Category: Litecoin

Top 3 Coins to Watch Today: LTC, ROSE, EGLD – December 9 Trading Analysis

Post author By Malik Junaid
Post date December 9, 2021

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Litecoin (LTC)

Litecoin LTC is a cryptocurrency designed to provide fast, secure, and low-cost payments by leveraging the unique properties of blockchain technology. The cryptocurrency was created based on the Bitcoin protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times, and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.

LTC Price Analysis

At the time of writing, LTC is ranked the 18^th cryptocurrency globally and the current price is US$165.15. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low in late September, LTC kicked off a bullish trend that rallied nearly 85% by November to break the monthly highs.

The following 50% plummet found support near $150.36, sweeping under the 40 EMA into the 61.8% retracement level before bouncing to resistance beginning at $162.43.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $175.12, where aggressive bulls might begin bidding. The level near $180.98, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $198.05.

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $145.18 could provide at least a short-term bounce. If this level fails, the old highs near $138.44 might also give support and see the start of a new bullish cycle after retesting these support levels.

2. Oasis Network (ROSE)

The Oasis Network ROSE is the first privacy-enabled blockchain platform for open finance and a responsible data economy. Combined with its high throughput and secure architecture, the Oasis Network is able to power private, scalable DeFi, revolutionizing Open Finance and expanding it beyond traders and early adopters to a mass market. Its unique privacy features can not only redefine DeFi but also create a new type of digital asset called Tokenised Data that can enable users to take control of the data they generate and earn rewards for staking it with applications – creating the first-ever responsible data economy.

ROSE Price Analysis

At the time of writing, ROSE is ranked the 98^th cryptocurrency globally and the current price is US$0.2549. Let’s take a look at the chart below for price analysis:

Source: TradingView

ROSE has dropped nearly 78% since late November and found a low in early December, with price action now trending upward through a higher-timeframe range.

The area beginning near $0.3046 has provided strong resistance and may do so again. However, relatively equal highs near $0.3512 offer a tempting target for bulls. A run of these highs may reach up into the daily gap near $0.3814.

Aggressive bulls might add to their positions near $0.2478. If the price breaks through this level, it may be reaching for the cluster of swing lows near $0.2254 and $0.2015. A more substantial move down may run stops below the relatively equal monthly lows, around $0.1866, into the daily gap at this level.

3. Elrond (EGLD)

Elrond EGLD is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralised finance, and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency, and a $0.001 transaction cost. The blockchain has a native token known as eGold, or EGLD, that is used for paying network fees, staking, and rewarding validators.

EGLD Price Analysis

At the time of writing, EGLD is ranked the 30^th cryptocurrency globally and the current price is US$294.41. Let’s take a look at the chart below for price analysis:

Source: TradingView

EGLD‘s 65% retracement from its Novembers highs set a low near $285.23 during its consolidation that began in early December.

Relatively equal highs near $312.44 could be the current target if the price breaks through resistance beginning near $322.50. Bullish continuation might reach through the next significant swing high near $330.71 into the daily gap near $335.16,

If bullish strength continues, the zones just below the monthly open near $344.69 and $359.87 could halt any retracement.

A bearish shift in the market might seek the relatively equal lows near $278.19 into possible support near $370.43 If this down move occurs, the swing low near $361.22 and possible support near $349.70 may be the primary objective.

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Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Top 3 Coins To Watch Today: LTC, 1INCH, SAND – October 29 Trading Analysis

Post author By Malik Junaid
Post date October 29, 2021

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Litecoin (LTC)

LTC Price Analysis

At the time of writing, LTC is ranked the 19^th cryptocurrency globally and the current price is A$250.46. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low in late July, LTC kicked off a bullish trend that rallied nearly 115% by September to break March’s cycle high.

The following 50% plummet found support near A$225.36, sweeping under the 40 EMA into the 61.8% retracement level before bouncing to resistance beginning at A$220.43.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near A$259.12, where aggressive bulls might begin bidding. The level near A$266.98, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near A$274.05.

However, if Bitcoin continues its downtrend, much lower prices could be seen. The old support near A$215.18 could provide at least a short-term bounce. If this level fails, the old highs near A$208.44 might also give support and see the start of a new bullish cycle.

