Day: September 7, 2018

There is never a boring day in the world of cryptocurrencies. Despite overwhelming bearish momentum over the past few days, the momentum is turning rather positive again. For the NEO price, gains in both USD and BTC departments are a welcome sight. Combined with ongoing community developments, the coming months can become rather interesting for this altcoin.

NEO Price Makes Another Move

Recovering from a setback in the cryptocurrency industry is always challenging. With Bitcoin showing bullish momentum prior to the weekend,  most altcoins are following suit. There is still a sense of uneasiness among enthusiasts, as caution remains advised at this stage. For NEO price watchers, the momentum is turning bullish. A value of $20 is well within reach at this stage.

As is usually the case, the NEO community is abuzz with excitement. Some interesting things are happening behind the scenes. The new NEO Name Service will make it easier for projects to be discovered and marketed accordingly. It will also offer incentives to supporters of this new system. Elevating the NEO blockchain to a whole new level requires innovative and approachable solutions such as NNS.

Additionally, there is the excitement regarding Imusify. This particular NEO-based project focuses its attention on building a decentralized platform for music-related digital content. Ranging from audio to video and apps to blogging, anyone will be able to join the network. It can become a worthwhile venture for upcoming artists to gain more traction. Whether or not Imusify can effectively “hang” with platforms such as Soundcloud or Bandcamp, is a different matter altogether.

Another interesting addition to NEO comes in the form of CGAS. This particular tool provides contract mapping of GAS on the NEO blockchain. This NEP-5 token has a supply equal to GAS, and will bring many benefits to the blockchain ecosystem as a whole. GAS can be transferred within smart contracts built on top of NEO, yet the fees can be paid with CGAS. It will be interesting to see how this addition will affect this project in the months to come.

Last but not least, it appears NEO was almost successful in buying BitTorrent Inc. Although the company was acquired by TRON founder Justin Sun, he was not the only interested party with cryptocurrency ties. New information shows Neo Global Capital offered more money than Sun, yet BitTorrent Inc owners opted for TRON instead. A missed opportunity for both NEO and BitTorrent Inc.

All of these changes contribute to the current NEO price momentum in their own way. A 4.84% increase in USD value and a 3.95% gain over Bitcoin tell the story so far. It seems the NEO price will easily surpass $20 in the coming days, but holding on to such a value will prove difficult. Even so, the cryptocurrency markets will see a new major bull run eventually. If not this time, a small uptrend can still be established regardless.

The post NEO Price: $20 is Within Reach as Imusify and CGAS Create Excitement appeared first on NullTX.

Australia’s securities regulator has said it plans to apply financial market rules to crypto exchanges and closely scrutinize ICOs.

Following weeks of sustained positive price action, bulls finally ran out of steam on Wednesday, as prices throughout this budding market fell by upwards of 10% within hours. Altcoins unarguably had it bad, but a well-known analyst claims that the subset of crypto assets could potentially see a substantial boom in the coming months.

Fundstrat’s Altcoin Correction Index

As the market fell on Wednesday, the price of most small market crypto dropped like a knife. And unsurprisingly, Bitcoin dominance reflected this drastic drop, with the figure nearing year-to-date highs at 55 percent yet again, as major cryptocurrencies like Ethereum and Bitcoin Cash tumbled by upwards of 20% in a violent bout of sell-side action. At one point, Ethereum took a brief pit stop at $210, causing a multitude of traders to claim that the sky was basically falling on their heads.

Dramatics aside, while altcoins are evidently in a capitulation phase, Tom Lee, the head of research at Fundstrat Global Advisors, recently revealed that this sell-off shouldn’t be seen as all that bad.

CRYPTO: 1/ To put the alt-coin sell-off in a historical context: we created an "alt-coin correction index" which measures what % of alt-coins are down 70% from their 9-month high. Recently, this index hit 97%, the highest reading since 10/25/14. pic.twitter.com/0Oy9lgzHMQ

— Thomas Lee (@fundstrat) September 6, 2018

Conveying his in-depth analysis to his dedicated Twitter following of 56,000 individuals, Lee first expressed the importance of his firm’s “altcoin correction index,” writing:

Some had other reasons to criticize this analysis, as a select few noted that Lee often enlists potentially outdated historical statistics to prove a point in the present day, which may not be a reliable method to forecast the future price action of an often unpredictable market.

Regardless, some hope that what the Fundstrat analyst said holds credence, as those high on “Hopium” believe that the long-awaited and near-deified “altcoin season” could be just around the corner, even if it’s against all the odds.

