market, serving millions of customers in more than 200 countries and territories, supporting multiple currencies. Through this partnership, which will have an initial term of two years, Ripple would become MoneyGram’s key partner for cross-border payments and foreign exchange settlement using digital assets. In conjunction with the partnership, Ripple has agreed to provide a capital commitment to MoneyGram, which enables the company to draw up to $50 million in exchange for equity over a two-year period.

The partnership with Ripple focuses on the xRapid product. xRapid is a solution for on-demand liquidity, which leverages XRP, the native digital asset of the XRP Ledger, as a real-time bridge between the sending and receiving currencies.

XPRING 

Xpring is Ripple’s initiative to support the open source community of developers, building on the decentralized XRP Ledger and use cases for XRP on that ledger. This support is done in two ways: 1) helping innovative blockchain projects grow through partnership and investment; 2) building crypto infrastructure through contributions to open source crypto protocols such as the XRP Ledger and Interledger projects. In addition, Xpring is building a developer platform to support open source developers to leverage these protocols. Xpring makes investments using a mix of traditional currency and XRP.  XRP investments are generally subject to sales restrictions and intended for direct use in the tools and services being developed.

Companies and developers continued to build on the XRP Ledger, and utilize ILP and XRP. Significant developments from companies and projects, which Xpring invested in and supports, include:

  • Bolt Labs is a privacy-focused payment channel network supporting multiple digital currencies. Bolt scales off-chain transactions while preserving privacy.
  • Agoric enables developers to build secure smart contracts and new digital assets that can connect to public and private blockchains.
  • Robot Ventures is a (pre-)seed investor in early stage companies in the decentralized finance and blockchain space.

MARKET COMMENTARY

Notable Regulatory Activity

  • The SEC announced that it would establish nodes on certain open source, permissionless ledgers, such as the XRP Ledger, to help inform its policy making.
  • The UK’s Financial Conduct Authority analogized XRP to ETH, which it recognized was a hybrid utility/exchange token, not a security token.

Technology companies enter the space
New entrants into the ecosystem brought global awareness around crypto and blockchain. Most notably, Facebook’s announcement of the Libra whitepaper in June brought mainstream attention from all audiences. Akin to JP Morgan’s announcement of its JPM Coin trial, the news brought market validation to the space, highlighting the benefits that blockchain and crypto bring to payments. However, Facebook faced significant regulatory headwinds as regulators questioned the company’s ability to protect consumer data and comply with anti-money laundering and know-your-customer laws. Facebook was not the only tech company that announced it was breaking into crypto and blockchain this quarter:

  • Amazon was granted a patent to build a proof-of-work cryptographic system to fight DDOS attacks. Also, Amazon Web Services launched its Managed Blockchain service, which supports open-source framework Hyperledger Fabric, for its enterprise clients.
  • Yahoo! Japan went live with Taotao, its cryptocurrency exchange, where bitcoin and ether will be initially traded, and margin trading of XRP and litecoin will be available.
  • Google announced that Ethereum app builders using Google software will be able to integrate data from sources outside the blockchain through a partnership with Chainlink.
  • Samsung announced the development of its own Ethereum-based blockchain and may issue its own token.

Increased Institutional Interest 
Digital assets experienced increasing levels of institutional interest over the past three months. Last quarter, futures trading and other crypto derivatives were widely discussed as the market capitalization of digital assets increased, CME reached a record high for BTC futures and Bakktannounced plans to begin testing its future contracts.

Banks continue to bet on crypto and blockchain 
Established banks continued to show interest in blockchain and crypto as they build their own private blockchain solutions and tokens. Last quarter, a group of 14 financial firms led by UBS including Barclays, Santander, and Canadian Imperial Bank of Commerce created Fnality International to aid in the development and launch of a utility settlement coin (USC) to improve cross-border payments. JPMorgan announced that it will start customer trials of its JPM Coin with corporate clients, and Goldman Sachs CEO said the bank is doing extensive research on asset tokenization and stablecoins.

Crypto exchanges reported record trading volumes and profit. Traditional brokerage firms plan to offer cryptocurrency trading to their institutional clients.