2. 1inch (1INCH)

1INCH is a decentralised exchange (DEX) aggregator, connecting several DEXes into one platform to allow its users to find the most efficient swapping routes across all platforms. In order for users to find the best price for a swap, they need to look at every exchange – DEX aggregators eliminate the need for manually checking, bringing efficiency to swapping on DEXes. 1inch has launched its 1INCH governance token, and the 1inch Network began to be governed by a decentralised autonomous organisation (DAO).

1INCH Price Analysis

At the time of writing, 1INCH is ranked the 117^th cryptocurrency globally and the current price is A$7.01. Let’s take a look at the chart below for price analysis:

Source: TradingView

After breaking its May highs, 1INCH began a range that has been whiplashing both bulls and bears.

Resistance beginning near A$7.54 has held the price down for the second half of September, although bulls have shown some strength near the 9 and 18 EMAs.

A quick drop to A$7.43, or into the zone beginning near A$7.40, could give bulls the fuel to push through the nearby resistance. If this resistance breaks, the high near A$7.62 provides a reasonable target.

A break of this level could move further into uncharted territory with the nearest probable resistances projected around A$7.68 and A$7.79.

More patient bulls might be waiting far below the 40 EMA with bids near the higher-timeframe range’s 61.8% retracement, near A$6.78.

3. The Sandbox (SAND)

The Sandbox SAND is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralised autonomous organisations (DAOs) and non-fungible tokens (NFTs), the Sandbox creates a decentralised platform for a thriving gaming community. The Sandbox employs the powers of blockchain technology by introducing the SAND utility token, which facilitates transactions on the platform.

SAND Price Analysis

At the time of writing, SAND is ranked the 130^th cryptocurrency globally and the current price is A$1.19. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since August’s high, SAND‘s 57% drop marks the current range as a reasonable area to expect accumulation.

The recent bearish flip of the 9, 18 and 40 EMAs might cause bulls to be less aggressive in bidding. However, possible support near A$1.10 and A$1.05 – between the 61.8% and 78.6% retracements – could see at least a short-term bounce.

Long-term consolidation suggests that the areas near A$1.25 and A$1.37 may be more likely to cause a longer-term trend reversal.

Bears are likely to add to their shorts at probable resistance beginning near A$1.14, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near A$1.21, the start of the bearish move.

If an aggressive bullish move does appear, trapped buyers in the probable resistance beginning near A$1.29 might provide a ceiling for this impulse.

Where to Buy or Trade Altcoins?

Crypto News Litecoin Market Analysis Ripple Trading

Top 3 Coins to Watch Today: XRP, LTC, AAVE – October 22 Trading Analysis

Post author By Malik Junaid
Post date October 22, 2021

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Ripple (XRP)

Ripple XRP is the currency that runs on a digital payment platform called RippleNet, which is on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and is not based on blockchain, but rather the previously mentioned distributed ledger database.

XRP Price Analysis

At the time of writing, XRP is ranked the 7^th cryptocurrency globally and the current price is A$1.48. Let’s take a look at the chart below for price analysis:

Source: TradingView

XRP‘s 87% climb during early August returned to the monthly open, sweeping lows several times down to A$1.40. Last week, the price bounced from the monthly open near A$1.44 again, creating possible support near A$1.42. A quick sweep of this recent swing low could reach into a support area near A$1.38, while a sharp downturn in the market is likely to run for the relatively equal lows near A$1.35.

If the price breaks through the closest significant resistance near A$1.54, the swing high at A$1.57 is a likely target. This move could reach the daily gap near A$1.63.

Strong bullish momentum could propel the price to resistance near A$1.65. If this move occurs, the significant swing high near A$1.70 provides a reasonable goal.

2. Litecoin (LTC)

Litecoin LTC is a cryptocurrency that was designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology. The cryptocurrency was created based on the Bitcoin protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times, and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.

LTC Price Analysis

At the time of writing, LTC is ranked the 14^th cryptocurrency globally and the current price is A$267.61. Let’s take a look at the chart below for price analysis:

Source: TradingView

LTC spent the month of September ranging across the monthly open, reaching 26.5% over and 45% below.

The price is currently consolidating between adjacent resistance and support at A$258 with no clear higher-timeframe trend. A strong move over the monthly open could signal a run to resistance beginning near A$270.

This move would likely target the swing high at A$276 and relatively equal highs near A$280. A sustained bullish trend could reach up to the monthly high near A$295.

Bulls might see a sweep of the relatively equal lows near A$255 as a chance to buy at a discount. If this level fails to hold, the next significant area for the price to find buyers is likely near the consolidation around A$245.

