Zimbabwe’s Golix Battles To Grow Volume After Breaking Into Seven African Countries

Zimbabwean cryptocurrency exchange, Golix, is now active in seven countries across Africa, but it may be sometime before everyone buys into the project. Volume is still very low amid what looks like close competition between old and new exchanges fighting for a small, elite, but steadily growing market. A lack of market markers – those wealthy individuals or companies that can swing markets if it makes them a profit – seems to be the biggest challenge, however.

Also read: Nigerian President Demands HSBC Bank Returns $100m In Stolen Money

Less Than $100,000 Volume Traded Each Month In New Markets

Golix has in the last two months allowed people from seven African countries to buy and sell cryptocurrency from their home economies, but the Zimbabwe-headquartered cryptocurrency exchange is facing difficulty to grow volume in it’s new markets.

About $100,000 worth of bitcoin (BTC) is traded each month at every Golix exchange in South Africa, Uganda, Tanzania, Kenya, Nigeria, Rwanda and Cameroon, according to company director of communications Nhlalwenhle Ngwenya. That’s about 0.5 BTC per day at current values.

“Our daily volume in each of the 7 countries we are in today is still very low,” Ngwenya explained in a post to the exchange’s group on Telegram. He was trying to douse flames of incessant investor complaints over a number of operational issues, including a bug on the Golix trading platform that hadn’t been fixed for a time.

The bug prevented some investors keen on liquidating the Golix token – a utility token from the exchange’s maiden token sale that closed July 25 – from doing so. Others had altogether not received the ICO token yet.

“The volume is low because we’re still a new exchange there (new countries) – just about 2 months old,” said Ngwenya. “It takes time to grow volume on an African exchange because we don’t have a lot of day traders or market markers in this part of the world. But we’re growing every month,” he said.

Pioneering Exchange

Golix is credited with popularizing cryptocurrencies in Zimbabwe. It was the first exchange to allow people to buy and sell digital coins from a centralized platform in September 2015, when it opened its Harare office. Over a period of two years, Golix had traded the equivalent of $20 million bitcoin’s worth, with the number of active traders on the exchange growing several-fold to 50,000 by mid-May, when Zimbabwean financial authorities banned bitcoin.

So, the plan was a repeat – or more – of the earlier Zimbabwean success across Africa. Golix hoped to use proceeds from its $32 million initial coin offering to set up digital currency exchanges in several African countries within the next four years, to help make cash transfers a lot easier, cheaper and faster, for Africans at home and abroad. And, also, to spread the adoption of virtual money.

Golix Harare Office

“…by setting up exchanges in multiple countries the new token…will be issued to provide users on all these exchanges an additional means of value transfer between fiat and cryptocurrencies,” said the company in its Whitepaper.

At the time of the ICO, Golix did not specify where exactly it intended to set up shop in Africa but hoped to have started operations in a new country in the last three months of 2018, and in four others during the second quarter of 2019. Now, after raising only 65 percent of the targeted $32 million in the token sale, Golix has gone on to expand at a pace much quicker than originally planned. In three months, the exchange has covered about 70 percent of the countries it initially intended to cover in nine months, without a third of the expansion money. Main offices remain limited to Harare and Johannesburg, however, with customer support offices only in the rest of the region.

New Markets, New Competition

Unlike Zimbabwe where Golix virtually enjoyed a monopoly, some of the new markets the exchange is now entering aren’t virgin territory – they are established, competitive crypto markets, with dedicated clients that would have to be prized away from the likes of Coinpesa in Uganda, Luno in South Africa or Bitpesa in Kenya. For example, in the 24 hours to press time, the traded volume at Luno, which has operations in 40 countries, averaged $2.3 million, or 367 BTC, worldwide.

Expansion Into Africa

Ngwenya, the Golix director of communications, is optimistic fortunes will change.

“To give you some background about us, our exchange has been live since September 2015 but we’ve only been running in Zimbabwe. We stopped operating in Zimbabwe three months ago because of regulatory problems,” he says in the Telegram post.

“When we stopped operation we had a little over 50k customers and were doing a volume of US$7 million. We grew these numbers over a couple of years. Throughout our existence (since September 2015), our volume has always doubled every three months,” said Ngwenya.

Bitcoin, bitcoin cash, ethereum, dash, stellar, litecoin are some of the coins quoted on Golix, a Zimbabwean company incorporated in the tax-haven island of Mauritius, off the African coast in the Indian Ocean.

Do you think a lack of liquidity will stifle the growth of digital currencies in Africa? Let us know what you think in the comments section below.


Images via Shutterstock, Zimbabwenewslive


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The post Zimbabwe’s Golix Battles To Grow Volume After Breaking Into Seven African Countries appeared first on Bitcoin News.

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, September 17

With about $1 billion in cryptocurrencies expected to be dumped by Mt. Gox’s creditors soon, what should we expect from the prices?

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Mt.Gox, the bankrupt Bitcoin exchange that collapsed in 2014, is soon expected to distribute $1 billion worth of cryptocurrencies to thousands of its creditors. As it has been a long wait, some might offload their bitcoins as soon as they receive them. Can this produce the next leg of the downward move?

When the trade volumes are high, even such a large supply can only result in a knee-jerk reaction, because the buyers lap up the excess supply. However, the picture changes when the volume is low.

If the bulls anticipate a large supply, they might hold off their purchases expecting to buy at lower levels. With a lack of buyers prices plunge, panic selling sets in and the bears keep the markets under pressure.

On the other hand, if the recipients hold on to their Bitcoin and sell in a measured manner, the markets can easily absorb small amounts of fresh supply without causing any disruption. It will be interesting to see how the markets respond.

What are the important levels below or above which the trend changes? Let’s check the charts and find out.