ADDITIONAL REGULATORY HIGHLIGHTS IN Q2

Americas and Europe

  • The G20 officially announced its support of the FATF’s crypto guidelines and ongoing work by the Financial Stability Board (FSB) to explore the implications of decentralized fintech and how regulators can better engage stakeholders.
  • SEC Commissioner Hester Peirce said current guidance falls short of clarity that the industry needs to move forward to develop additional guidelines regarding crypto.
  • France pushed for the EU to adopt a cryptocurrency framework to achieve uniform laws.
  • Bitstamp was granted a virtual currency license by the New York Department of Financial Services.
  • The SEC sued Kik for allegedly running an unregistered securities sale back in 2017 when it launched an ICO for its kin token.
  • The UK’s Financial Conduct Authority is consulting on a potential ban on the sale of crypto derivatives to retail investors.

APAC

  • Reserve Bank of India considered a law that mandates payments data should not be allowed to leave its borders, and announced a framework for its fintech sandbox that invites blockchain projects to take part, but excludes cryptocurrency-related businesses.
  • Nepal banned AliPay and WeChat Pay, citing they are not registered as official payment systems.
  • Japan’s lower and upper houses passed new crypto regulation in National Diet (Japan’s bicameral legislature) to strengthen local regulations and cryptocurrency trading practices.

South America

  • Brazil established a new commission to consider crypto regulation in the country. The commission will be composed of 34 members in accordance with the House Rules of Procedure. Also, the country’s major financial authorities announced a regulatory sandbox for blockchain, fintech and crypto.
  • The Chilean government introduced a bill on cryptocurrencies for congress.

Middle East and Africa

  • Egypt lifted its ban, and will allow licensed cryptocurrency companies.
  • Pakistan Central Bank announced its intention to launch a digital currency by 2025, in an effort to go fully digital by 2030.

CONCLUSION

Q2 was marked by increased regulatory activity, landmark partnerships and high profile announcements from new entrants and key industry players. These activities underscore the continued maturation of the blockchain and crypto markets. In addition, Ripple has taken proactive steps to address the issues of inflated volumes by reducing future XRP sales and changing its volume benchmark.

If interested, please find the Q1 2019 XRP Markets Report here.

Libra Launch Won’t Happen Until Regulators are Happy: Coeure 6741

Libra

Global regulators will not let Facebook launch its Libra currency until all their concerns, ranging from money laundering to financial stability, have been addressed and “a prolonged discussion” may be needed first, the man in charge of their response told Reuters. Facebook announced Libra — a new digital coin backed by four official currencies and available to billions of social network users around the world — a month ago, adding that it was hoping to launch as soon as next year.

Benoit Coeure, the European Central Bank board member who chairs an international working group on Libra, said Facebook’s global reach meant the cryptocurrency had to be safe “from day one” for its users, the financial system and authorities fighting crime.

“You’ve got to be safe, robust and resilient from day one,” Coeure said in an interview on the sidelines of a Group of Seven meeting in Chantilly, France. “It’s not a learning process: either it works or it doesn’t.”

Regulators fear Libra, which in its original design would let users transfer money using a pseudonym, may be used to launder money or finance terrorism. They also want to know what safeguards Facebook and the other 27 members of the Libra Association have in place to ensure they could withstand a run on reserves and that users’ privacy and ownership rights are protected.

This may involve a “prolonged discussion” among regulators on how to change existing national and international rules to cover Libra, Coeure said.

“Down the road we might find that there are gaps or inconsistencies that would require a prolonged discussion by regulators on how to do it differently,” he said.

“Authorities are not going to let any such projects happen before we have answers to our questions and before we have the right regulatory framework.”

Cryptocurrencies are subject to patchy rules across the world, with the technology remaining mostly unregulated. While some smaller countries, from Belarus to Malta, have brought in specific laws, major economies have tended to apply existing financial rules.

Coeure said his G7 working group on stablecoins will work on the matter until the International Monetary Fund’s annual meeting in October, when it will hand it over to the Financial Stability Board of global financial regulators. Facebook said earlier this week it would not proceed with the launch of Libra until regulatory concerns are addressed.