3. Aave (AAVE)

AAVE is a decentralised finance protocol that allows people to lend and borrow crypto. Lenders earn interest by depositing digital assets into specially created liquidity pools. Borrowers can then use their crypto as collateral to take out a flash loan using this liquidity. AAVE provides holders with discounted fees on the platform, and it also serves as a governance token – giving owners a say in the future development of the protocol.

AAVE Price Analysis

At the time of writing, AAVE is ranked the 420^th cryptocurrency globally and the current price is A$421.72. Let’s take a look at the chart below for price analysis:

Source: TradingView

AAVE‘s strong downtrend that began in August has retraced most of its Q3 move, recently sweeping lows near A$388 but struggling to find strong support.

A sweep of the relatively equal lows near A$384 into possible support around A$380, combined with bullish market conditions, could be the catalyst that begins to form a bottom. If this level fails, bulls might buy the monthly gap’s low near A$375.

The swing low near A$418 may form resistance to any sudden pumps as holders unload some of their position. A more substantial move might sweep relatively swing highs into probable resistance near A$431, potentially reaching up to the monthly open near A$238 and A$246.

Where to Buy or Trade Altcoins?

Crypto News EOS Litecoin Market Analysis Ripple Trading

Top 3 Coins To Watch Today: XRP, LTC, EOS – October 11 Trading Analysis

Post author By Malik Junaid
Post date October 11, 2021

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Ripple (XRP)

XRP Price Analysis

At the time of writing, XRP is ranked the 6^th cryptocurrency globally and the current price is A$1.59. Let’s take a look at the chart below for price analysis:

Source: TradingView

After retracing nearly 68% from its highs, XRP has wicked into the monthly gap beginning near A$1.32. This wick formed the bottom of the current range.

The price shows no apparent signs of a longer-term reversal, which may mean that the closest resistance near A$1.85 will continue to suppress the price. However, some support could be found near the monthly open, possibly giving bulls footing for a stop run through the swing high at A$1.66.

This move could continue into resistance near A$1.71 and spike through the relatively equal highs near A$1.77. A break of the next swing high near A$1.83 is likely to find resistance once it reaches A$1.90. If this move occurs, it may suggest a longer-term reversal.

A retest of possible support near A$1.46 could provide an entry for a short-term trade. However, there is a higher probability for more substantial support near A$1.40 after a run on the lows at A$1.37 and A$1.30.

2. Litecoin (LTC)

Litecoin LTC is a cryptocurrency that was designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology. The cryptocurrency was created based on the Bitcoin protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.

LTC Price Analysis

At the time of writing, LTC is ranked the 15^th cryptocurrency globally and the current price is A$243.57. Let’s take a look at the chart below for price analysis:

Source: TradingView

LTC has dropped nearly 75% from its highs, with the current low’s wick on July 21 taking stops below two major swing lows.

The resulting bounce found resistance near A$310.08, which could continue to cap upward movement. If the price finds support in the current region near A$236.17, it could continue to resistance just above the relatively equal highs near A$257.83. A more substantial move might run stops above the swing high near A$265.10 into resistance near A$270.92.

A break below the monthly open is likely to target buy stops near A$230.46, an area that could provide some support. A move below this level could target below the swing low at A$214.88, possibly reaching the gap beginning near A$203.55.

3. Eos (EOS)

EOS is a platform that’s designed to allow developers to build decentralised apps. The project’s goal is relatively simple: to make it as straightforward as possible for programmers to embrace blockchain technology and ensure that the network is easier to use than rivals. As a result, tools and a range of educational resources are provided to support developers who want to build functional apps quickly. EOS also aims to improve the experience for users and businesses. While the project tries to deliver greater security and less friction for consumers, it also vies to unlock flexibility and compliance for enterprises.

EOS Price Analysis

At the time of writing, EOS is ranked the 40^th cryptocurrency globally and the current price is A$6.49. Let’s take a look at the chart below for price analysis:

Source: TradingView

EOS‘s nearly 83% drop from its May highs found a low near A$4.65 in July before closing over a short-term high around A$8.35 last month.

This daily close over the high could signal a shift in market structure that might reach probable resistance near A$7.36. A sustained bullish move may target the swing high at A$7.84. If this stop run occurs, a run beyond the high into probable resistance near A$8.15 and A$8.49 is possible.

