Day: February 21, 2018

Things are not looking all that great for most cryptocurrency markets as of right now. We have seen a major decline in value overnight, even though no one knows what the exact reason is. Some currencies successfully buck this negative trend. The OmiseGo price is an interesting example in this regard, as its value is up to by 7.64%.

OmiseGO Price Surges in Surprising Fashion

With so many top cryptocurrency markets in the red over the past 24 hours, it is only normal most altcoins struggle to gain any real traction as of right now.  Thankfully, there are always some exceptions to take into account. The OmiseGO price is a clear example of how there can be a positive trend despite most markets suffering from small to medium losses as of right now.  Unlike those markets, the OmiseGO price is actually going up in value, which is pretty impressive.

To put this into perspective, the OmsieGO price has risen to $19.33 once again. This is a clear 7.64% increase over the past 24 hours,  which comes as a big surprise considering how both Bitcoin and Ethereum are not looking all that great as of right now. Even so, the OmsieGO price managed to score a nice USD gain, mainly thanks to its increase in value over both Bitcoin and Ethereum alike. It is pertinent for altcoins to successfully decouple themselves from these two main trading markets as soon as possible.

More specifically, the OMG value against Bitcoin has improved by 9.27% over the past 24 hours. At the same time, the OMG/ETH improved by 12.7% in the same time period. It remains unclear why Ethereum is struggling so much as of right now, a sit seemingly can’t rise in value properly, yet suffers from major losses when Bitcoin dips even in the slightest. A very unusual correlation, even though it remains to be seen what the future holds in this regard.

With $141.38m in 24-hour trading volume, things are looking pretty solid for OmiseGO as of right now.  Even though this volume is not all that impressive when looking at the top markets, it’s still higher than what most altcoins can generate under the current conditions. It is the sort of trading volume one would expect to see from an altcoin which is on the verge of entering the top 20 ranked by market cap.

Surprisingly, most of the OmiseGO trading volume originates from Bitfinex’s OMG/USD trading pair. That pair’s volume is only slightly ahead of Upbit’s OMG/KRW market. Binance comes in third place with their OMG/BTC market, which is what most people would effectively expect at this time.  With two fiat currency pairs in the top three, things are certainly looking rather interesting for OMG holders and speculators.

For now, it remains to be seen what comes next for the OmiseGO price. With a push as strong as this one, reaching $20 should only be a matter of time. We will not see an all-time high OmiseGO price this time around, though, but this recent push from $8 all the way to $19.33 is pretty impressive, to say the very least.

A relaunch or rebrand usually does wonders for a cryptocurrency or blockchain project. The latest to revamp their look, website, and products is Berlin based Lisk which held an event yesterday. The team addressed an audience of over 500 highlighting new products, core updates, and a vision for the future.

The conference started out with a fancy introduction and a keynote by Max Kordek, co-founder and president of the Lisk Foundation. His main focus was on the goal to make blockchain technology open for everyone through the Lisk platform. Christian Vatter from Rlevance then took the stage to explain how the company achieved its new branding and what Lisk actually is.

Rebranded Lisk Products

In its strive to make blockchain technology accessible for everybody Lisk has built a blockchain application platform for users and developers to build upon, one with aspirations to be so successful that any Javascript developer can jump onboard immediately. The ethos being that it is not about the technology but the benefit to the people.

A new series of product names were then introduced by marketing lead Thomas Schouten. These included Lisk Core which remained unchanged, JS and Lisky which are part of the SDK, were rebranded to Lisk Element sand Lisk Commander, and the App became Lisk Hub. Lisk Nano will be discontinued and Lisk Hub will take its place to act as a one-stop dashboard, combining the functionality from the wallet and blockchain explorer. The presentation continued to show the basic workings and setup of the platform for developers. A series of professional videos were shown before a new website was unveiled to be launched this week.