BSV, XTZ, TRX, LTC, ATOM and OKB 6349

BSV

BSV/USD

The Bitcoin SV (BSV) network will complete the Quasar upgrade on July 24, which will increase the default block size hard cap from 128MB to 2GB. After a few months of the upgrade, the cryptocurrency will be able to handle thousands of transactions every second. DRIVE Markets has launched trading in Bitcoin SV. Backed by these positive news, the digital currency has turned out as the top performer among major cryptocurrencies. It has rallied close to 25% in the past seven days. Can it continue its up move or will it witness profit booking at higher levels? Let’s analyze the chart.

BSV/USD

The BSV/USD pair broke below the 61.8% Fibonacci retracement level of the rally this week, but lower levels saw sharp buying that has propelled the price right back up. This is a positive sign as it confirms demand at lower levels. The price can now reach $214.210 and above it $255.620. If the bulls propel the price to a new high, the uptrend will continue.

However, after forming large ranges in the past two weeks, we expect the volatility to cool down and the pair to enter a consolidation for a few weeks. The pair will turn negative if the price turns around from one of the overhead resistances and plummets below $107. Nonetheless, we give it a low probability of occurring.

XTZ/USD

Tezos (XTZ) is the second-best performer of the past seven days, rising close to 20%. Can it build on its momentum and start a new uptrend? Let’s see the chart.

XTZ/USD

The XTZ/USD pair is largely range-bound between $0.33 and $1.85. For the past three weeks, the bulls have managed to defend $0.902128, which is the 61.8% Fibonacci retracement of the recent rally. The bulls have not been able to push the price above $1.295480, which shows profit-booking at higher levels. Both moving averages are flat and the RSI is close to 50, which suggests that the digital currency might consolidate for a few more weeks.

If the pair breaks out of $1.295480, it can rally to $1.85. A breakout of $1.85 will start a new uptrend that has a long-term target objective of $3.37. Therefore, traders can buy on a close (UTC time frame) above $1.295480 and keep a stop loss of $0.80.

Our bullish view will be invalidated if the price reverses direction from $1.295480 and plummets below $0.829651. If that happens, a drop to $0.33 is probable.

TRX/USD

Tron (TRX) CEO Justin Sun tweeted that something big will happen next week along with the Warren Buffet lunch. Sun has invited influential people in the crypto universe to join him for the power lunch with the legendary investor. The crypto community has kept its fingers crossed on the outcome of the meeting.

TRX/USD

The TRX/USD pair had broken down of the channel last week. Though bears broke below the critical support of $0.022 during the week, they could not sustain the price at lower levels. Aggressive buying has propelled the price back into the channel. This is a positive sign.

There is a minor resistance at the downtrend line above which the pair can move up to $0.040. A breakout of this resistance can push the price to $0.050. The traders can wait for the price to scale above the downtrend line before buying. The stop loss can be kept at $0.020 because if this support gives way, a drop to $0.017740 and below it a retest of the yearly low is probable.

LTC/USD

Litecoin (LTC) was recently named as the official cryptocurrency of the Miami Dolphins. This will increase the visibility of the cryptocurrency among NFL fans. With halving just a few days away, can the price resume its uptrend or will it remain range-bound? Let’s find out.

LTC/USD

After failing to break out of the ascending channel a few weeks ago, the LTC/USD pair plummeted below the channel last week. The bears followed it up with a breakdown of the support at $83.65. However, they could not sustain the lower levels and the price has quickly bounced back. This shows strong demand at lower levels.

Currently, the bulls are facing resistance at the channel line. This line, which had previously acted as a support is likely to act as a resistance. Nevertheless, if the price climbs back into the channel, it will be a positive sign. The next level to watch on the upside is $140.3450. Therefore, traders can wait for the price to re-enter the channel and sustain it before buying. The stop loss can be kept at the recent lows of $76.

Our bullish view will be invalidated if the price turns down from the channel and plunges below $76. In such a case, a drop to $58 is probable.

ATOM/USD

Cosmos (ATOM) rallied close to 5% in the past seven days. Is this the start of a new uptrend or is this only a pullback in a downtrend. Let’s study the chart.