Bulls could buy a retracement to possible support near A$5.82, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near A$5.48.

However, relatively equal lows near A$5.30 and A$5.12 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between A$4.95 and A$4.85.

Where to Buy or Trade Altcoins?

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Debt-Laden Laos Approves Crypto Mining for Economic Growth, Reverses Previous Ban

Post author By Phil Stafford
Post date September 17, 2021

The one-party socialist government of landlocked South-East Asian country Laos has green-lit six domestic firms to trade and mine cryptocurrencies.

As named by government mouthpiece The Laotian Times, the companies that have been licensed are Wap Data Technology, Phongsubthavy Road & Bridge Construction, Sisaket Construction, Boupha Road-Bridge Design Survey, Phousy Group and Joint Development Bank. Only the latter, a state-backed lender, appears to have any financial background.

Most of the others are construction or infrastructure-related firms. Phousy Group, for example, has been active in road and bridge building in Laos since 1998, mainly as a favoured contractor to the Laotian government.

All six companies have been given permission to trial mining and trading of digital assets including bitcoin, ethereum and litecoin. A commission led by the Laotian Ministry of Technology and Communication will set out a regulatory plan to be scrutinised by the country’s prime minister, Phankham Viphavanh, this week.

After Banning Crypto in 2018, Laos Changes Its Tune

The announcement comes less than a month after Laos’s central bank issued a warning to the public against trading digital tokens. The government issued a decree that effectively banned crypto in 2018 and repeated its stance as recently as last month.

The country’s rediscovered enthusiasm for cryptos follows the crackdown earlier this year on bitcoin mining by Laos’s nearest and biggest neighbour, China, ostensibly on power consumption grounds.

The Nam Ou hydro-electric project on the Mekong River in Laos, established in 2016 with an installed capacity of 1,272 megawatts.

What Laos has going for it is that it is a hydro-electric superpower, making it an ideal potential home for power-hungry crypto miners. Its economy is based on harnessing hydro electricity from the country’s extensive river system and exporting two-thirds of its reserves to neighbouring countries Thailand, China and Vietnam.

Crypto Mining: A Ready Antidote to Foreign Debt?

For that reason alone, Laos is seen by the World Bank as one of the Pacific region’s fastest-growing economies, with annual GDP growth averaging 7.4 percent since 2009, though the nation is also mired in foreign debt.

Government powerbrokers may have one eye on developments in El Salvador, which officially made bitcoin legal tender this month and plans to harness the Central American republic’s abundant geothermal energy, derived from its many volcanoes, to mine bitcoin. Based on the current BTC price, this could earn the Salvadorean government more than A$1 billion per year.

Crypto News Litecoin Retail Scams

Fake News Alert: Litecoin Surges on Walmart Adoption Hoax

Post author By Phil Stafford
Post date September 15, 2021

We can now officially add “fake news” to a growing list of crypto scams after a bogus press release went out on September 13 claiming that US retail giant Walmart was partnering with Litecoin (LTC) to accept payments in the cryptocurrency.

The press release, published by US agency globenewswire.com, purported to be connected to “Walmart Inc”. Several mainstream media outlets including Reuters, Bloomberg and CNBC ran with it, inflating the value of Litecoin by 28.9 percent over 24 hours. Those gains were erased once it was established the news was false.

Several cryptocurrency influencers had already tweeted that the announcement was fake. One of them discovered that the URL “WALMART-CORP.COM” had been registered just last month. It was contained in the email quoted in the globenewswire.com press release and did not lead to an official website.

*LITECOIN VERIFIED ACCOUNT DELETES TWEET ON WALMART PACT
— zerohedge (@zerohedge) September 13, 2021

Whoever created the fake release most likely disposed of a significant quantity of LTC as traders swallowed the hype, meaning investors became unwitting victims of a simple pump-and-dump.

We promptly withdrew the press release and issued a Notice to Disregard. This has never happened before and we have already put in place enhanced authentication steps to prevent [it] from occurring in the future. We will work with the appropriate authorities to request – and facilitate – a full investigation, including into any criminal activity associated with this matter.
Statement from globenewswire.com

SEC Likely to Launch Investigation

The involvement of a publicly traded company means the SEC is also likely to launch an investigation. The regulator has repeatedly prosecuted those who try to use fake news to manipulate financial markets.