Jacob Kowalewski then introduced the Lisk Academy which aims to educate on blockchain technology and instruct on how to implement blockchain into business. A technical panel explained Lisk Core 1.0.0. which will be a culmination of development efforts over the last few months. Its release will be a major back end milestone ahead of the rollout of the entire Sidechain Development Kit. Finally, Kordek wrapped up summarizing the event and thanking the contributors and audience.

And that’s a wrap! We’d like to thank the entire #Lightcurve team, all of our contractors, community members and industry friends for making the #LiskRelaunch such a special event. pic.twitter.com/ktjLwahIar

— Lisk (@LiskHQ) February 20, 2018

Price Action Unaffected

The Lisk team offered some seriously slick marketing and plans for the future however its price action has taken a beating along with the rest of the altcoins during trading today. LSK is down over 10% on the day but marginally over the week, it is currently trading at $25.74 according to Coinmarketcap.

Looking at the bigger picture LSK has doubled since the February 6 dip and has shown steady increases over the past 3 months climbing over 250% from its late-November levels. The total market capacity for LSK is $2.6 billion and $223 million has been traded in the past 24 hours, the total supply is only 118 million. Lisk has shown to be a very resilient digital asset, and if the conference was anything to go by the team has huge plans for the future of blockchain industry.

Photo: Twitter @LiskHQ

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Bitcoin bulls remain in control, despite a sell-off overnight, and thus look set to test the long-term inflection point over $12,000.

Blockchain technology and cryptocurrencies can be threatened in some ways. Quantum computing is perhaps of the biggest concerns as of right now. The Cardano Foundation and think-tank Z/YN recently released their findings on this potential threat to public key cryptography.

Cardano Wants to Become Quantum Computing-Resistant

Quantum computing is the next logical evolution in the world of technology. It allows for must faster calculations and unparalleled processing power. At the same time, this technology also poses concerns for public key cryptography. Most cryptocurrencies and blockchains rely on this type cryptography. As such, addressing potential future problems at an early stage is incredibly important.

Cardano is one of the cryptocurrencies focused on building quantum-resistant solutions. More specifically, the currency’s developers will support additional signature schemes in the future. Ensuring their cryptography and blockchain is quantum computing-resistant is a top priority as of right now.  This particular cryptocurrency project prioritizes security and interoperability over anything else.

One of the main reasons Cardano is so appealing is because of its intriguing design. At its core, the currency offers special extensions which allow for adding more signature schemes through a soft fork. With this focus on quantum computing, any major security layer can be added without network disruption. Thus, the only question is if and when quantum computing may become a problem for Cardano.

Conducting Research for Industry Standards

According to the recent study by the Cardano Foundation and think-tank Z/YEN, that is only a matter of time. The study concludes how large-scale quantum computing will effectively break the security of public key cryptography. This will have all kinds of different consequences for solutions built on top of this technology. It extends well beyond cryptocurrencies and blockchain as well. Most online communication services in the world rely on public key cryptography as of right now.

It is evident the Cardano Foundation wants to proactively deal with this threat whenever possible. There are some available solutions to nullify this issue, yet an industry-wide response standard will need to be established first and foremost. Cardano Foundation Chairman Michael Parsons added:

“As part of our extensive blockchain research programme with Z/Yen, we are exploring a range of issues from the technological, to regulation and governance and industry applications. The topics explored are forward-looking by their very nature, and the possible impact of quantum computing on the blockchain is a case in point.”

A future without cryptography is unthinkable as of right now. This technology forms the foundation of virtually everything we do online. With a growing interest in cryptocurrencies and blockchain, public key cryptography will only become more commonly used as well. The Cardano Foundation wants to lead the charge in addressing future issues associated with quantum computing.

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Addressing corruption has proven to be a rather problematic venture. Both cryptocurrencies and blockchain may prove to be of great value in this regard. Their lack of anonymity and privacy will help establish a more secure ecosystem moving forward.

