Digital Asset Daily: Fear turns to panic with Mati Greenspan If on Friday we were talking about fear, by Monday Source: https://www.cryptomorrow.com/2020/03/09/digital-asset-daily-fear-turns-to-panic/
Cardano, Ontology, Crypto.com Coin Price Analysis: 19 September
Cardano formed a bearish pattern on the charts as it braced for another dip in its price. The bearish pressure on the crypto-asset abated briefly, but sellers once more stepped in at a level of resistance to effect a slide for ADA. Crypto.com Coin, on the other hand, formed a bullish pattern. Ontology also displayed signs of bullishness.
However, since major altcoins seem to bleed whenever Bitcoin makes a move to the upside or down, another move could invalidate altcoin chart patterns.
Cardano appeared to form an uptrend from its recent lows as it briefly rose past its resistance at $0.097. However, sellers have prevailed since and the price was forming lower highs over the past week.
ADA formed a descending triangle pattern, as shown by the white line. This was accompanied by falling trading volume, also highlighted by the same. Such a bearish pattern signaled an imminent drop in the asset’s price.
The next level of support for ADA, beneath $0.091, lay at $0.085.
Cardano was in the news recently when IOHK announced a $250K public fund for Cardano community innovation, Project Catalyst. “Anyone can bring their idea and create a proposal,” the announcement said. “Through a public vote” winning proposals will begin a development process, it added.
The 20, 50, and 100 SMA (white, yellow, and pink respectively) showed that the past couple weeks have seen an uptrend. Their crossovers also indicated bullishness in the near-term.
Further, the MACD was forming a bearish crossover over the past few days. And yet, the previous week saw every price drop beneath this support being bought up as many candles near the $0.78-support level had significant tail wicks.
The outlook for ONT remained bullish, but a close beneath the support might suggest short-term bearishness.
Crypto.com Coin [CRO]
Crypto.com Coin was forming a bull pennant on its 4-hour charts. The same was evidenced by the white lines which formed the pennant, while the yellow line formed the flag pole of the pattern. The height of the flagpole is generally the upside target for this pattern. Here, the target would be $0.19.
The Parabolic SAR also gave a buy signal. The dots formed by the indicator would be a good place to set a stop-loss, as the pattern would be invalidated if the price closes beneath the pennant.
Litecoin short-term Price Analysis: 19 September
Litecoin’s price has had to endure a period of consolidation over the past week. On 12 September, the cryptocurrency’s price fell by close to 8 percent from $51 to close to $47 and since then, Litecoin has been struggling to recover its losses. However, while LTC might be gaining some positive momentum, it may note a minor dip over the coming few days before pushing north again.
At press time, Litecoin was being traded for $48.2 with a market capitalization of $3.1 billion. At the time, it was occupying the 10th spot on CoinMarketCap’s list, while registering a minor fall of 0.5 percent over the past 24-hours.
Litecoin 2-hour chart
According to Litecoin’s 2-hour chart, ever since the aforementioned price drop, LTC’s price has been confined to a descending triangle formation. The past week saw it register a downtrend as the crypto registered lower highs. Over the same period, LTC has gained considerable support from the $47-price level and if bearish pressure were to see an increase, the cryptocurrency may also have to rely on the support level at $46.
The $49-mark remains a significant point of resistance in the way of Litecoin, with respect to a complete recovery on the charts. In the next few days, the coin is likely to remain within the descending triangle formation and is likely to test its first support once again, before rekindling the possibility of a price break out.
At press time, the MACD indicator had undergone a bearish crossover and was showing the slight possibility of a reversal as the MACD line was inching closer to the Signal line. Further, the RSI, after having languished in the oversold zone, was holding fort in the neutral zone.
Interestingly, over the past 3 months, Litecoin has seen its ability to move on the price charts independently increase. This may be because the correlation between Litecoin and the word’s largest cryptocurrency has fallen from 0.86 to 0.80.
Litecoin’s price has been part of a descending triangle channel formation for close to a week now and in the coming days, the cryptocurrency’s price is likely to remain within the formation. This would include a minor dip for the coin’s price as it is likely to test the support at $47, before gaining enough momentum to initiate a breakout and head towards its immediate resistance.
“Bitcoin Is A Solid Store Of Value”, MicroStrategy Founder Testifies
The founder of Microstrategy, “the largest independent publicly-traded business intelligence company,” as it brands itself, has recently made remarkable comments about Bitcoin’s ability to scale. Michael Saylor, took to Twitter to express what can be summed up as “tried-and-tested” feedback on Bitcoin’s seamless scalability features. “Bitcoin scales just fine as a store of value,” Michael Saylor, who is obviously still very bullish on Bitcoin said.
Earlier this week, Microstrategy was making rounds in the cryptocurrency space after Saylor revealed that the company has keyed into the wave of digital currencies once again, by increasing its existing Bitcoin holdings by 16,796 Bitcoins at an aggregate purchase price of $175 million.
Michael Saylor also revealed on Thursday that another 21,454 BTC off-chain transaction was recently carried out. 78,388 off-chain transactions were made in the acquisition process, while a significantly lesser amount of 18 on-chain transactions was all that was needed to secure the acquired Bitcoins into a cold wallet for storage. On-chain transactions often require miners to make confirmations that validate the transactions. Up to 51% of the network participants must agree on the accuracy of the transaction before the ledger is updated.
When it comes to scalability, the Bitcoin blockchain has its fair share of barriers and the delay in transaction speed caused by a high volume of pending transactions has called for solutions like the lightning network. While some developers were of the opinion that block sizes should be increased for on-chain renovation, others called for off-chain improvements. In spite of this, as Saylor observed, Bitcoin is still able to carry out transactions at a good rate, even with a 7 TPS, on-chain scaling is still moderate.
Saylor has not always been a Bitcoin advocate. In 2013, the CEO linked Bitcoin to online gambling, alerting the public that Bitcoin was a time bomb waiting to explode. He can be quoted saying “Bitcoin’s days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.”
Modifying his statement in an interview with the co-founder of Morgan Creek Digital, he said; “I’m really ashamed to say I didn’t know I tweeted it, until the day I said I bought $250 million worth of Bitcoin.” So far, Microstrategy has purchased 38,250 Bitcoins since July 28th when it first showed interest in acquiring cryptocurrencies. It will no longer be surprising to see Microstrategy securing more cryptos in the future as its recent Bitcoin purchase caused a 9% rally in tandem.
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