Litecoin has had a brutal “bull market” if you can even call it that for the once popular cryptocurrency built on Bitcoin’s code. However, that all might soon turn around, as a massive bounce is brewing on the LTCBTC trading pair.
A reversal on the trading pair could help Litecoin catch up to the rest of the market, which has already set new all-time highs and then some. If and when LTC recovers against BTC, the upside could be swift and violent. Here’s why.
How Long It’s Been Lights Out For This Altcoin’s Bull Market Comparing Litecoin’s chart next to the likes of Dogecoin, Ethereum, Bitcoin, Binance Coin, and several others, shows just how dark the depths of the crypto winter got for the altcoin.
Litecoin was an incredible performer at the height of the last bull market, rising to beyond $360 per LTC in a flash.
The altcoin also led the charge in the 2019 crypto market recovery, fueled by buzz surrounding the protocol’s block reward halving.
Related Reading | Why Litecoin Is The Next Crypto To “Teleport” Like Dogecoin
Litecoin’s code is very similar to Bitcoin’s, giving it several key similarities that should be benefiting the “digital silver” counterpart currently, such as hard-coded scarcity.
Only 84 million LTC exist, a mere four times the amount of the BTC supply. And if scarcity is driving the demand behind Bitcoin, the fact that Litecoin isn’t at all following is confusing.
But a bounce is due, according to one crypto analyst‘s interpretation of the LTCBTC price chart.
A hidden dull div on the OBV could trigger a breakout of the falling wedge | Source: LTCBTC on TradingView.com Smart Money Signals That Litecoin Is Ready To Bounce Against Bitcoin The trader who shared the above chart says that LTCBTC is currently at long-term support of a falling wedge, coinciding with a bullish divergence on the on-balance volume indicator (OBV).
The OBV is often regarded as the “smart money indicator” – named as such for its ability to pick up signals of movement..
The first meme-coin was born in 2013: Dogecoin (DOGE). This cryptocurrency is kind of an homage to the known meme Doge, which origins go as back as 2005. Then, years later, Jackson Palmer, a marketer for Adobe Systems, bought the Dogecoin.com domain for fun. He started like that what it would be a digital currency with over $7b in market capitalization.
Now, we have a curious phenomenon around this cryptocurrency. Its price was boosted to new All-Time-Highs (ATHs) last February, and it wasn’t due to something inherent in the coin itself. Dogecoin’s system has its own blockchain similar to Litecoin, and this one hasn’t changed a lot in a while.
The reasons behind this sudden growth are partly fun and partly revenge. And the consequential adoption because of it.
WallStreetBets, Gamestop, and Dogecoin In case you don’t know it already, there is a subreddit dubbed “WallStreetBets” (WSB), where users worldwide meet to share experiences about the stock market. And to defy the entire financial system by joining forces to sabotage Wall Street, it seems.
Let’s check. GameStop (GME) is an American company that sells videogames and related products, physically. With the rise of online game platforms (Xbox, PlayStation, Steam, etc.) and the COVID-19 pandemic, they didn’t bear very well. They’ve been suffering millionaire financial losses and they’ve closed thousands of its stores worldwide.
That’s why, in the stock exchanges, the bigger investors (which mean investment companies) have been betting for its failure and making profits with such bets. They borrowed (and sold) GME stocks at the beginning of January, and they were expecting them to decrease by the end to make profits from it. The disappointment and alarm were large when the stocks didn’t decrease but skyrocketed out of a sudden.
From $17.25, these stocks reached $325+ per unit. That meant a 1,784%+ increase and millionaire losses for the short-selling investors. All this because of a group of Redditors from WSB..
A handshake between traditional finance and decentralized finance (DeFi) is finally happening! Nimiq – a non-profit and open source blockchain project has enabled Atomic Swaps for fiat and cryptocurrencies. The recent public beta launch of Nimiq’s OASIS (Open Asset Swap Interaction Scheme) marks the milestone event and allows users to go from money in their bank account to crypto in their self-custodial wallet in less than 5 minutes!
