Cardano Price Technical Analysis – Can ADA/USD Break $0.38-0.40?

Key Highlights

  • ADA price is holding the $0.3400 support very nicely and is currently moving higher against the US Dollar (tethered).
  • There was a break above a connecting bearish trend line with resistance at $0.3625 on the hourly chart of ADA/USD (data feed via Bittrex).
  • The pair is likely to extend gains, but it won’t be easy for buyers to break the $0.4000 resistance.

Cardano price is slowly rising against the US Dollar and Bitcoin. ADA/USD must clear the $0.4000 resistance to gain further upside momentum.

Cardano Price Support

There was a slow and steady upside move formed from the $0.3200 low in ADA price against the US Dollar. The price traded above $0.4300 before correcting lower. The recent low was formed at $0.3395 from where the price started a fresh upside wave. A connecting bullish trend line with support at $0.3500 on the hourly chart of ADA/USD acted as a support.

The pair moved above $0.3600 and the 23.6% Fib retracement level of the last decline from the $0.4386 high to $0.3395 low. There was also a break above a connecting bearish trend line with resistance at $0.3625 on the same chart. However, the upside move was limited by the $0.3650-0.3700 area. Moreover, there was no complete test of the 38.2% Fib retracement level of the last decline from the $0.4386 high to $0.3395 low. It seems like the price is facing important resistance levels on the upside at $0.3800 and $0.4000. The $0.4000 level is also the 61.8% Fib retracement level of the last decline from the $0.4386 high to $0.3395 low.

Cardano Price Technical Analysis ADA USD

Therefore, a break and close above $0.4000 is needed for buyers to push the price further higher. On the downside, the $0.3400-0.3500 support zone is a decent buy area.

Hourly MACD – The MACD for ADA/USD is slowly moving higher in the bullish zone.

Hourly RSI – The RSI for ADA/USD is just around the 50 level.

Major Support Level – $0.3400

Major Resistance Level – $0.4000

 

Charts courtesy – Cryptowat, Bittrex

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Ripple Price Technical Analysis – XRP/USD Poised to Gain Above $1.00

Key Highlights

  • Ripple price recently corrected lower and found support near the $0.8400 level against the US dollar.
  • There is a crucial bullish trend line forming with support at $0.9350 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
  • The pair may continue to rise in the near term and it could gain upside momentum above $1.0000.

Ripple price is slowly moving higher against the US Dollar and Bitcoin. XRP/USD looks set to gain upside momentum once there is a break above the $1.0000 level.

Ripple Price Support

After trading above the $1.1700 level, Ripple price faced sellers and started a downside move against the US Dollar. The price declined and traded below the $1.0000 and $0.9000 support levels. The decline was substantial, but the $0.8400 area managed to act as a strong support. XRP found bids near $0.8400 and $0.8500, and later it started an upside move.

There was a break above a bearish trend line with resistance at $0.9200 on the hourly chart of the XRP/USD pair. The pair also moved above the 23.6% Fib retracement level of the last decline from the $1.1755 high to $0.8398 low. At the moment, the price is trading just around the $1.0000 level and is currently facing resistance. Once there is a break above the $1.0000 level, there could be more gains. An intermediate resistance could be the 50% Fib retracement level of the last decline from the $1.1755 high to $0.8398 low at $1.0076.

Ripple Price Technical Analysis XRP USD

On the downside, there is a crucial bullish trend line forming with support at $0.9350 on the same chart. As long as the trend line support and the $0.8400 level is intact, the price remains in an uptrend.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly moving higher in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level.

Major Support Level – $0.9000

Major Resistance Level – $1.0000

 

Charts courtesy – SimpleFX

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Ethereum Price Technical Analysis – ETH/USD To Gain Upside Momentum

Key Highlights

  • ETH price has formed a decent support base at $770 and is currently moving higher against the US Dollar.
  • There was a break above a short term bearish trend line with resistance at $800 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is likely to gain upside momentum and it could soon move above the $860 resistance.

Ethereum price is moving nicely in the bullish zone against the US Dollar and Bitcoin. ETH/USD is currently gaining pace and it could move above the $860 level.

Ethereum Price Support Base

There were a couple of swing moves in ETH price from the $840 level against the US Dollar. The price traded towards the $760-770 support area where buyers prevented declines on many occasions. A support base was formed near $770 and the price started an upside move. It traded above the $780 resistance and the 23.6% Fib retracement level of the last decline from the $897 high to $768 low.