BTC/USD

The pullback from close to $6,075 stalled at the 20-day EMA, inviting fresh selling by the bears. Both negative formations – a head and shoulders and a descending triangle – will complete if Bitcoin breaks and closes below $5,900.  

Though the pattern targets of such a breakdown are way lower, we anticipate support at $5,450 and $5,000.

If the bulls defend the $5,900–$6,075.04 support zone, the BTC/USD pair will again attempt to rebound higher. We shall turn positive if the price sustains above $6,600.

Currently, both moving averages are turning down and the RSI is also in a negative territory. This shows that a retest of the support lines is likely.

Considering the bearish patterns, we suggest traders wait for a successful retest of the supports and buy the subsequent pullback attempt. Until then, traders should watch the price action closely from the sidelines.

ETH/USD

The failure of the bulls to break out of the 20-day EMA for the past three days has invited selling. Ethereum has a minor support at $203, below which the slide can extend to $183.17.

The trend remains bearish, as both moving averages are sloping down and the RSI has turned from the 40 level.

The ETH/USD pair will indicate a change in trend if it sustains above the downtrend line of the descending channel and the 50-day SMA. A few days of range bound action is likely. We shall wait for a new buy setup to develop before suggesting a trade on it.

XRP/USD

Ripple has hardly moved up in the past four days. It continues to trade close to the support at $0.27. This shows that the buyers are in no hurry to get in at the current levels.

A break down of the $0.24508–$0.27 range will be a negative development that can lead to a further fall to $0.20.

If the bulls scale above the 20-day EMA, the XRP/USD pair can move up to the 50-day SMA and above that to $0.37390. We shall turn positive if the virtual currency sustains above the downtrend line, because that will signal a probable double bottom.

BCH/USD

The buyers seem to have deserted Bitcoin Cash, as price continues to struggle close to the year-to-date lows.

The down sloping moving averages and the RSI in the negative region shows that the bears still have the upper hand.

The BCH/USD pair will show signs of a turnaround if it breaks out of the descending channel. Until then, all pullback attempts will face a stiff resistance at the 20-day EMA and the 50-day SMA. We shall wait for the virtual currency to form a reliable buy setup before proposing any trade on it.

EOS/USD

EOS had been hovering close to the $5.65 mark for the past four days. As the bulls failed to break out of the overhead resistance, prices have turned down.

The prices can now slump to the next strong support at $4.493. If this support breaks, a fall to $4.1778 is probable.

If the support holds, the EOS/USD pair will attempt to break out of $5.65 and rally to $6.8299. Traders can hold the remaining long positions with stops at $4.4.

XLM/USD

For the past five days, Stellar has been trading inside the large range bar formed on September 11. If the bulls scale the $0.21489857 mark, a move to the top of the range is probable.

The trend will turn negative only if the bears sink and sustain the price below $0.184. The longer the XLM/USD pair consolidates in the range, the stronger will be the eventual breakout or breakdown.

We didn’t find any reliable buy setups inside the range; hence, we shall wait for the breakout of the range to sustain for three days and then suggest a long position on the pair.

LTC/USD

Litecoin has turned down from the 20-day EMA. The bears will now attempt to break the critical support at $49.466.

If successful, the LTC/USD pair will resume its downtrend and slide to the next support zone of $40–$44. On the other hand, if the support holds, a probable double bottom will complete if the bulls break out of $69.279.

The pattern target of such a move is $89. We shall wait for the price to break out of the range before proposing any trades on it.

ADA/USD

The bears have successfully defended the overhead resistance of $0.071355, resulting in a fall in prices. Cardano will resume its downtrend if the intraday low of September 12 breaks down. The next level to watch on the downside is $0.054541.

Both moving averages are sloping down and the RSI is close to the oversold territory, which shows that the sellers are in command.

If the support holds, the bulls will again attempt to break out of $0.071355. We anticipate the ADA/USD pair to spend some time forming a bottom. We shall wait for a reliable buy setup to form before suggesting a trade on it.

XMR/USD

Monero rose above $120 on September 15, but could not sustain the level. It remains the key resistance above which the pullback can pick up momentum.

On the way down, the 20-day EMA has been providing a strong support and the moving averages have completed a bullish crossover, which is a positive sign. If the bulls sustain above $120, a rally to $142.7 is probable. The long positions can be held with the stops at $95. We shall trail the stops higher after the XMR/USD pair scales above the $120 levels.

The digital currency has a strong support at the moving averages. A dip below the 50-day SMA will weaken the recovery and increase the probability of a fall to $96.39.

IOTA/USD

IOTA has turned down after the bulls failed to scale above the 20-day EMA for the past four days. Currently, the price is stuck in a tight range of about $0.5–$0.6170.

This tight range is unlikely to continue for long. The IOTA/USD pair will either break out or break down within the next few days. It is difficult to forecast, which way the move will happen.

A breakout of the downtrend line can result in a rally to $0.81 and further to $0.9150. Therefore, we suggest holding the long positions with the stops at $0.46. We shall trail the stops higher at the first available opportunity. If the bears push the prices lower, a drop to $0.45 and beyond that to $0.4 is probable.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

Litecoin ‘Significantly Overvalued,’ Cryptocurrency Hedge Fund Claims

litecoin price bear
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Proponents of litecoin, the seventh-largest cryptocurrency, have long touted it as “silver to bitcoin’s gold,” the medium of exchange to BTC’s store of value. Much like physical silver, though, litecoin currently trades well below its all-time high, having plunged to about $55 from a peak of $358. However, according to cryptocurrency hedge fund Multicoin Capital, even at that mark litecoin is “significantly overvalued.”

Multicoin, which is short LTC, lays out its bear case for the asset in a new report, authored by managing partner Tushar Jain.