With OASIS, Nimiq has adopted the tried and tested DeFi concepts of Atomic Swaps and Hashed Timelock Contracts (HTLC) to handle off-chain assets, thereby creating a bridge between two different financial worlds. The OASIS protocol simulates off-chain assets to behave like blockchain tokens, making them programmable. The project has chosen EUR as the first off chain asset and has partnered with the German TEN31 Bank to make it possible.
The banking partnership enables OASIS Protocol to create a smart contract that interacts with the SEPA Instant system. Meanwhile, smart contracts for cryptocurrencies are created on their respective blockchains. With these two sets of smart contracts in place, a swap can be initiated to facilitate noncustodial, verifiable, peer-to-peer exchange of assets. Currently, the OASIS Protocol only supports the purchase of BTC and NIM with EUR from any SEPA Instant capable bank accounts, with more assets to be added soon.
Buy BTC and NIM with EUR on Nimiq OASIS Nimiq is on a mission to make cryptocurrencies accessible to everyone. To do that, it is relentlessly working on simplifying most of the crypto related processes. The introduction of Nimiq OASIS is a huge step in that direction. The entire Nimiq ecosystem is designed to work within a web browser on any device with an internet connection.
Anyone can use Nimiq OASIS irrespective of their prior experience with cryptocurrencies by following a few simple steps. They just have to visit the webapp site wallet.nimiq.com and create an account by choosing an avat..
Bitcoin price just pulled back 5% from the now rejected retest of the asset’s current-standing all-time high. The leading cryptocurrency by market cap was struggling with resistance as it was, but news breaking that Binance is the focus of a CFTC probe caused the pullback to worsen sharply.
Here’s a brief breakdown of what’s going on in this developing situation, and what this could mean for the cryptocurrency’s ongoing uptrend.
Breaking: Commodity Futures Trading Commission Opens Investigation Into Binance According to a breaking report circulating from Bloomberg News, leading cryptocurrency exchange Binance is the subject of an ongoing CFTC probe. The Commodity Futures Trading Commission is investigating if Binance served US customers, allowing them to trade cryptocurrency derivatives trading products that are in violation of US regulations.
Related Reading | Bitcoin “Cheat Sheet” Calls For Next Leg Up To $77K
The CFTC is among the chief regulatory enforcers in the United States, alongside the Securities and Exchange Commission, and have launched investigations into BitMEX and Tether in the past.
Binance commands a lion’s share of the total cryptocurrency market trading volume, and its footprint extends into CoinMarketCap, and just about everywhere else the industry touches. The significance of the breaking news caused Bitcoin to add to its now 5% pullback from recent highs.
Bitcoin price has retraced by 5% so far, but could more downside be coming? | Source: BTCUSD on TradingView.com Could Negative News Turn Sentiment And Derail The Bitcoin Bull Run? Bitcoin price is undeniably overheated by most standards. Technicals have issued bearish divergences for months on end, overbought conditions are prominent on most timeframes, yet pullbacks have lasted only briefly as dip buyers scoop up BTC at whatever price they can get.
But with technicals this overheated, what could start as a small 5% correction on negative news could have a butterfly effect that causes ..
As more people look for safer alternatives to store and transfer their wealth, stablecoins have emerged as a viable option with practically no restrictions. These fiat-pegged crypto assets allow users to store value reliably, but do nothing to account for inflation of the fiat backing the asset.
e-Money has developed a new stablecoin, one more akin to a tokenized bank deposit than a fiat-pegged currency, as it fluctuates based on incurred interest rates. e-Money combines the best aspects of the three most popular stablecoin models: algorithmic stablecoins and collateralized stablecoins (which include crypto and currency-backed stablecoins), to provide additional value to end-users. Built using the Cosmos blockchain, e-Money is interoperable between networks, allowing for platform sovereignty alongside easy integration with other blockchains.
The Trouble With Algorithmic and Collateralized Stablecoins Prior to the introduction of e-Money, there have been three categories of stablecoins that provide value to users, but have inherent problems. These categories, currency-backed stablecoins, crypto-backed stablecoins, and algorithmic stablecoins, are still very popular but can be improved.
Users tend to flock to the options that provide a reliable peg on the underlying asset, including during times of volatility. Unfortunately, to date there has not been a mainstream stablecoin that is immune to violent market swings. This has kept many people at bay from participating from more traditional markets and has caused stablecoins to be viewed as a potential regulatory risk.