ATOM/USD

Due to a short trading history, we are analyzing the daily charts for the ATOM/USD pair. The pair has given up a lot of ground in the recent correction. It is currently attempting to bounce off the $3.6043–$3.4101 support zone.

The pullback is likely to face resistance at the 20-day EMA. The next fall towards the support zone will give us a better idea whether the bottom is in place. If the price breaks below $3.4101 during the next fall, it can retest the lows at $2.9277.

Conversely, if the pair rebounds off the support zone and breaks out of the 20-day EMA, it is likely to reach the 50-day SMA and above it $6.15. Therefore, traders can watch the price action during the next fall and buy on a breakout above 20-day EMA. The stops can be placed below $3.40.

OKB/USD*

OKB is the native token of OKEx, a world-leading cryptocurrency exchange. It is trading well above its listing price. The token offers its users opportunities to set up OKEx partner exchanges, settle trading fees and subscribe to new tokens sale on the OK jumpstart platform.

The total supply of OKB is 1 billion, out of which only 300 million is in circulation and the rest has been locked up until 2022. The long-term hodlers of the token will benefit from the OKB Buy-Back & Burn Program, which will be run every 3 months. Currently, the token is operating on the ERC-20 protocol but will soon migrate to the OKChain mainnet – being developed by OKEx — which is in its final stages of testing.

In its evaluation report, Shinobi Capital, an established blockchain and cryptocurrency advisory firm, expects OKB to benefit from the development of OKChain mainnet and better market conditions for cryptocurrencies. They expect OKB to hit a market capitalization of about $7.068 billion by 2020.

OKB has been listed on Bitfinex and is attempting to partner with other exchanges to further expand the ecosystem. At press time, the token is ranked 1,878 on CoinMarketCap with a 24-hour volume of $142,547,972. So, is this a good opportunity to scoop OKB before prices shoot up? Let’s look at the technical picture.

OKB/USD

The OKB/USD pair hit a high of $6.68 on May 18, 2018, and from there, it lost a lot of ground during the crushing bear market and fell to a low of $0.5718 on January 13, 2019. However, it participated in the recovery and rose to a high of $2.5566 on April 3. That is a 347% gain within three months.

Thereafter, the pullback found support at the 61.8% Fibonacci retracement level of the up-move. It consolidated between $1.30 and $1.829 for a few days before breaking out. It again got stuck in the $1.55–$2.09 range for a few days.

Currently, the price has broken out of the range and is likely to move up to $2.5566, which will act as a stiff resistance. If this level is scaled, the price can move up to $4 and above it to $5.40. Both moving averages are gradually sloping up, which suggests that bulls have the upper hand.

However, if bears defend $2.5566, the digital currency might remain range-bound between $2.09 and $2.5566 for a few days. It will lose momentum on a break below the 50-day SMA and will turn negative on a breakdown of $1.2616.

*Disclaimer: OKB is a featured cryptocurrency from one of Cointelegraph’s sponsors, and its inclusion did not affect this price analysis.

The market data is provided by the HitBTC exchange. 

Coinbase Launch Trading Signals 7120

Trading Signals

Trading signals are up-to-date, trusted, exclusive data only available on Coinbase.com and are meant to help our customers independently create and manage their own crypto strategy. Our goal is to provide accurate, objective measurements of cryptocurrency usage based on the aggregated and anonymized activity of millions of Coinbase customers. These insights are only available to customers signed in to Coinbase — and they are the first of their kind in crypto.

These new signals, which are in addition to the typical market data we already provide, will power a deeper understanding and comparison of cryptocurrencies and their communities so Coinbase customers can think beyond price when building their crypto portfolio.

Trading signal: Top holder activity

What it is: The top holder activity signal is the percentage of Coinbase customers with large balances of an asset (top 10%) who have net increased (bought) or decreased (sold) their positions in that asset through trading over the last 24 hours. This is updated approximately every 2 hours.

Why it’s important: While we can’t predict what crypto prices will do, we can tell you how the largest holders have recently traded with the top holder activity signal.