A Maturing Market and a Diminishing ‘Coinbase Effect’

The Texas-based fund, via Jain, argues that LTC faces a variety of negative catalysts, with no bull case to offset them.

First, Jain alleges that litecoin’s 2017 bull run came predominantly as a result of naivety among retail investors and immaturity in the cryptocurrency market. As evidence, he cites the fact that LTC was the “least expensive per-unit asset on Coinbase,” one of the most popular trading platforms among inexperienced cryptocurrency buyers — the most likely group to not recognize that you can purchase fractional coins.

The coin no longer bears that distinction, though, since Coinbase listed ethereum classic (ETC) in August and has further announced plans to consider listing a variety of other assets, which promises to diminish the impact that a Coinbase listing provides for an individual cryptocurrency.

Questionable Financials & Development

charlie lee litecoin bitcoin cryptocurrency
LTC founder Charlie Lee sold his entire stake while the coin was trading near its all-time high. | Source: SV Ethereum/YouTube

Next, Multicoin argues that the Litecoin Foundation is in a poor financial situation to continue operating effectively, holding only about $322,000 in assets — with 82 percent of those funds denominated in LTC.

Moreover, the firm says that LTC does not have a unique development roadmap, which helps explain the dearth of LTC GitHub commits, with the majority of LTC updates being forked from Bitcoin Core.

Litecoin development
LTC GitHub commits to master | Source: Multicoin Capital/Cryptomiso

With these factors in mind, Jain, like several other analysts, called founder Charlie Lee’s decision to sell his entire LTC stake a “red flag,” regardless of his stated intentions in so doing.

“Despite his intentions, a misalignment of incentives now exists that decreases his motivation to continue development and add value to the protocol,” Jain wrote. “To better achieve this goal, we would have liked to see him time-lock his holdings or use them to fund further LTC development.”

Sell Pressures

Finally, Multicoin argues that the litecoin price will not be able to overcome the significant selling pressure it will likely face in the near future.

To wit, the report notes that Bitmain — the most valuable cryptocurrency company — owns over 1 million LTC, according to a leaked investor deck. The firm, led by CEO Jihan Wu, has been an outspoken supporter of bitcoin cash (BCH), which — like litecoin — aims to become the internet’s “digital cash.” Consequently, Multicoin believes that Bitmain will eventually dump the LTC, either to provide BCH with price support or to force litecoin further into bearish territory.

Even absent that looming risk, LTC faces continuous sell pressure from mining, a drawback which applies to all inflationary and disinflationary cryptocurrencies but whose effects will be particularly pronounced on an asset already facing significant negative catalysts.

Batting Down the ‘Bull Case’ for Litecoin

litecoin

Meanwhile, Multicoin believes the supposed bull cases for litecoin — e.g. that it is an ideal medium of exchange and/or a testnet for the Bitcoin network — fail to stand up to scrutiny.

Writing in the firm’s report, Jain takes aim at the narrative that if bitcoin is gold, then litecoin is silver. Jain says that this is a false analogy because, unlike physical gold, bitcoin will likely in the future become a viable medium of exchange through the adoption of technologies like the Lightning Network (LN).

“Comparing digital assets to precious metals may be a nice analogy, but it does not have any substance. The value of the ratio of silver-to-gold is based on the idea of price-to-weight ratio. A lower price-to-weight ratio makes payments for smaller purchases more convenient. Digital assets are weightless, and thus the same analysis cannot be made.”

Even if there is room in the cryptocurrency ecosystem for a non-bitcoin medium of exchange, Multicoin argues that there is no reason why LTC will be the asset that fills this void:

“Litecoin’s adoption is generally shown using qualitative evidence of merchants accepting Litecoin. Merchants accepting Litecoin also generally accept a basket of other cryptoassets because crypto payment processors such as BitPay support many cryptocurrencies. Merchants are not explicitly choosing to support Litecoin payments. Rather, they’re electing to accept payment in any crypto, of which Litecoin is just one.”

Perhaps a stronger case is that, as a member of the “Satoshi family tree,” LTC can serve as a live-fire testnet for BTC, whose developers tend to move cautiously to preserve the network’s security. Even if true, though, Multicoin argues that there is no reason why such a testnet should be worth $3 billion, much lest present token holders with any further upside from that mark.

LTC a ‘Relic of the Pre-Smart Contract’ Age

Summarizing the firm’s position, Multicoin says that while LTC may be historically significant, its founding vision has become obsolete and has not been replaced by a viable roadmap. Jane writes, “In truth, Litecoin is a relic of the pre-smart contract platform crypto ecosystem. Perception resulting from these outdated narratives has led to a large divergence between current price and fundamental value.”

He concludes:

“Hovering at approximately $50, we believe LTC is significantly overvalued. Given the lack of a viable investment thesis, nonexistent positive catalysts and strong negative catalysts, we expect LTC to continue to substantially underperform the crypto market.”

Though withering, Multicoin’s view is not universally shared among cryptocurrency analysts. Last month, CCN reported that Mati Greenspan, senior market analyst at eToro, said that LTC is trading at a “massive discount” to its fundamental and technical factors.

Images from Shutterstock

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Crypto Markets See Mixed Red and Green, BTC and ETH Hold Ground

Crypto markets are today largely green, but scattered mild corrections are affecting several major-market-cap altcoins.

Monday, September 17: crypto markets are today largely green, but scattered mild corrections are affecting several major-market-cap altcoins, as data from Coin360 shows.

Market visualization by Coin360

Bitcoin (BTC) is just a fraction of a percent down on the day to trade at $6,484 to press time. Having reclaimed the $6,500 price point September 13, the top coin failed to break through to a yet higher level, but has instead jaggedly circled to consolidate the $6,500 mark.