The Litecoin Foundation may also be partly to blame, as it retweeted the press release from its own account. But according to foundation head and Litecoin creator Charlie Lee, the retweet was a process error:

We have three people who have access to the [Litecoin] Twitter account. The person on duty saw the news on globenewswire.com and … retweeted it, and 10 minutes later he saw that it was fake and we deleted it. It’s unfortunate. We’ll definitely be more careful in the future … but I think the story blew up before we tweeted it.
Charlie Lee, Litecoin creator/foundation head

"Definitely not anyone on our end" is responsible. Litecoin Founder Charlie Lee responds to fake press release that falsely claimed Walmart would start accepting the cryptocurrency. He speaks to @emilychangtv https://t.co/fpVpy8ihAd pic.twitter.com/BOTQz1nGxO
— Bloomberg Technology (@technology) September 13, 2021

@emilychangtv grills Litecoin’s Charlie Lee about the fake Walmart press release.

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Top 3 Coins To Watch Today: LTC, FIO, EOS – September 6 Trading Analysis

Post author By Malik Junaid
Post date September 6, 2021

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Litecoin (LTC)

Litecoin LTC is a cryptocurrency that was designed to provide fast, secure, and low-cost payments by leveraging the unique properties of blockchain technology. The cryptocurrency was created based on the Bitcoin protocol but it differs in terms of the hashing algorithm used, hard cap, block transaction times and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.

LTC Price Analysis

At the time of writing, LTC is ranked the 12^th cryptocurrency globally and the current price is A$305.19. Let’s take a look at the chart below for price analysis:

Source: TradingView

After dropping nearly 70% in May, LTC found a low just above July’s monthly gap near A$195. Since then the price has been consolidating in a range between A$273 and A$300.

The weekly level near A$290 may continue to provide support during a run on the local swing lows. The monthly gap beginning near A$265 will likely give the next higher-timeframe support if this level fails.

The price is currently chewing into potentially strong resistance near A$315. A sweep of the relatively equal highs near A$342, and a daily close above this level, could signal a move to the next set of relatively equal highs near A$379.

Just above these highs, probable resistance rests near A$392, which may cap the price until the market moves out of consolidation. However, any significant bullish shift in market conditions during the next few weeks could help bulls reach the swing high near A$410, running stops into probable resistance near A$431.

2. Fio Protocol (FIO)

Fio Protocol FIO is a blockchain protocol that aims to enable a better way of sending/receiving coins and tokens. The FIO token is the native utility token of the project’s blockchain infrastructure, FIO Chain, and is used for transaction gas fees and on-chain governance. The FIO Chain uses a Delegated Proof-of-Stake (DPoS) to achieve network consensus. Block Producers are elected by FIO token holders via on-chain voting. Anyone can register to become a BP and produce blocks if they receive enough votes.

FIO Price Analysis

At the time of writing, FIO is ranked the 441^st cryptocurrency globally and the current price is A$0.3246. Let’s take a look at the chart below for price analysis:

Source: TradingView

FIO accompanied the rest of the market in the mid-Q2 drop, falling nearly 85% from its mid-May high until it found a low late in June.

Price action in late June formed a weekly support level near A$0.2076, which has so far held up the price. The most recent swing low inside this range, near A$0.2877, might be the target for any future stop runs. After this low, the swing low near A$0.2677 and the gap beginning near A$0.2543 mark possible higher-timeframe support.

The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near A$0.3697, just over the June monthly open. A sweep of the relatively equal highs above this resistance might find sellers near A$0.3806 – but could reach as high as A$0.4188.

3. Eos (EOS)

EOS is a platform that’s designed to allow developers to build decentralised apps, known as DApps for short. The project’s goal is relatively simple: to make it as straightforward as possible for programmers to embrace blockchain technology and ensure that the network is easier to use than rivals. As a result, tools and a range of educational resources are provided to support developers who want to build functional apps quickly.

EOS Price Analysis

At the time of writing, EOS is ranked the 29^th cryptocurrency globally and the current price is A$8.18. Let’s take a look at the chart below for price analysis:

Source: TradingView

EOS has been trading through a massive range since April, with the price showing mild bullishness during August.

The breaks of the swing highs at A$7.78 and A$7.50 led to support forming near A$6.95. Some bulls will likely wait for a more favourable entry on a potential stop run that could reach near A$6.74.

If the support near A$6.50 continues to hold, the recent swing high at $9.68 is likely the next short-term target. This potential bullish swing might end with a run on short stops up to A$10.15 and A$10.46.

