Connect with us

Blockchain

Litecoin in a Brief Fall, Eyes Fresh Rally above $200

Litecoin is making an upward move after falling to $149.55 low. Buyers have again pushed the coin to $171 high at the time of writing.

Republished by Plato

Published

on

Jan 08, 2021 at 11:57 // News

Litecoin's next target will be a rally above $200

Litecoin is making an upward move after falling to $149.55 low. Buyers have again pushed the coin to $171 high at the time of writing.

Yesterday, January 7, the altcoin made positive moves as the coin rallied to a $180 high. The Relative Strength Index period 14 has indicated that the crypto is at level 75. At that level, the crypto is in the overbought region and has no room to rally on the upside. 

Rather, the altcoin may face a possible decline. Nonetheless, the bulls have recouped above the $150 support after a sudden decline to the previous low. Litecoin’s next target will be a rally above $200 if the bulls overcome the $180 resistance level. Nevertheless, if the bulls fail to clear the $180 resistance level, the crypto will be range-bound between $150 and $180.

Litecoin indicator analysis

Yesterday, there was an appearance of a Doji candlestick which indicated a possible reversal of the coin. The coin has fallen but the bulls have resumed a fresh uptrend. The crypto is above the 80% range of the daily stochastic. It indicates that sellers are likely to emerge to push prices down.

LTC_-_Coinidol_(2).png

Key Resistance levels: $180, $200, $220

Key Support levels: $100, $80, $60

What is the next move for Litecoin?

The altcoin has resumed another uptrend. On January 7 uptrend; the coin was resisted at the $180 high. However, the retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Litecoin will rise to level 2.618 Fibonacci extensions or the high of $237.88. 

LTC_-_Coinidol_2_chart_(2).png

Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

Source: https://coinidol.com/litecoin-brief-fall/

Blockchain

Binance Coin, Dash, Synthetix Price Analysis: 17 January

Republished by Plato

Published

on

Binance Coin looked to revisit $38.72 as the price failed to hold up above its present resistance. Dash formed a symmetrical triangle on the charts and presented the possibility of a breakout above $135.69 resistance while SNX reversed course and fell by over 12% after hitting record levels.

Binance Coin [BNB]

Source: BNB/USD, TradingView

Binance Coin retested $41.8 and moved lower as the bulls failed to lift prices towards $44.82 resistance. Prices could revisit the $38.72 support if the fall continues over the next few trading sessions. If the price rises, that would present an upside of $44.82. However, indicators favored the bears and suggested that a move towards immediate support could be a likely outcome.

The MACD was on the verge of a bearish crossover as the signal line eyed a move above the fast-moving line.

The Awesome Oscillator agreed with the MACD and indicated that momentum was shifting towards the bears.

Dash [DASH]

Source: DASH/USD, TradingView

Dash flashed red at press time, as prices traded at $121.84, down by 3.87% in the past 24 hours. A look at the 4hr chart showed that the price had formed a symmetrical triangle, and a breakout could be witnessed over the next few trading sessions. A bullish outcome could see the coin’s trading price rise above its immediate resistance and target a move above the next resistance at $135.69. On the flip side, a downward breakout could see the coin move below support $113.1.

The Stochastic RSI moved in the oversold territory and signaled a potential pullback if the index reverses direction.

The Parabolic SAR’s dotted markers were below the candlesticks and indicated that the price action was in an uptrend.

Synthetix [SNX]

Source: SNX/USD, TradingView

Synthetix hit an all-time high of $17.24 but immediately dropped by over 12% in the last few trading sessions. For now, losses were cut short at $14.63 support, but a fall below the present defense would confirm a bearish pullback.

The Relative Strength Index pointed downwards from the neutral zone. If the index moves into the oversold region, the price could follow suit and drop towards $13.41 support.

The MACD witnessed a bearish crossover as the price fell from record levels. The red bars on the histogram suggested the likelihood of a further pullback in prices.

Source: https://ambcrypto.com/binance-coin-dash-synthetix-price-analysis-17-january

Continue Reading

Blockchain

Former Ripple CTO may have lost much more than $220M in Bitcoin

Republished by Plato

Published

on

David Schwartz, current chief technical officer at Ripple, is responding to reports his predecessor had lost access to hundreds of millions of dollars in Bitcoin. 

In a Quora post on Thursday, Schwartz said recent reports about former Ripple CTO Stefan Thomas forgetting the password to an encrypted hard drive containing thousands of Bitcoin (BTC) were true, but added Thomas had also lost access to hundreds of coins when the crypto asset was young.

The Ripple CTO said his predecessor used to test the development of a Javascript library for Bitcoin by using real coins when the price was well under a dollar.

“He would create unspent outputs with ‘1.0’ Bitcoin because that was the fastest and easiest number to type,” said Schwartz. “He likely created hundreds of such accounts, none of which he retained the keys for because they were just for quick experiments. Each of those accounts is worth $38,000 or so today.”