Despite a brief dip earlier today below $6,460, Bitcoin has since somewhat rebounded in the hours before press time.

On the week, Bitcoin is up almost 4 percent, with monthly gains at a modest 2.66 percent.

Bitcoin 24-hour price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) is today trading around $219 to press time, down just half of a percent on the day. The top alt has been on a tear as of the evening of September 12, seeing double-digit growth to rebound from its intraweek dip to below $170 back to a comfortable $50 higher.

Over the past couple of days, Ethereum has cleaved close to the $220 mark, only losing ground briefly yesterday, September 16.

Ethereum is up a bullish 11.8 percent on its weekly chart, and has significantly closed down its losses on the month, which are now at 23.5 percent.

Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index

Among the other top ten coins on CoinMarketCap, most are seeing modest gains capped at 2 percent maximum. Stellar (XLM), ranked 6th, is the strongest performer over the 24-hour-period, up 1.9 percent to trade at $0.208 to press time.

Bitcoin Cash (BCH), trading at $447.11, is up 1.14 percent, while Cardano (ADA) is seeing smaller growth, up 0.7 percent at  $0.069.

Litecoin (LTC) has shed around 1 percent in value on the day and is trading at $55.89.

Among the top twenty coins by market cap, most gains and losses are mostly within a 2 percent range either way, with the exception of Dash (DASH), ranked 11th, which has sealed a solid 4.3 growth on the day and is trading at $196.81 to press time.

TRON (TRX) and NEM (XEM) are both up by 1.1 and 1.5 percent on the day respectively, while Vechain (VEC) has seen the heftiest loss – a still mild 2.25 percent to trade at $0.014.

Total market capitalization has been fluctuating on the day. After briefly spiking as high as $204.4 billion earlier today, it has since declined to $202.6 billion as of press time.

The week has has seen a jagged but nonetheless consistent recovery since total market cap dipped as low as around $186.3 billion September 12.

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

A Cointelegraph analysis piece this weekend gave insights into the oft-repeated analogy drawn between the crypto bear markets and the dotcom bubble. As Bloomberg reported earlier this week, VanEck’s MVIS CryptoCompare Digital Assets 10 Index – which tracks the prices of top ten digital assets – was down 80 percent as compared with its January high. The data thus represents a heftier plummet than the Nasdaq Composite Index’s 78 percent nosedive at the height of the dot-com crash.

Nevertheless, as CT’s analyst argued, key structural differences – including a significantly smaller total market cap size for crypto and the fact that retail investors have a significant footprint in the crypto industry, unlike the venture capitalists of the dotcom days – means that such comparisons are not necessarily as clear-cut as the figures may at first glance suggest.

Crypto Markets Recover Slightly, Ethereum, Tezos See Largest Gains

After dropping below $6,500 yesterday, Bitcoin challenges the price point again.

Saturday, September 15: crypto markets are undergoing a slight recovery after yesterday’s decline, with 17 of the 20 top cryptocurrencies by market cap in the green, according to CoinMarketCap data.

Market visualization from Coin360

After dropping below the $6,500 price point yesterday, Bitcoin (BTC) has challenged the mark again, going up by 1.6 percent over the past 24 hours, to trade at $6,533 at press time.

Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) is currently seeing some of the largest gains among the top 20 cryptocurrencies by market cap. The major altcoin is trading at $223, up 6.7 percent in 24 hours to press time. Ethereum is also up 5.3 percent on the week, after having dropped to as low as $169 on September 12.

Ethereum price chart. Source: Cointelegraph Ethereum Price Index

The total market cap continues hovering around the $200 billion mark, currently at $204 billion.

Total market capitalization chart. Source: Coinmarketcap

Following the recent announcement of the upcoming Tezos (XTZ) mainnet launch slated on Monday, September 17, it has seen the largest gains among the top 20 coins on the day. XTZ is trading at $1.68 at press time, up 26.4 percent over the past 24 hours.

Litecoin (LTC) and Monero (XMR) have also seen considerable gains since yesterday. Litecoin is up 5.2 percent, trading at $57 at press time, according to Cointelegraph’s price index. The privacy-focused Monero, currently ranked ninth by market cap, is up 5.8 percent and is trading at almost $120 as of press time.

Dogecoin (DOGE) is one of the few cryptocurrencies that have seen some losses on the day. The altcoin is down 0.6 percent and trading at $0.006148 at press time, but is still up 8 percent over the past 7 days.

Yesterday, Silicon Valley venture capitalist and well-known Bitcoin evangelist Tim Draper predicted that the combined cryptocurrency market cap will hit $80 trillion in the next 15 years, citing the variety of markets that will be transformed by the cryptocurrency industry.

The most recent wave of green comes after CEO of Galaxy Digital Capital Management Mike Novogratz called a price bottom on the crypto markets.

Yesterday, the U.S. stock brokerage company EF Hutton said that they are planning to issue $60 million in various crypto instruments by January 2019, following the confirmation that the company will also be a sponsor of the upcoming U.S. crypto exchange ACEx.

On September 13, Bloomberg cited anonymous sources as saying that the U.S. banking giant Morgan Stanley is planning to offer Bitcoin swaps, enabling its clients to trade derivatives without holding the actual cryptocurrency.

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, September 14

As crypto market fundamentals show signs of improvement, will prices follow? Let’s find out.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

Mike Novogratz, founder and CEO of crypto investment firm Galaxy Digital Capital Management, called a bottom in cryptocurrencies on September 13, while conversely the Chief Commercial Officer of BitPay, Sonny Singh believes that Bitcoin will resurge in 2019 but that altcoins “will never come back.” He said the next trigger that can carry Bitcoin higher is the entry of institutional players.