More importantly, there was a break above a short term bearish trend line with resistance at $800 on the hourly chart of ETH/USD. The pair is now closing towards the $840 resistance and is currently trading near the 100 hourly simple moving average. At present, the pair is testing the 50% Fib retracement level of the last decline from the $897 high to $768 low. A break above the $840 and $850 resistance levels could ignite further gains in the near term. The next resistance could the $890 zone and the $897 high.

Ethereum Price Technical Analysis ETH USD

On the downside, an initial support is at $800 and the 100 hourly SMA. However, the most important support remains near the $760-770 zone.

Hourly MACD – The MACD is moving higher and gaining pace in the bullish zone.

Hourly RSI – The RSI has just moved above the 50 level and is gaining momentum.

Major Support Level – $770

Major Resistance Level – $850

 

Charts courtesy – SimpleFX

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Morning Asian Altcoin Trading Roundup: the leader is Icon

FOMO Moments

We start the week on a positive note with all altcoins trading higher during this morning’s Asian session. Bitcoin has remained steadily above $8,000 and is up 4.4% on the day, this has created confidence in the altcoins which are also enjoying positive price action this morning. Looking through the top 25 we can see a couple of contenders with double digit increases but Icon is performing the best at the time of writing.

According to Coinmarketcap ICX is up 16.5% in the past 24 hours and has moved from $3.52 this time yesterday to $4.23 today. Icon has been a solid performer over the past week rising from the February 6 dip at $2.50 by over 75% to where it trades today. It has yet to reach the heights of its record of just over $12 on January 10 however.

Icon

The ambitious project aims to weave all of the cryptocurrencies together into one large decentralized co-existing network. The grand plan for this South Korean blockchain team is to interconnect various organizations including financial institutions, insurance companies, healthcare, and universities together. As yet Icon has no major partners however traders are evidently interested in the token as reflected in its performance today.

Unsurprisingly ICX is traded largely in Southeast Asia with Binance taking over 90% of the total trade volume. It has a market capacity of $1.6 billion and a low supply of only 400 million tokens. Over $65 million has been traded in ICX over the past 24 hours and it is currently ranked at 21st in the charts.

Other altcoins enjoying double digit increases this morning are Ripple, Neo, Ethereum Classic, and Bitcoin Gold. An unknown coin called U.Cash has surged up the charts with over 900% increase in 24 hours seemingly on the back of its recently completed ICO.

More on Icon can be found here: https://www.icon.foundation

FOMO Moments is a new section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals. 

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Bitcoin Cash Price Technical Analysis – BCH/USD Consolidating above $1,150

Key Points

  • Bitcoin cash price is trading inside a range, but it is holding the $1,150 support area against the US Dollar.
  • There is a short-term connecting bearish trend line forming with resistance at $1,240 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair has to move above the $1,250 and $1,350 levels to gain upside momentum.

Bitcoin cash price is currently consolidating above $1,150 against the US Dollar. BCH/USD must break a couple of key resistance such as $1,350 to trade further higher.

Bitcoin Cash Price Range

There was a short-term high formed around the $1,370 level in bitcoin cash price against the US Dollar. The price started a minor downside correction from the $1,370 high and declined below $1,300. There was also a break below the 23.6% Fib retracement level of the upside wave from the $935 low to $1,370 high. It opened the doors for more declines and the price tested the $1,150 support along with the 100 hourly simple moving average.

Moreover, the price almost tested the 50% Fib retracement level of the upside wave from the $935 low to $1,370 high. The mentioned $1,150 support is a major buy zone and it seems like the price is holding the stated level very well. At the moment, the price is trading inside a range above the $1,150 level. On the upside, there is a short-term connecting bearish trend line forming with resistance at $1,240 on the hourly chart of BCH/USD. The pair has to move above the trend line and settle above $1,250 to retest the $1,300 level. Above $1,300, the price may retest the $1,350 resistance.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the $1,150 support holds a lot of importance and it must hold to avoid further slides.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is mostly flat.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is attempting to move above the 50 level.

Major Support Level – $1,150

Major Resistance Level – $1,350

 

Charts courtesy – SimpleFX

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Altcoin Analysis – LTC, NEM, EOS, NEO, Stellar Lumens

Altcoins are recovering and even though there is a little bit of correction from key resistance levels or middle BB, prices are likely to pick up the positive momentum this week.

LTC/USD, NEM/USD and NEO/USD in particular are trending at key levels.