Even just one hundred of these accounts at 100 BTC would mean the coins within are worth more than $3 million. The price of Bitcoin has fluctuated between $30,000 and $40,000 since reaching an all-time of more than $42,000 on Jan. 8.

Last week, a New York Times profile on Thomas said that the German-born programmer has used eight out of ten attempts to guess the password to access an encrypted hard drive containing 7,002 BTC. He has only two guesses left on the IronKey hard drive before the data — and funds — are seemingly lost.

Schwartz confirmed the story on Quora, saying Thomas had put aside the coins, which were part of a payment for creating a video. However, he questioned the $200+ million figure cited by major news outlets:

“I believe today [Thomas’ Bitcoin is] worth about $114 million. I’m not sure where the $240 million number is coming from — maybe I’m remembering wrong.”

There are many similar stories of long lost Bitcoin from early in the coin’s development. Last week, Cointelegraph reported that a student had found private keys to access more than $4 million worth of Bitcoin at his grandfather’s house over the holidays.

Source: https://cointelegraph.com/news/former-ripple-cto-may-have-lost-much-more-than-220m-in-bitcoin

Continue Reading

Blockchain

Monero Price Analysis: 17 January

Republished by Plato

Published

on

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

The Monero market has been descending over the past couple of days. The overall trend in the market has not been actively bullish, and for Monero the trend has turned to a bearish one. As the price climbed down the price ladder, the market may witness more bearishness.

At the time of writing the price of Monero was $152.24.

Monero daily chart

Source: XMRUSD on TradingView

The Monero chart has been showing that the price has been dropping after it hit the resistance at $170.89. This retracement has been currently testing the support at $151, and the price has been witnessing a strong downward pressure.

As the value of the digital asset continued to see a push and pull at the level, it may force the price to sink further down to the second support at $146. This would be an opportunity for traders to make a profit.

Reasoning

The 50 moving average has already been spiking above the candlesticks highlighting the downtrend of the coin. The RSI has moved closer to the overbought zone from the equilibrium zone, which suggested that the sellers in the market were growing.

Meanwhile, the MACD indicator was noting a rise in bearishness in the market. The strong red bars were growing and have continued in the market for a few days now. Whereas, the MACD line although under the signal line for a couple of days now, was witnessing its gap grow.

Crucial levels

Entry: $151.02
Stop-Loss: $156.78
Take-Profit: $145.10
Risk-to-Reward: 1.03

Conclusion

The current market conditions indicated an increased bearishness in Monero’s price action. As the digital asset trades close to the support, and if it ends up breaching it, the coin’s price is likely to drop to the next level of support at $146 which will, in turn, provide only a minimal profit to the short traders.

Source: https://ambcrypto.com/monero-price-analysis-17-january

Continue Reading
Blockchain5 days ago

‘Crypto is exactly like dot com bubble; Bitcoin, Ethereum can survive it’

Blockchain5 days ago

Brian Brooks, Crypto-Friendly OCC Leader, Steps Down

Blockchain1 day ago

Will exchanges run out of Ethereum?

Blockchain5 days ago

Trader comforts the market’s traumatized first timers amid falling prices

Blockchain4 days ago

SolidX Sues VanEck Over Bitcoin ETF Plagiarism

Blockchain5 days ago

Uniswap’s growth lead bites back over Yearn Finance’s SushiSwap merger

Blockchain4 days ago

Crypto Lawyer Sees Incoming SEC Chair as a Win for Bitcoin, Not XRP

Blockchain5 days ago

EX-CFTC Chair Gary Gensler Poised to be SEC Lead, What to Expect for Bitcoin?

Blockchain4 days ago

Update on Ethereum 2.0 Staking Rewards

Blockchain2 days ago

Consob Blocks 6 New Illegal FX Websites

Blockchain5 days ago

‘Why I’m not investing in nothing burger Bitcoin’: Shark Tank’s Kevin O’Leary

Blockchain5 days ago

Landmark Real Estate Listing Offers Two New York Bars For 25 Bitcoin

Blockchain4 days ago

WAX launches new token model to share revenue earned from NFT sales

Blockchain4 days ago

SIMBA Chain receives $1.5M contract from the U.S. Office of Naval Research

Blockchain4 days ago

EOS Price Analysis: 13 January

Blockchain5 days ago

Here’s how MicroStrategy CEO intends to get more companies to buy Bitcoin

Blockchain4 days ago

Transaction Fees Have Skyrocketed: Here’s How to Save Money

Blockchain4 days ago

BitMex turns to Chainalysis to solve legal woes, or at least soften the CFTC’s blow

Blockchain5 days ago

3 Bitcoin price indicators prove pro traders are still bullish on BTC

Blockchain5 days ago

Ethereum is Struggling to Hold This Crucial Level Following Recent Rebound

Trending