Higher-timeframe resistance between A$11.29 and A$11.46 may cap any move upwards until the overall market becomes more bullish. However, any significant bearish move in Bitcoin will likely push the price down toward the low and possible support near A$7.12.

Where to Buy or Trade Altcoins?

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Top 3 Coins To Watch Today: LTC, UMA, SXP August 9 Trading Analysis

Post author By Malik Junaid
Post date August 9, 2021

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Litecoin (LTC)

Litecoin LTC is a cryptocurrency that was designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology. Its main benefit comes from its speed and cost-effectiveness. Litecoin transactions are typically confirmed in just minutes, and transaction fees are nearly negligible. This makes it an attractive alternative to Bitcoin in developing countries, where transaction fees may be the deciding factor on which cryptocurrency to support.

Litecoin Price Analysis

At the time of writing, LTC is ranked the 15^th cryptocurrency globally and the current price is A$205.31. Let’s take a look at the chart below for price analysis:

Source: TradingView

The weekend LTC run stops under swing lows down to A$195 as it tested support near A$190.

Aggressive traders expecting expansion to the upside could look for entries near possible support near A$192. Bids near A$189 may be able to capitalise on an attempt to run the stops below the weekend’s swing low. A stop run below this low may reach into possible support near A$183.

In the short term, A$235 may provide some resistance. The swing high near A$250 provides a reasonable first target, with the area just above up to A$268 likely to create resistance.

A break of this zone makes the May high at A$329 a likely target, with further expansion possibly reaching near A$360.

2. Universal Market Access (UMA)

Universal Market Access UMA is a protocol for the creation of synthetic assets based on the Ethereum blockchain. Synthetic assets are a class of assets that represent different, underlying assets and have the same value. UMA specifically enables its users to design and create self-executing, self-enforcing financial contracts secured by economic incentives and run them on Ethereum’s blockchain.

UMA Price Analysis

At the time of writing, UMA is ranked the 105^th cryptocurrency globally and the current price is A$13.34. Let’s take a look at the chart below for price analysis:

Source: TradingView

Last month’s 55% drop was immediately bought up and closed the weekly candle bullish, suggesting strength for UMA bulls.

Aggressive traders could look for support near A$11.78. Levels near A$10.35, A$9.43 and A$8.64 also provide reasonable areas for bids during a retracement.

Little resistance rests overhead, but the area between A$15.38 and the swing high at A$17.26 may cap an initial move upward. Extensions indicate A$18.67 and A$21.54 as reasonable take-profit zones.

3. Swipe (SXP)

Swipe SXP is a platform that looks to form a bridge between the fiat and cryptocurrency worlds with its API that is designed to create global payment cards powered by its native SXP token. Swipe also has an on-chain product called Swipe Swap, an Automated Market Maker which is forked by Uniswap, SushiSwap and THORchain, and is powered by Swipechain. This ecosystem is powered by the Swipe Token SXP, which functions as the fuel for the Swipe Network, and is used for paying transaction fees and securing Swipechain through bonding and governance.

SXP Price Analysis

At the time of writing, SXP is ranked the 149^th cryptocurrency globally and the current price is A$3.37. Let’s take a look at the chart below for price analysis:

Source: TradingView

An impressive 215% month for SXP has retraced over 135% as the price consolidates near the weekly gap beginning near A$3.40.

The equal lows at this weekly gap are likely to see a stop run before any further move up. The area near A$3.31 at the top of a daily gap could provide support.

More probable support begins at the bottom of the gap, ranging from approximately A$2.25 to the consolidation that started the massive move upward. If this level fails, traders could look for sensitivity near the middle of the monthly gap near A$1.95.

Impulses upward during retracement are likely, but the most substantial resistance is likely just below the May swing high near A$3.90. This swing high provides a clear first target, with extensions near A$4.18, A$4.29 and A$4.45.

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IRS Seized $1.2 Billion in Crypto and Quietly Auctioned Some Off

Post author By Robert Drage
Post date August 6, 2021

In June, GSA Auctions tried to sell off some confiscated crypto with an estimated value of US$377,000, bringing total seizures so far in 2021 to US$1.2 billion.

US General Services Administration (GSA) auctions are just one of the entities that sell off federal property seized by the IRS. The most recent lot, with an estimated value of $21,500, is 4TQSCI21402001, confiscated as part of a tax non-compliance case with combined lots worth about $377,000.