The future viability of these stablecoins depends greatly on the relationship stablecoin issuers have with banks. If regulators bring forward new rules or issuers can’t cover the operational costs from interest held in reserves, there could be a potential price decoupling. There is also the problem of relying on a centralized institution responsible for maintaining the asset’s stability.
The days of ICOs are long gone, but new crypto projects have not stopped appearing. Today, according to the CoinMarketCap service, there are more than 8,000 thousand cryptocurrencies and tokens. And this is without taking into account those that analytic services do not add to the list or exclude from it. The choice is really extensive, but looking at the ICO, we understand that most of these coins are scams. How to choose a really promising crypto project from a great variety? You should pay attention to the following factors:
Community. Who, if not the audience of the project, will be able to support its new vectors of development? This also applies to new coins: if a project has a large and active community, then they will happily acquire a new token, they will not get rid of it, and this contributes to long-term growth. Product. The coin must have a practical application. If there is none, then it was created to make money on price changes. As a rule, such coins do not last long; at some point, their creators drop the price by selling a large batch of an asset. And if the coin has a practical application, then a constant demand is provided for it, which will be a guarantee of a constant rise in price. How the price of the coin showed itself at the start of the project and the next few months. It was said above that if a coin was created for the purpose of making money on price movements, then soon it will be depreciated. But if the coin at the start showed a good growth rate, but more importantly, it managed to maintain its position, then this speaks for one thing – the project developers and first investors are not going to get rid of it. Prospects. In addition to practical application, you need to look at where the coin is already traded. If the project is new, then its token can be traded on a limited number of sites. Thus, with each new listing, the price of the coin will react positively, because the trading volume will increase. However, if a project has ..
Cardano’s price is struggling to clear the $1.200 resistance zone. ADA remains at a risk of more losses below the $1.050 and $1.020 support levels in the near term.
ADA is struggling to recover, but it is still well above the $1.000 level against the US dollar. The price is still facing hurdles near $1.200 and the 100 simple moving average (4-hours). There is a major bearish trend line forming with resistance near $1.150 on the 4-hours chart of the ADA/USD pair (data source from Bitfinex). The pair could dip further unless there is a clear break above $1.150 and $1.200 in the near term. Cardano (ADA) Remains At a Risk After a sharp rally, cardano’s price struggled to extend gains above $1.487. ADA price started a downside correction and traded below a key support near the $1.200 level.
The price even traded below the $1.100 support and settled below the 100 simple moving average (4-hours). A low is formed near $1.036 and the price is currently correcting higher. There was a break above $1.100 and $1.120 resistance levels.
There was a break above the 23.6% Fib retracement level of the downward move from the $1.487 high to $1.036 low. The price even spiked above the $1.150 resistance and the 100 simple moving average (4-hours).
Source: ADAUSD on TradingView.com However, there was no upside break above the $1.200 resistance. There is also a major bearish trend line forming with resistance near $1.150 on the 4-hours chart of the ADA/USD pair. The pair is now trading well below the 50% Fib retracement level of the downward move from the $1.487 high to $1.036 low.
On the downside, the $1.050 level is a decent support. The main support is now forming near the $1.035 level. A downside break below the $1.035 level could open the doors for a move towards the $1.000 and $0.9500 levels in the near term.
Upsides Capped? If cardano’s price stays above the $1.050 support, it could make an attempt to clear the trend line resistance at $1.150. If the bulls succeed, the price ..
There is a new game in town, and it seems to have the luck of the Irish, especially as they will list their token on Uniswap on St. Patrick’s day.
Choosing such a lucky date to debut might explain why the team behind Lepricon, a blockchain-based gaming platform for prediction games, found themselves closing out their seed and private rounds in just a few short days, ending the process seven times oversubscribed,
“Once word started getting around about what we were doing and why we found ourselves inundated in instant messages and emails from potential investors,” recounts Stephen Browne, Co-Founder & COO. “We flew past our soft cap in under a week, and shortly after, we sold out. We just have the public sales to go, and we will hit our hard cap.”
The question is, why all the interest? There are two possible reasons.