Morgan Stanley is the latest Wall Street giant planning to allow its clients to trade Bitcoin using trade swaps, according to Bloomberg sources. Investors continue to pour money into funds linked with blockchain technology. U.S.-based venture capital firm Ribbit Capital is aiming to raise $420 million for its latest fund, a 40 percent increase above its previous venture that attracted $300 million.

New research by fintech analysts Juniper House found 65 percent of large enterprises – employing a minimum of 10,000 staff – are “considering or actively engaged” in blockchain deployment. This shows the fundamentals of the sector are improving. So, will prices follow the fundamentals higher? Let’s find out.  

BTC/USD

Bears did not challenge the $6,075-$5,900 support zone as we had expected. Bitcoin broke out of $6,500 on September 13 but is currently facing resistance at the 20-day EMA. This shows sellers are active on pullbacks. If the bulls break out of the 20-day EMA, a rally to the 50-day SMA, followed by a move to the downtrend line of the descending triangle is likely.

If the BTC/USD pair turns down from the current level and sustains below $5,900, it will complete two bearish patterns – a head and shoulders and a descending triangle. The pattern target of such a breakdown is much lower, but we anticipate strong support at $5,450 and $5,000.

If bulls hold the next dip above $6,200 and breakout of the 20-day EMA, we might suggest opening a small position. Until then, we suggest traders remain on the sidelines and wait for a reliable buy setup to form.

ETH/USD

We anticipated a pullback in our previous analysis and Ethereum rallied to $224.21 from the $167.32 low on September 12. However, the trend remains down as both the moving averages are trending down and the RSI is close to the oversold zone.

If the bulls scale above the 20-day EMA, the next overhead resistance is the downtrend line of the descending channel and the 50-day SMA, located just above the channel.

Hence, we shall wait for the ETH/USD pair to form a reversal pattern before proposing any long positions. The critical level to watch on the downside is $167.32, below which the decline can stretch to $136.12.

XRP/USD

Ripple is finding it difficult to sustain above the $0.27 level. A breakdown of the support zone of $0.27-$0.24508 can sink prices to $0.24001 and below to $0.20.

Both moving averages are sloping down and the RSI is in the negative, which shows that the sellers are in command. The XRP/USD pair has not broken out of the 50-day SMA since May 17. If bulls can sustain above the simple moving average, it will indicate buying and a probable change in trend. We will wait for prices to scale above the downtrend line before recommending a trade.  

BCH/USD

Bitcoin Cash remains in a strong downtrend with both the moving averages trending down and the RSI in negative territory.

The pullback from close to the $400 level is facing stiff resistance at the $475 mark. If the BCH/USD pair breaks down from $400, it could slump to $300 and $282.  

On the upside, if the bulls scale above the 20-day EMA, a rally to the 50-day SMA is probable. The virtual currency will show signs of a change in trend if it breaks out of the resistance line of the descending channel. We shall wait for a reversal pattern to form before suggesting any long positions.

EOS/USD

EOS has been facing resistance at the $5.65 level for the past two days., just below the 50-day SMA.

A breakout of the 50-day SMA could carry the EOS/USD pair to the $6.8299 level. Therefore, we recommend holding remaining long positions with stops at $4.40.

The 20-day EMA has turned flat while the 50-day SMA is still sloping down, with the RSI in the negative. If bears force prices lower, a drop to $4.4930 is probable. If this support breaks, the decline could extend to $4.1778 and $3.8723.

XLM/USD

Stellar has risen from the critical support of $0.184 but is facing resistance at the 20-day EMA for the past three days.

We anticipate the XLM/USD pair to extend its stay inside the range of $0.184-$0.24987525 for a few more days. The 20-day EMA is turning flat, which shows that the near-term selling has abated.

Traders should wait for a breakout from this range before initiating any long positions. A breakdown will be very negative and could sink prices to $0.11812475 and $0.082332.

LTC/USD

The breakdown from the $49.466 level on September 12 was short-lived as Litecoin bounced back into the range. This shows some buying below the $50 level. We like the positive divergence developing on the RSI, but need prices to follow up higher before it can act as a buy signal.

The LTC/USD pair will face stiff resistance on the upside from the 20-day EMA, the downtrend line and the 50-day SMA.

Both moving averages are trending down and the RSI is still in negative territory. A breakdown from $47.246 could sink prices to the next support zone of $40-$44. We suggest traders wait until the virtual currency forms a reliable buy setup.

ADA/USD

Bulls are trying to defend the $0.06 level on the downside but have not been able to carry Cardano above the $0.0715 level for the past two days.

Both moving averages are sloping down and the RSI remains in oversold territory. This shows that sellers are firmly in control. The target on the downside is $0.054541.

The first sign of a probable change in trend will be when the ADA/USD pair breaks out and sustains above $0.111843. We will wait for a reliable buy setup to form before suggesting any long positions.

XMR/USD

Monero has broken out of the moving averages after taking support at the downtrend line. If it breaks out at $120, it could climb to $142.71 and $150.

The moving averages are close to each other and are flattening out while the RSI has moved into positive territory. This shows that bulls have an advantage in the short-term. Therefore, we suggest holding long positions with the recommended stop loss.

The XMR/USD pair will turn negative if bears sink prices below the September 12 low of $96.390.  

IOTA/USD

IOTA is attempting to bounce after taking support at the $0.5 mark, but it is facing strong resistance at the 20-day EMA.

The zone between $0.59-$0.67 will act as stiff resistance. Once this zone is crossed, a move to $0.81 and $0.9150 is probable. The 20-day EMA has flattened out and the RSI is attempting to climb into positive territory, which shows that selling pressure is decreasing. Traders could hold their long positions with the stops at $0.46.  