GSA first began auctioning cryptocurrency on behalf of the US government in early 2021. To date, bidders on the GSA Auctions platform have successfully bid for a total of 16.99 bitcoins over three auctions that collected a combined $937,092.

Experienced investors recognise a good opportunity when they see it, which is why our auctions have generated so much enthusiasm among the crypto community […] With the addition of a new type of cryptocurrency, this promises to be one of our most exciting auctions of the year.
Thomas Meiron, regional commissioner, GSA’s Federal Acquisition Service

US Government Has Been Trading in Crypto Since 2013

Since 2013 the US Government has been selling confiscated crypto including Bitcoin, Ethereum, Litecoin and others, with Silk Road being one of the earliest and largest cases of crypto seizure. The Silk Road wallet containing approximately 30,000 BTC was eventually sold to venture capitalist Tim Draper for US$19 million, now worth over US$1.1 billion.

According to Jarod Koopman, director of the IRS cybercrime unit, “In fiscal year 2019, we had about $700,000 worth of crypto seizures. In 2020, it was up to $137 million. And so far in 2021, we’re at $1.2 billion.”

The government has been seizing, stockpiling and selling off cryptocurrencies, alongside the usual assets one would expect to be gleaned from high-profile criminal sting operations.

It could be 10 boats, 12 cars, and then one of the lots is X number of bitcoin being auctioned.
Jarod Koopman, director, IRS cybercrime unit

Lawbreakers Providing Government With Some Pocket Money

With the increase of cybercrime and crypto scams, the haul of digital tokens will increase along with it. And with the US Treasury setting its sights on tax evaders trying to use crypto to beat the tax man, government crypto safe boxes are expected to swell even further.

Since the Silk Road takedown, the government has successfully established a workflow that remains in place.

“Interviews with current and former federal agents and prosecutors suggest the US has no plans to step back from its side hustle as a crypto broker,” CNBC reported on August 4.

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Top 10 Cryptos Prices in 2016 vs 2021

Post author By Ibiam Wayas
Post date May 12, 2021

Crypto prices and market caps, 2016 (left) vs 2021 (right) [CoinMarketCap]

A lot has changed in the cryptocurrency market over the past five years. There have been many coin ranking reshuffles, with massive growth in the global market capitalization as more people got to know and invest in digital currencies.

Back in 2016, the top-ten digital currencies by market capitalization (according to data from CoinMarketCap) and their corresponding prices were:

Bitcoin (BTC) at $455.25 USD
Ethereum (ETH) at $9.82 USD
Ripple (XRP) at $0.006069 USD
Litecoin (LTC) at $3.98 USD
Dash (DASH) at $6.89 USD
DigixDAO (DGD) at $12.17 USD
Dogecoin (DOGE) at $0.000233 USD
MaidSafeCoin (MAID) at $0.052008 USD
NEM (XEM) at $0.001491 USD
FedoraCoin (TIPS) at $0.000029 USD

At the time, Bitcoin was only a three-digit price cryptocurrency ($455 USD), with a total market valuation of $7.075 billion USD. Also, Ethereum was less than $10 USD, while XRP traded around $0.006 USD, according to data from CoinMarketCap.

Crypto prices and market caps, 2016 (left) vs 2021 (right) [CoinMarketCap]

As of May 2016, the global cryptocurrency market capitalization was $8.449 billion USD.

Crypto total market capitalization [CoinMarketCap]

The Crypto Market is up by Over 29,000% Since 2016

Fast forward to today, the crypto market has seen immense growth of over 29,000 percent in the market cap – in other words, more than 290 times. The total valuation of global cryptocurrencies now sits around $2.47 trillion USD compared to $8.4 billion USD cap in the past five years. This follows the wake of more retail and institutional investors.

The leading cryptocurrency Bitcoin (BTC) saw over a 12,300 percent increase from 2016 to date, with a market capitalization of over $1 trillion USD. This means that a $100 USD investment in BTC over the past five years would be worth more than $12,000 USD in today’s value. At the same time, the second-largest cryptocurrency Ethereum (ETH) surged by over 41,000 percent, which is a much higher return compared to Bitcoin.

Some of the top-ten coins in 2016 are no longer ranking high on the list today, including DigixDAO and FedoraCoin. It remains to be seen how the list will change in the next five years. Do you think Bitcoin and Ethereum can be overthrown by the likes of Binance Coin (BNB) or even Dogecoin (DOGE)?