Let’s have a look at these charts:

XLM/USD

alt coin XLM/USD Technical analysis
XLMUSD Daily Chart for February 12, 2018

See the influence of $0.40? That is the 61.8% Fibonacci retracement line and buyers didn’t close above it on February 10.

Fact is, a doji candlestick is clear and that is where sellers are finding support as visible from yesterday’s price action.

There’s a little bit of buy pressure and even though the week is bullish, all we need is either a continuation of bears as prices retrace towards $0.30-or the lower limit of our consolidation or a break and close above $0.40 and hopefully the middle BB.

Of course, this back and forth movement of prices isn’t helpful for trend traders and going forward, there is a high chance of prices snapping back as buy momentum pick up if we take cue from the stochastics.

XEM/USD

alt coin XEM/USD Technical analysis
XEMUSD Daily Chart for February 12, 2018

From the chart, NEM sellers found fair prices to liquidate on February 10.

That is precisely when prices momentarily trended above $0.55 and after close, sellers stepped on the gas pedal, driving prices even lower.

The thing is, as long as prices continue to range within the $0.20 range between the 78.6% and 61.8% retracement lines, then NEM will be in consolidation mode and bears are definitely in charge.

Momentum wise, bulls “appear” and set to recoup their previous losses but that is nothing if there is no strong break out above the middle BB.

EOS/USD

alt coin EOS/USD Technical analysis
EOSUSD Daily Chart for February 12, 2018

By end of last week analysis, it would have been desirable if EOS push and closed above $9.5.

However, judging from price action, that didn’t come to pass and prices are actually reversing and heading back towards $6.5.

For buyers to bounce back from this slow down and push back above $9.5 and if not, we I recommend sell triggers below our main support at February 6 lows of $5.6.

LTC/USD

alt coin LTC/USD Technical analysis
LTCUSD Daily Chart for February 12, 2018

From the charts, it’s clear that LTC prices are still moving below our first layer of resistance-the middle BB and that is despite the positive momentum as the stochastics shows.

Picking out tips from our previous analysis of this pair, all  we need is a bullish spike above $170 or repulsion of higher prices as bears push prices back below $100.

This $70 range is what is important for us in the short to medium term.

NEO/USD

alt coin NEO/USD Technical analysis
NEOUSD Daily Chart for February 12, 2018

Clear price rejection above $130 is what we can see if we consider the past 4 NEO trading days.

Look at the long upper wicks before the trickle down on February 9 and 10 and the consequent bear confirmation yesterday.

The thing is, odds of higher highs would be have been higher if we had NEO above $130 and even with last week’s retest of $70, all that we need is either a confirmation of bull resumption or bear pick up as per week ending February 6 bear candlestick.

In my opinion, this week’s candlestick will either make or break this pair and because of this set up, I expect support at $85 in the coming days.

All charts courtesy of Trading View

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Bitcoin Price Technical Analysis for 02/12/2018 – Make or Break Level

Bitcoin Price Key Highlights

  • Bitcoin price is testing an area of interest, still deciding whether to make a bounce or break higher.
  • A bounce could take it down to the Fibonacci extension levels from the latest correction on the 4-hour time frame.
  • A break past the $9,000-10,000 levels, on the other hand, could allow the long-term rally to resume.

Bitcoin price is testing a crucial resistance level, as its reaction could determine whether further declines or a reversal is due.

Technical Indicators Signals

The 100 SMA is still below the longer-term 200 SMA so the path of least resistance is to the downside. This means that the selloff is more likely to resume than to reverse. In addition, the 100 SMA lines up with the channel resistance, providing an extra upside barrier.

A continuation of the selloff could take it down to the 38.2% extension or to the 61.8% level closer to the channel support and $5,000 mark. Stronger selling pressure could take bitcoin price down to the 76.4% extension at $4,230 or the full extension at $2,271.60.

However, stochastic is on the move up from the oversold level to indicate that buyers are taking over. A break higher could still encounter a roadblock at the 200 SMA dynamic resistance. RSI is on the move down, though, so there may be some bearish pressure left in play.

Market Factors

Risk appetite appeared to return to the financial markets on Friday as the US government ended a brief shutdown. Markets also gapped higher this week to erase some of the previous week losses, and it’s worth noting that bitcoin price has been tracking higher-yielding assets like equities and commodities lately.

Analysts have been split on their forecasts, with some predicting that bitcoin price has room to fall before recovering while others say that the major correction is over and that the uptrend is set to resume.

Either way, the cryptocurrency could keep taking its cue from sentiment and equity markets for the next few days as the correlation seems to be strengthening.

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