If bulls fail to scale above the overhead resistance, the IOTA/USD pair will dip to $0.50 and $0.4628.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

Ethereum Consolidates Newly-Won Growth as Wider Crypto Market Falters

After yesterday’s bullish upswing, crypto markets have today been hit with widely-dispersed corrections, although Ethereum is a notable exception.

Friday, September 14: After yesterday’s bullish upswing, crypto markets have today been hit with widely-dispersed corrections. Ethereum (ETH) is today’s most resilient large-market-cap altcoin, seeing the most notable growth on the day among the top twenty cryptoassets, as data from Coin360 shows.

Market visualization by Coin360

After soaring 18 percent on the day yesterday, September 13 – and peaking as high as $223 during early trading hours today – Ethereum has seen a tempering downwards, before regaining some losses in the hours before press time.

At its current $214 price point, the top alt has sealed a solid almost 4 percent of growth on the day.

Even as Ethereum sees a bullish couple of days on the markets, fresh research from TrustNodes has revealed data that may account for the top alt’s middle-term price weakness.

According to TrustNodes, in the 10 days leading up to September 13, Initial Coin Offering (ICO) projects have sold three times more ETH than they did in August, with major implications for price performance.

Ethereum remains down almost 9 percent on its weekly chart, but has significantly closed down its losses on the month, which are now at 26.3 percent.

Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index

Having reclaimed the $6,500 mark yesterday, Bitcoin (BTC) is trading just slightly down today at  $6,480 as of press time, seeing a negligible percentage loss over the 24 hour period. The leading crypto briefly tumbled back to $6,430, shedding $150 in value in a narrow two-hour time window earlier today, after trading as high as $6,580. Bitcoin has since bounded upwards in a jagged recovery in the hours before press time.

On the week, Bitcoin is just about breaking even, with monthly gains at a solid 3.67 percent.

Bitcoin 24-hour price chart. Source: Cointelegraph Bitcoin Price Index

Among the other top ten coins on CoinMarketCap, virtually all cryptoassets are seeing mild losses on the day, mostly capped below 2.5 percent. The only alt to have shed fractionally more is Stellar (XLM), ranked 6th, which is down 3.22 percent to trade at around $0.20 at press time.

Litecoin (LTC) and Monero (XMR) are the only top ten coins aside from Ethereum to see any growth, but only just, both up under 2 percent on the day to press time.

Among the top twenty coins by market cap, Dogecoin (DOGE), ranked 20th, has seen the heftiest losses, down 5.5 percent on the day. DOGE notably saw relatively lacklustre growth yesterday, as the wider market soared, but is still significantly up on its monthly chart after a vertiginous price hike in early September.

Dogecoin 1-month price chart. Source: CoinMarketCap

Binance exchange’s native token, Binance Coin (BNB), ranked 16th, is the only other top twenty coin to see green, up 1.89 percent on the day to trade at $9.79 at press time.

Dash (DASH), IOTA (MIOTA) and TRON (TRX) are each down around 2 percent on the day to press time.

Total market capitalization briefly spiked as high as $204.3 earlier today, but has since declined to $201.1 billion as of press time.

The week has been a volatile and uneven one, during which total market cap briefly plummeted to around $186.3 billion September 13, but have managed to almost fully regain losses.

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

As investors nervously eye the markets, Mike Novogratz, founder and CEO of crypto investment firm Galaxy Digital Capital Management, claimed that cryptocurrency prices have hit a bottom in a tweet yesterday, September 13.

He further noted that the Bloomberg Galaxy Crypto Index (BGCI) – which is designed to measure the performance of the largest cryptocurrencies traded in U.S. dollars – “retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble.”

Moreover, today saw a further revelation that capped a positive week for potential institutional investor exposure to Bitcoin and other crypto assets. U.S. stock brokerage firm EF Hutton unveiled plans to issue $60 million in various cryptocurrency instruments as of January 2019, the same week as it confirmed it was the major sponsor of a forthcoming U.S. cryptocurrency exchange that will be known as ACEx.

EF Hutton’s plans followed hot on the heels of reports that U.S. banking giant Morgan Stanley plans to offer clients Bitcoin trade swaps, the same week as Citigroup insiders hinted it is also planning an entry into crypto-based products.

This Week in Cryptocurrency: September 14, 2018

We Get Knocked Down but We Get up Again

You’re never gonna keep us down. After a disappointing start to the week, the crypto market started to show some recovery leading into the weekend. The total market cap slipped from a $204B start to a low of about $186B on Wednesday before steadily climbing to end the week at just under $200B – a 2% drop.

In typical market prediction fashion, some experts are calling, “bottom” while other believe we still have further to go. With wave after wave of positive blockchain news, it’s hard to believe this isn’t the floor. Knock on wood

Bitcoin is one of the few top coins with a positive week, finishing up 0.21%.

Ethereum is still getting no love, seeing a 6.47% fall over the week.

The same can be said for XRP as it also dropped significantly, tumbling 6.32%.

Crypto Market Stats (9/14/18)

Crypto Market Stats (9/14/18)

Domestic Cryptocurrency News

Gemini Launches Stablecoin: The Winklevi are at it again. On Monday, the dynamic duo launched the creatively-named Gemini dollar, “the world’s first regulated stablecoin.” The stablecoin (GUSD) is an ERC20 token pegged 1:1 to the U.S. dollar with oversight from the New York State Department of Financial Service. Like Tether, an independent accounting firm will confirm each that the USD reserves equal the amount of GUSD. Unlike Tether, the accounting firm probably exists.

NEWS FLASH: Students Love Blockchain: It’s official, Millenials (or is it Generation Z, now?) are on board the blockchain train. Even with the downturn in the market, collegiate blockchain courses are popular as ever. Blockchain student organizations at Penn, Berkely, and, Cornell all boast 100+ strong memberships, and blockchain courses are in high demand. This continued interest even in the bearest of markets is a strong sign of the adoption to come.