First, Lepricon is not just another DeFi service aimed at the core crypto community. Their core business is games. As Founder & CEO Joshua Galloway explains, “We think gaming is the first killer app that will take blockchain mainstream.”
He continues, “Gamers understand in-game currencies and rare and unique game items. It’s easy to lead them from there to cryptocurrencies and NFTs. Once they are playing games with our in-game currency, L3P, then we can introduce them to the Defi elements of the platform and show them how to swap and stake it.”
The second reason is far more human. The team behind Lepricon is experienced and makes a point of being anything but anonymous. If you add up the CEO, COO, and CMO ages, you get more than 130. They asked that we not be too precise! Galloway has over 20 years of experience in video games, from AAA studios to mobile and social casinos. Browne is a former barrister and has worked in the digital asset space for some years now. Phil Ingram, Chief Marketing Officer, who describes himself as a survivor of the original dot com boom, has 30 years of marketing and brand development experience.
Lepricon has also pulle..
Ethereum is holding gains above $1,750 against the US Dollar. ETH price is likely setting up for a crucial upside break above the $1,850 and $1,880 resistance levels.
Ethereum is showing a few positive signs and it is trading nicely above $1,750. The price is now well above $1,750 and the 100 hourly simple moving average. There is a crucial breakout pattern forming with resistance near $1,840 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to start a strong rally if there is a close above the $1,850 resistance. Ethereum Price is Showing Positive Signs Ethereum corrected further lower below the $1,750 support zone, whereas bitcoin extended its rise. However, ETH remained well bid above $1,720 and $1,700 levels.
A low is formed near $1,724 and the price is currently rising steadily. There was a fresh move above the $1,800 resistance level. A high is formed near $1,845 and the price is currently consolidating gains. It corrected lower below the 23.6% Fib retracement level of the upward move from the $1,724 swing low to $1,845 high.
Ether is now well above $1,750 and the 100 hourly simple moving average. An initial support is near the $1,785 level. It is close to the 50% Fib retracement level of the upward move from the $1,724 swing low to $1,845 high.
Source: ETHUSD on TradingView.com There is also a crucial breakout pattern forming with resistance near $1,840 on the hourly chart of ETH/USD. If ether price clears the triangle resistance and $1,850, there could be a strong increase. In the stated case, the price could rise towards the $1,900 and $1,920 resistance levels. The next major stop for the bulls could be $2,000.
Downside Break in ETH? If Ethereum fails to continue higher above the $1,840 and $1,850 resistance levels, it could correct further lower. The first key support is near the $1,785 level.
The main support is now forming near the $1,750 level and the triangle lower trend line. If there is a downside break below the $1,750 ..
Bitcoin price extended its rise and it even tested the $58,000 resistance against the US Dollar. BTC is showing positive signs and it is likely to accelerate higher above $60,000.
Bitcoin remains in a bullish zone and it even climbed above the $58,000 resistance. The price is now trading well above $56,000 and the 100 hourly simple moving average. There are two bullish trend lines forming with support near $55,650 and $55,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct lower, but the bulls are likely to remain active above $55,000. Bitcoin Price is Gaining Momentum After a close above the $55,000 resistance, bitcoin extended its rise above $56,000. BTC settled nicely above the $55,000 level and the 100 hourly simple moving average.
It opened the doors for a push above the $57,000 and $57,500 resistance levels. The price even spiked above the $58,000 resistance and traded to a new monthly high at $58,140. It is now correcting lower and trading below the $58,000 level.
There was a break below the 23.6% Fib retracement level of the recent increase from the $54,318 swing low to $58,140 high. On the downside, there are two bullish trend lines forming with support near $55,650 and $55,000 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com On the upside, the price is likely to face sellers near the $58,000 zone. A clear close above the $58,000 resistance will most likely start a strong increase. The next target for the bulls could be $60,000 in the near term. Any more gains could lead the price towards the $62,000 level.
Dips Supported in BTC? If bitcoin fails to clear the $58,000 resistance, it could correct lower. The first key support is near the $56,200 level. It is close to the 50% Fib retracement level of the recent increase from the $54,318 swing low to $58,140 high.
The main support is near the trend line and $55,500. Any more losses might call for a test of the $55,000 support level. If the..