Trading signals: Typical hold time & Popularity on Coinbase

What they are: The typical hold time signal is the median number of days an asset stays in a Coinbase customer’s account or vault before it’s sold or sent to another address or wallet. The popularity on Coinbase signal is a ranking (out of all tradable assets) of how many customers hold a particular cryptocurrency. These signals are updated approximately every 24 hours.

Why they’re important: For those customers who want to better understand what the average Coinbase customer does, we’re providing data on hold times and popularity. Keep in mind that Coinbase has a wide diversity of customers, with a variety of factors driving their asset hold times and which assets they find interesting.

Trading signal: Price correlation

What it is: The price correlation signal measures how cryptocurrency prices have moved in relation to each other. This is updated approximately every 24 hours.

High positive correlation means those assets’ prices have tended to move in the same direction. High negative correlation means those assets’ prices have tended to move in the opposite direction. Low or no correlation (around 0%) means the assets’ prices haven’t tended to be related.

Why it’s important: Price correlations can help you assess the historical diversity of your portfolio and assess potential risk exposure. For example, if you want to increase your exposure to potential BTC-related price movements, you could buy cryptocurrencies that are highly correlated to BTC. And if you wanted to hedge your bets against BTC-related price movements, you could buy crypto with a high negative correlation. Further, you could make uncorrelated bets with a crypto that has no relationship with BTC.

Keep in mind that regardless of the data, price correlations are historical and not predictive of future correlations.

When considering these trading signals and other market data provided by Coinbase, please keep in mind that they are not and should not be considered investment advice, which Coinbase does not provide. Always make your own independent assessment of whether any particular investment or investment strategy is right for you, your risk tolerance, and financial means, before entering into a transaction. When in doubt, consult with a financial professional.

We think trading signals, backed by verified transactional data, are an important step to raising the level of trust in the cryptoeconomy. Coinbase customers can now use these signals to suit their needs.

Altonomy Raises $7 Million in Seed Financing Round Led by Polychain Capital 6436

ant

Altonomy, the leading trading desk and market maker for cryptocurrency assets, announced today it has closed on $7 million in seed financing led by Polychain Capital, the investment firm committed to supporting cryptocurrency and blockchain-themed projects, and 7 Blocks, the Singapore-based investment fund.

“As a long-time user of Altonomy’s trading services, it was an easy decision for us to invest in their business when the opportunity became available,” said Olaf Carlson-Wee, founder and CEO of Polychain Capital. “Altonomy provides much needed intelligent trade execution as well as other institutional-grade financial services to the crypto market for a wide variety of verticals. Combining this with exceptional management and a global footprint across the U.S. and Asia, Altonomy is well-positioned for further success.”

Altonomy provides institution-grade trading and liquidity provision services for investors, exchanges and token projects across a variety of trading venues worldwide. It is a block liquidity provider for bitcoin futures products provided by CME Group, a top-tier market maker for Huobi and other spot and derivatives exchanges, as well as a market maker for stablecoins including USD Coin, Tether, TrueUSD and the Paxos Standard. Altonomy’s sophisticated trading infrastructure connects to more than 60 cryptocurrency exchanges and OTC partners, which it uses to trade more than 250 cryptocurrencies with varying market caps.

“Altonomy is driven by our mission to facilitate institutional investors’ adoption of cryptocurrency assets,” said Bo Dong, co-founder and CEO of Altonomy. “By harnessing this new influx of capital and maintaining strategic partnerships with market structure innovators like TrueDigital, Compound Finance and Blockstream Liquid Network, we will continue to help clients extract value from this maturing asset class.”

“We are proud of our ability to source liquidity for customers, regardless of token type, order size, market cap, or whether the asset trades on centralized or decentralized exchanges,” said Ricky Li, co-founder and Head of Americas for Altonomy. “Backed by strategic capital and working closely with other luminaries across the asset class, like Polychain, we are the ideal partner to help investors navigate these primary and secondary markets, so they can harvest returns that are uncorrelated with the broader financial markets.”

Parallel with trading crypto assets and providing liquidity, Altonomy recently expanded its services portfolio by launching AltMiner, a new cloud mining product tailored specifically to institutions seeking large mining exposure. By combining the newest generation of miners, low electricity costs and a secure hosting site, Altonomy provides direct access to the mining industry with a superior return profile.