Crypto Big Boys Form Blockchain Association: Coinbase, Protocol Labs, and Circle have teamed up with investors such as Polychain Capital to form the Blockchain Association. The trade association will act as a liaison to policymakers on capital hill, working to ensure crypto-friendly policies moving forward. This looks to be a positive step in removing the haze from the current blockchain regulatory landscape while (hopefully) not stifling innovation.

SEC Brings Down the Hammer: This week, the SEC made formal charges against two crypto companies providing a variety of offerings. The first, Crypto Asset Management LP (CAM), duped investors into thinking they were SEC-regulated when, in fact, they weren’t. TokenLot LLC, a self-proclaimed “ICO Superstore”, is the other company under fire for operating as an unregistered broker-dealer. Who would’ve thought that a company professional enough to call themselves an ICO Superstore wouldn’t bother to become registered?

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Lithuania Rewards Runners with Crypto: Run, crypto. Run. This past Sunday, participants in the Vilnius Marathon is Lithuania received LYM tokens as they crossed the finish line. LYM tokens are the native cryptocurrency of Lympo, an app that rewards you with cryptocurrency for accomplishing fitness goals. Four thousand out of the total fifteen thousand runners opted-in to the crypto reward program.

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This article is Originally posted on CoinCentral.com
Author: Steven Buchko

Market Rebounds: Ethereum Soars 18% Back over $200, Bitcoin Regains $6,500 Mark

Total market cap has today soared by almost $12 billion, as a flush of green spreads across virtually all of the top 100 crypto assets.

Thursday, September 13: total market cap has soared by almost $12 billion today, as a flush of green spreads across virtually all of the top 100 cryptoassets.

Several  top 20 cryptocurrencies are seeing double digit gains, with Ethereum (ETH) leading the pack, up over 18 percent on the day, as data from Coin360 shows.

Market visualization by Coin360

Ethereum has skyrocketed almost 20 percent on the day to trade at $207 at press time. After accelerated losses yesterday, September 12, saw the top alt sink below the $170 mark to post new 2018 lows, Ethereum has today rapidly recovered back to September 9 levels, reversing several days of declining value.

Ethereum nonetheless remains down around 9 percent on its weekly chat, and over 35 percent down on the month.

Recent comments by Ethereum co-founder Vitalik Buterin that the days of “1,000-times growth” growth in the crypto space are over left their mark on cryptosphere sentiment this week, prompting Buterin to publicly deny claims he is a crypto “pessimist,” arguing that media publications had “spun” his words.

Ethereum 24-hour price chart. Source: Cointelegraph Ethereum Price Index

Bitcoin (BTC) is trading just above $6,500 as of press time, up a solid 3.17 percent over the 24 hour period. The leading crypto has seen a volatile week, with major losses briefly taking hold September 8-9, since which Bitcoin has made a jagged and fragile recovery.

After a mild dip yesterday, Bitcoin has today bullishly traded upwards, reclaiming the $6,500 mark it held at the start of its weekly chart.

On the week, Bitcoin remains down by just over 3 percent, with monthly gains at 2.76 percent.

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Among the other top ten coins on CoinMarketCap, ubiquitous green shows gains within a 3 to 12 percent. Ranked 9th by market cap, altcoin Monero (XMR) is up about 11 percent to trade at $112.84 at press time, spiking as high as $116 earlier today.

Nonetheless, the anonymity-oriented alt is yet to reclaim its high towards the start of its weekly chart, when it was trading just above $119.

Monero’s 7-day price chart from CoinMarketCap

Other strong top ten contenders are Litecoin (LTC), up a bullish 8.24 percent at $54.90, EOS (EOS), up almost 12 percent at $5.46 and Cardano (ADA), up just 8.46 percent at $0.067.

Among the top twenty, Dash (DASH), IOTA (MIOTA), TRON (TRX) and VeChain (VET) are all in double-digit green, seeing 24-hour growth of between 9 and 13 percent. Dogecoin (DOGE) has seen the mildest growth of the top twenty coins, up 2.65 percent to trade at $0.0065 by press time.

As alts spearhead the market recovery, Bitcoin dominance – or the share of total market capitalization that is Bitcoin’s – is slightly down from yesterday’s multi-month highs at close to 58 percent. As of press time, BTC dominance is at 55.9 percent, according to CoinMarketCap.

Total market capitalization is up a bullish 6 percent, or almost $12 billion, on the day at $201 billion by press time. Total market cap is nonetheless still shy of its intraweek high at $208.8 billion on September 7.

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Bullish price movement today has been accompanied by more positive news for potential institutional investor exposure to Bitcoin and other cryptoassets. Today saw reports that U.S. banking giant Morgan Stanley plans to offer clients Bitcoin trade swaps, the same week as Citigroup insiders hinted it is also planning an entry into crypto-based products.

Meanwhile, a joint report from the World Economic Forum (WEF) has today claimed that distributed ledger technologies (DLT) such as blockchain could generate $1 trillion in new trade globally over the next ten years.

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, September 12

U.S. financial regulators are watching crypto companies with increased scrutiny, helping rebuild investor confidence in the industry.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Financial regulators are watching companies involved in the cryptocurrency industry with increasing scrutiny.

On September 11, the U.S. Securities and Exchange Commission (SEC) penalized a crypto hedge fund for the first time, while the Financial Industry Regulatory Authority (FINRA) charged broker Timothy Ayre with securities fraud over a cryptocurrency deal.

These actions by the regulators will help rebuild the confidence of the institutional and retail investors in the crypto industry.

As the markets fall deeper into the bear territory, Bitcoin is emerging as the strongest cryptocurrency. It has steadily increased its dominance to about 58 percent of the total market capitalization, partly because the altcoins keep bleeding.