Cryptocurrencies Can Address Corruption

Corruption still thrives in this day and age of technological advances. Even though it became easier to hold individuals accountable for their actions, more efforts are needed. Especially when it comes to public financing, new solutions need to be created sooner rather than later. Existing technologies and countermeasures simply do not provide sufficient protection in this regard.

Two specific technologies stand out to make corruption a non-issue in the future. First of all, there are the cryptocurrencies. Bitcoin, Ethereum, and other public cryptocurrencies lack both privacy and anonymity by default. When these currencies are used to exchange value, users can effectively be identified through blockchain analysis. Users converting to and from fiat currency need to verify their identity with an exchange or broker accordingly.

Although these cryptocurrencies do not transmit personal data directly, it is an option worth exploring. Any cryptocurrency can include personal information if the protocol is modified to support such solutions. This can include ID numbers, names, business identification numbers, etc. Additionally, cryptocurrencies offer near-instant transactions and cross-border compatibility unlike any other form of money which exists today.

Making Blockchain Information Even More Transparent

All of this cannot be supported without having the right technology in place. Blockchain technology, which powers all of these currencies, will need to incorporate this additional information. It seems Ethereum may be in a better position to accommodate such changes in the future. It allows for new currencies to be created on top of its infrastructure while still benefit from native technology such as smart contracts and DAOs.

All of this show the current cryptocurrencies are not exactly suited to fight corruption either. Bitcoin is pseudonymous and Ethereum itself is incorporating privacy technology moving forward. New currencies will need to be introduced to fight corruption accordingly. A combination of a new cryptocurrency and blockchain can yield positive results over time.

All blocks on the blockchain store the personal information needed to identify users and create proper accountability. Creating a completely transparent financial ecosystem to fight corruption will not happen overnight either. It requires a completely different mindset, even though it has a lot of potential. Transitioning from fiat currency to cryptocurrency to fight corruption is an interesting idea, but its feasibility has yet to be determined.  

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Russia may not be known as a defender of democracy, but the capital city of Moscow is using an ethereum-based voting platform to change that.

Key Highlights

• ADA price failed to correct higher and it declined below the $0.3500 support level against the US Dollar (tethered).
• There is a key bearish trend line forming with resistance at $0.3650 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
• The pair is currently trading below the $0.3500 level and it could decline further in the near term.

Cardano price extended its decline against the US Dollar and Bitcoin. ADA/USD is now in a bearish zone and it may continue to decline towards $0.3000.

Cardano Price Resistance

In the last analysis, we discussed the chances of further declines below $0.3600 in ADA price against the US Dollar. The price failed to move above the $0.4000 resistance and started a downside move. It declined sharply and broke the $0.3600 and $0.3500 support levels. There was a lot of pressure on ADA, which pushed its price below the $0.3400 level as well.

A low was formed near $0.3300 from where the price is currently attempting an upside correction. It tested the 23.6 Fib retracement level of the last decline from the $0.3872 high to $0.3300 low. However, a recovery in ADA won’t be easy as the price is now well below $0.3500. On the upside, there is a key bearish trend line forming with resistance at $0.3650 on the hourly chart of the ADA/USD. The trend line resistance is very important since it is near the 50% Fib retracement level of the last decline from the $0.3872 high to $0.3300 low. As long as the price is below the $0.3500 and $0.3600 levels, it remains at a risk of more declines.

On the downside, the recent low of $0.3300 is a decent support. A break and close below $0.3300 could push the price towards the $0.3000 level.

Hourly MACD – The MACD for ADA/USD is showing a low of bearish signs.

Hourly RSI – The RSI for ADA/USD is now near the oversold levels.

Major Support Level – $0.3300

Major Resistance Level – $0.3600

Charts courtesy – Cryptowat, Bittrex

The post Cardano Price Technical Analysis – ADA/USD Accelerates Decline appeared first on NewsBTC.