Featured Image From Shutterstock

The post Fundstrat’s Lee: Virtually All Crypto Are Down 70% From ATH, Positive Signal appeared first on NewsBTC.

There’s a joke going around on Reddit’s r/bitcoin that CNBC’s Bitcoin price predictions are actually the exact opposite of what will happen. This is called the CNBC Reverse Indicator, which actually proved extremely accurate this past week.

Bitcoin rallied from USD 5,800 in the middle of August 2018 to as high as USD 7,500 in early September, and CNBC issued a forecast on 28 August that USD 8,000 was probably next. The market went in the complete opposite direction a few days later, crashing to USD 6,300, which was CNBC’s stop-loss level.

Bitcoin breaking back above $7K today and @Bob_Iaccino says $8K could be next pic.twitter.com/lZQu1V2dzd

— CNBC Futures Now (@CNBCFuturesNow) August 28, 2018

Jokes were abundant on Reddit following this verification of the CNBC Reverse Indicator. CashCoinsCrypto says, “the prophecy was fulfilled”. Chieres wrote, “So all I need to do is to follow CNBC and always do the opposite?” In response, badinsie says, “Yup, you’ll win 95% of the time”. Utoko added, “About 3 weeks ago they had a guy on there who said [Bitcoin] will go close to zero”; in response Fuadiansyah says, “So we need that guy to present every day at CNBC”.

Is there anything real to the CNBC Reverse Indicator? Redditors will be keen to point out that CNBC simply doesn’t have true crypto expertise and is wrong most of the time since they are used to typical asset classes, which differ distinctly from crypto. Others speculate jokingly that the program is deliberately issuing forecasts that are the opposite of reality to manipulate the markets in their favor.

In reality, no study has been done to see if the CNBC Reverse Indicator is accurate, which would be necessary before anyone starts making trading decisions that are the opposite of everything CNBC says.

Assuming the CNBC Reverse Indicator is legitimate, what should Bitcoin traders do next? CNBC’s latest prediction is for Bitcoin to rise to USD 7,250, with USD 6,450 being a good buying level. Therefore, if the CNBC Reverse Indicator is accurate it’s time to sell since Bitcoin will be crashing some more.

#Bitcoin getting crushed again. Here's how @BrianStutland is trading the #crypto pic.twitter.com/BgTCXsAOLZ

— CNBC Futures Now (@CNBCFuturesNow) September 6, 2018

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Blockchain can now be legally used to authenticate evidence in legal disputes in China, according to a ruling from the country’s Supreme Court.

Key Highlights

• ADA price declined recently and broke the $0.1000 and $0.0920 support levels against the US Dollar (tethered).
• A recovery is under way inside an ascending channel with resistance at $0.0915 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
• The pair could correct higher, but it may face sellers near $0.0920 or $0.0940 in the near term.

Cardano price faced a solid selling interest recently against the US Dollar and Bitcoin. ADA/USD is correcting higher, but it could face many hurdles near $0.092.

Cardano Price Analysis

Recently, cardano price failed to break the $0.1080 resistance against the US Dollar. As a result, the ADA/USD pair declined sharply and broke the $0.1000 support. There was also a break and close below the $0.0920 support and the 100 hourly simple moving average. The price traded close to the $0.0800 level and formed a new monthly low at $0.0808.

Later, the price started an upside correction and moved above the $0.0840 level. It also traded above the 23.6% Fibonacci retracement level of the recent slide from the $0.1073 high to $0.0808 low. At the moment, there is an ascending channel in place with resistance at $0.0915 on the hourly chart of the ADA/USD pair. The pair could continue to move higher, but it may face sellers near $0.0918 resistance (the previous support). Above this, the next resistance is the 50% Fibonacci retracement level of the recent slide from the $0.1073 high to $0.0808 low at $0.0941. Therefore, if the price continues to move higher, it could face sellers near $0.0920 or $0.0940.

The chart indicates that ADA price is clearly back in a bearish zone below $0.1000. Once the current correction is complete, it may well slide back towards the $0.0800 level in the near term.

Hourly MACD – The MACD for ADA/USD is placed slightly in the bullish zone.

Hourly RSI – The RSI for ADA/USD is currently above the 50 level.

Major Support Level – $0.0840

Major Resistance Level – $0.0940

The post Cardano Price Analysis: ADA/USD Recovery Could Be Capped Near $0.092 appeared first on NewsBTC.