Over the course of 2018, the second and third largest cryptocurrencies by market cap have plunged 77 percent and 88 percent respectively, while Bitcoin has declined by about 55 percent, according to data from CoinMarketCap.

The price action of the next few days will determine whether Bitcoin will pull the altcoins higher or the altcoins will drag Bitcoin lower.

BTC/USD

For the past three days, Bitcoin has been trading inside the intraday highs and lows formed on September 8. Failure of the bulls to secure a bounce from the critical supports is a negative sign. The moving averages are declining and the RSI is in the negative zone, which shows that the sellers have an upper hand.

The bears might attempt to break the $5,900–$6,075.04 support zone within the next 3–4 days. If successful, it will complete a head and shoulders pattern and a descending triangle pattern, which can trigger a number of stop losses, resulting in a quick fall to $5,450 and below that to $5,000. The pattern targets are, however, way lower.

If the bulls successfully defend the support zone and push price above $6,500, a move towards the downtrend line is probable, with minor resistances at the 20-day EMA and the 50-day SMA.

We might consider proposing a trade if we find that the BTC/USD pair is finding strong buying support after breaking out of $6,500. Until then, we suggest traders stay on the sidelines, waiting for the right opportunity to go long. Our bullish view will be invalidated if the price sustains below $5,900.

ETH/USD

Ethereum is in a firm bear grip as it continues to make new 52-week lows on a regular basis. The RSI has entered deep oversold territory and the price is close to the line from where the cryptocurrency has bounced on four previous occasions. Hence, a pullback from close to the current levels is possible.

Any recovery will face resistance at the 20-day EMA and the downtrend line of the descending channel.

On the downside, if the ETH/USD pair breaks below the support line, it can slide to $136.12, a level last touched on July 16. We suggest traders wait for the decline to end and the digital currency to form a reversal pattern before attempting any long positions.

XRP/USD

Ripple has broken below the $0.27 mark and is on target to slide to the next support zone of $0.24001–$0.24508. If this support also breaks down, the decline can extend to the next support, close to $0.20.

The downtrend remains intact. Both moving averages are trending down and the RSI is about to enter the oversold territory.

Any pullback will face a stiff resistance at $0.27 and above that at the moving averages. We shall turn positive on the XRP/USD pair only after it breaks out of the downtrend line. Until then, the traders can remain on the sidelines.

BCH/USD

Bitcoin Cash has extended its journey southwards towards its first target objective of $400. If this support breaks, the next levels to watch on the downside are $300 and $282. 

The BCH/USD pair will remain in a downtrend as long as it trades inside the descending channel. Any attempt to pull back will face a stiff resistance at the 20-day EMA and the 50-day SMA, which is close to the resistance line of the channel.

There are no signs of a reversal on the chart yet. We shall wait for the decline to end and a bottom formation to complete before proposing a trade on it.

EOS/USD

EOS has failed to scale above $5.15 for the past four days. Now, the bears are likely to attempt a breakdown of the support zone at $4.4930–$4.6.

If successful, the EOS/USD pair can extend the fall to $4.1778 and below that to $3.8723. The traders can keep the stops on the remaining long positions at $4.4. 

On the upside, the virtual currency will show signs of a turnaround if the bulls sustain above the 50-day SMA for three days. The change in trend will pick up momentum above $6.8299.

XLM/USD

Stellar has been trading close to the critical support of $0.184 for the past three days. The attempt to pull back on September 11 met with selling just above the 20-day EMA.

The down sloping moving averages and the RSI in the negative territory indicate that the path of the least resistance is to the downside. A breakdown of the $0.184 level will complete a descending triangle formation, accelerating the fall.

If the bears sustain below $0.184, the levels to watch on the downside are $0.11812475 and $0.082332. The XLM/USD pair will show signs of a turnaround if the bulls break out of the $0.25 threshold.

LTC/USD

Litecoin is in a strong downtrend. It has made a new year-to-date low, breaking below the previous low established on August 14.

The next level to watch on the downside is the support zone of $40–$44. If this support also breaks down, the LTC/USD pair can plummet close to $30.

Any pullback will face resistance at the 20-day EMA, the downtrend line and the 50-day SMA. We shall turn positive on the virtual currency if it forms a reliable reversal pattern.

ADA/USD

Cardano has picked up momentum on the downside, as it races towards its pattern target of $0.054541. Both moving averages are sloping down and the RSI has gone deep into the oversold territory. Prices are in the red for the sixth consecutive day.

The investors are liquidating their positions as the ADA/USD pair continues to plunge with no signs of a bottom. It is better to wait for the selling to run its course and for the buyers to return before initiating any long positions. Any pullback will face resistance at $0.083192 and the 20-day EMA.

XMR/USD

Monero turned down from the moving averages after failing to break out of it from September 9–11. It is currently at the downtrend line, below which it can slide to $87.

The moving averages are gradually turning down and the RSI has dipped into the negative territory, which shows that the bears are in command. Therefore, we had suggested trailing the stops higher in the previous analysis.

The zone between $76.074 and $81 can provide a strong support, but if this line breaks down, the XMR/USD pair can fall to $61.5 and thereafter to $46.

Any recovery on the upside will face a stiff resistance at the moving averages and the trendline.

IOTA/USD

IOTA has turned down from the 20-day EMA and has broken below the September 9 lows, which increases the probability of a fall to $0.4628.

Below $0.4628, the IOTA/USD pair can fall to the August 14 low of $0.4037. Therefore, the traders can protect their long positions with the stops at $0.46. The trend is bearish as both moving averages are falling down and the RSI is in the negative territory.

The virtual currency will show signs of bottoming out if the bulls break out and sustain above $0.9150. Until then, every rise will invite selling. 

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.